After officially launching the “ArtCap” Microloan Fund for Artists in March and the Diversified Contractors Growth Fund (DCGF) in April, AltCap made its first loans this month supporting three growing, Kansas City-based small businesses.
“We are thrilled to kick off both loan funds with three loans that support some great small businesses,” said Ruben Alonso III, President of AltCap. “Our lending is providing essential capital to growing small businesses often overlooked by mainstream banks.”
From its “ArtCap” Microloan Fund for Artists, AltCap made two loans to two small businesses in the creative industries, La Cucaracha Press and PlasterKraft.
La Cucaracha Press, a Kansas City-based custom letterpress and screen printing company, received a $2,600 loan to purchase printing equipment that will allow the business to expand its textile and mobile printing capabilities. Owner Nick Naughton, who is an artist, designer, and educator whose practice focuses on printmaking processes, plans to use the new equipment to also launch classes that engage the general public as well foster collaboration with other creative professionals.
PlasterKraft received a $35,000 working capital loan to support its growing contract work on redevelopment projects. Formed in 2013 by Dave Boux and Brad Bruce, PlasterKraft specializes in plaster work, paint and design including everything from setting limestone pilasters to running crown molding and matching metallic paints. Restoration projects that they have been involved in to date include the Kansas City Power & Light building, Union Station of Kansas City, the Ambassador Hotel, Midland Theater, the Hotel Phillips, Emporia Granada Theater, and the Vaile Mansion in Independence.
“As a small business providing an exclusive service, we typically have little trouble finding work, however, the trouble comes in trying to keep up with payroll and overhead while we wait 60-90 days for payment on contracts,” said Brad Bruce, co-owner of PlasterKraft. “AltCap has been a true blessing to us, providing a solution with their loan that allows us to bridge the gap in payments, keeping the jobs rolling and thus keeping our clients happy. Without this service we would be in dire straights, not knowing how we would keep our employees paid and our materials stocked.”
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