AltCap — a Kansas City-based community development financial institution that focuses on underserved populations — is expanding its footprint.
In response to small businesses’ growing demand for capital, AltCap will now serve the entire Kansas City metro, including the Kansas counties of Wyandotte, Johnson, and Leavenworth. The move will allow AltCap to finance more small businesses and projects to create stronger, more economically inclusive communities, said Ruben Alonso, president of AltCap.
“We are thrilled to further our mission as a CDFI and deliver our impact capital to small businesses and communities throughout the Kansas City metro,” Ruben Alonso said. “At AltCap we believe that access to capital is fundamental to an inclusive, sustainable and thriving economy. That’s why we focus our efforts on capital-starved small businesses and communities that historically have had challenges accessing capital or have been overlooked by traditional financial institutions.”
Founded in 2008, AltCap offers alternative debt financing for job-creating small businesses, non-profit social service providers and real estate development projects in Jackson, Clay, Platte, and Cass counties in Missouri. The organization offers a variety of financing products, including new markets tax credits, microloans and business development services.
AltCap will help bolster the Kansas City, Kan. community, said David Alvey, mayor and CEO of the Unified Government of Wyandotte County, and Kansas City, Kansas.
“We look forward to welcoming AltCap to Kansas City, Kansas,” Alvey said. “Small businesses and entrepreneurs are the heart of our economy and with AltCap’s support, we hope to strengthen and diversify our entrepreneurial ecosystem in a way that promotes thriving, economically empowered communities.”
AltCap recently received a $55 million new markets tax credit award from the U.S. Department of the Treasury. The award enables AltCap to continue financing high-impact investments and projects in economically challenged parts of Kansas City, said Ruben Alonso, president of AltCap.
A minority-controlled financial institution, AltCap has deployed nearly $160 million in tax credits to stimulate private investments in economically distressed communities throughout Kansas City. The organization also has deployed nearly $7 million in debt financing with microloans up to $50,000.
To learn more about the organization, click here. AltCap’s new coverage area is depicted below.