Minority/Women-Owned Businesses Gain Financial Partner with new KCI Terminal Partnership
Edgemoor Selects Lead Bank to Provide Financing to Disadvantaged Businesses for New KCI Terminal
Edgemoor Infrastructure & Real Estate LLC announced today that Lead Bank will be the financing source for local, diverse and disadvantaged businesses working to construct the new single terminal airport in Kansas City, Missouri. The Bank will help Edgemoor, and the City of Kansas City, Missouri meet ambitious goals for subcontractor and supplier diversity in the construction of a new terminal at Kansas City International Airport. Specifically, the Bank will implement a low-interest working capital loan program for those businesses seeking to perform project-related services on the new terminal.
Small businesses often miss out on opportunities to bid on local projects due to the lack of funding and limited or no access to working capital. Because of Lead Bank, this is no longer an issue. This funding plan explicitly created for small businesses, including women-and minority-owned firms will give many the opportunity to truly be a part of the betterment of Kansas City.
As part of its Development Agreement with the City, Edgemoor has committed to achieving a 35 percent project participation goal, which includes 20 percent participation by Minority Business Enterprise (MBE) and 15 percent participation by Women Business Enterprises (WBE). Currently, there are 21 minority, and women-owned firms providing professional services with myriad construction services opportunities remaining.
“Part of our commitment to helping small businesses grow through the New Terminal Project includes ensuring they have access to the resources they need to pursue opportunities. When companies can take on new work, they grow and create new jobs. We are pleased to have Lead Bank as a community partner in this effort, a bank that understands the needs of small and midsize businesses,” said Geoff Stricker, Managing Director at Edgemoor Infrastructure and Real Estate.
As a leader amongst community banks, one that continuously creates and supports various small business initiatives, Lead Bank is excited about this strategic partnership as it aligns with their “Grow Home” mission of supporting and helping sustain area Kansas City businesses. Greg Bynum, President of Lead Bank, explained: “The Bank’s For Change Initiative, a one-of-a-kind partnership we helped create with the City of Kansas City, Missouri has over the last two years, provided more than $12 million in affordable financing for minority- and women-led businesses. Because of our relationships with these minority and disadvantaged businesses, and expertise in operating and advancing the FCI Program, Lead Bank is a perfect match. We're excited to play a significant role in the construction of our new airport."
“Lead Bank has built a track record of success helping small contractors accomplish big things in Kansas City as part of the For Change Initiative. With such proven experience and vision, it’s no surprise that Edgemoor has chosen Lead Bank to help WBE’s, MBE’s and DBE’s acquire the critical financing that will enable them to assist in building the next chapter of Kansas City’s future, the new KCI single terminal airport, ” said Mayor Sly James, Kansas City, Missouri.
Bynum continued, "This is an exclusive opportunity to deliver affordable financing to women, minority and disadvantaged businesses, a first of its kind. As we continue to work towards creating an inclusive and diverse business community, powered by the next generation of leaders, we will now be able to do it with a world-class airport."
About Lead Bank
For 90 years, Lead Bank has been a strong, independent commercial bank dedicated to being at the heart of the success of its communities. The Bank delivers innovative and responsive financial solutions for business owners, managers and their families and communities. With locations in Garden City, Lee’s Summit and the Kansas City Crossroads, Lead Bank provides treasury management, lending services, and personal client products. Lead Bank has been named a 2018 Champion of Business by the Kansas City Business Journal and one of the Top Ten Small Businesses of the Year by the Kansas City Chamber in 2016 and 2018. In 2018, the Bank’s CEO, Josh Rowland, was named one of the nation’s Top Ten Most Innovative CEOs of the Year by INVFintech. For additional information, call (816) 220.8600 or visit http://www.lead.bank/.
About Edgemoor Infrastructure and Real Estate
A leader in the development, financing, and operations of public buildings, infrastructure, and commercial real estate, Edgemoor Infrastructure & Real Estate has delivered (or has under construction) more than $2 billion of public-private partnerships (P3s) nationally, including the KU Central District Development project in Lawrence, KS; the Long Beach Courthouse and Long Beach Civic Center projects in Long Beach, CA; and the University of California, San Francisco Sandler Neuroscience Center. In 2017, Edgemoor was selected by the City of Kansas City, Missouri, to lead the development, design, financing, and construction of a new single terminal at Kansas City International Airport.