The Porter House KC is launching a program, Alchemy Sandbox, that gives entrepreneurs funding to help needs such as back-office support, business technology, equipment and rental assistance.
"A lot of small businesses that we work with need additional capital and funding to help get them from where they are to where they want to be," The Porter House KC co-founder Daniel Smith said. "We wanted to make sure that we were able to support those entrepreneurs and get them to that next space."
UMB Bank provided a $350,000 grant to help make the Alchemy Sandbox possible. Porter House also is using part of the funding for administrative costs. The Kansas City-based nonprofit had an existing relationship with UMB, whose employees have been on Porter House panels to provide financial tips and help entrepreneurs build bankable businesses.
"That means the world," Smith said of the funding. "It's not just the dollars. It's the trust. It's the belief. It's 'We know that you're going to do the right thing.'"
The organization focuses on underserved populations in the Kansas City metro and has two other primary offerings: a 15-week small business development program and a customized 12-week small business mentorship program.
"We want to help grow economic viability," Smith said of the new program.
Alchemy Sandbox initially will support 20 area businesses and provide as much as $5,000 in individual grants. Five businesses will be chosen every quarter, and applications will be accepted on a rolling basis until November. First-quarter applications close Monday. As part of the application process, entrepreneurs will be required to participate in a "how to pitch" class and then pitch their project idea to Porter House's selection committee.
The program is modeled after Digital Sandbox KC, which gives project funding to vendors instead of directly to entrepreneurs. Although Digital Sandbox is focused on tech-based businesses, Porter House's program is open to any type of small business. To craft Alchemy Sandbox, Smith consulted with Jeff Shackelford and Maria Meyers, both of whom have played instrumental roles in Digital Sandbox. Smith also got Meyers' blessing on using "Sandbox" in the name.
"We just hope to be able to grow the fund and be able to do this in the coming years," he said.
