Kansas Commerce announces award of Economic Development grant

Source: Kansas Department of Commerce – Official Website

The Kansas Department of Commerce has announced the recent award of a Community Development Block Grant (CDBG) Program grant. The Economic Development grant has been awarded to the city of Cheney, in the amount of $514,690.

The grant will be a loan to Albers Finishing & Solutions LLC. The funds will allow Albers to finance a sewer lift station, valve vaults and sewer lines. In addition to the CDBG Program grant, the company will provide $1 million in collateral, which will come in the form of state-of-the-art automated powder coating paint equipment.

The Economic Development grant from the CDBG program requires the creation of at least 15 full-time equivalent jobs within a 24 month performance period. At least 51 percent of the job creation must meet the Department of Housing and Urban Development’s (HUD) low-and-moderate income test.

Kansas Department of Commerce – Community Development Block Grant Program
The CDBG Program allows Commerce to distribute federal funds to Kansas cities and counties that want to improve their communities. To receive funds, a project must meet at least one of the following criteria:

• Project benefits low-and-moderate-income individuals.
• Project removes or prevents slum or blight conditions.
• Project eliminates an urgent need created by a disaster, when local funds are unavailable.

The six categories of CDBG Program funding are:

• Annual Competitive Round
• Commercial Rehabilitation
• Economic Development
• Urgent Need
• KAN STEP – Kansas Small Towns Environment Program
• Neighborhood Stabilization Program

For more information on the Community Development Block Grant Program visit KansasCommerce.com/cdbg.

 
 

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