The Pratt Area Economic Development Corporation is an aggressive organization that works in conjunction with the city, county, and the Pratt Area Chamber to enhance the business climate for existing and start-up businesses.
Neighborhood Revitalization allows for a rebate on increased property taxes for new construction, both residential and commercial.
Micro Loan Program
The Micro Loan Program is a low-interest loan program for businesses with five and fewer employees. Rate of interest is 2 points above prime at the time of the loan. There are some low-to-moderate income guidelines.
Other business assistance is available upon request, accompanied by a full business plan and statement of needs. The requests are reviewed by the board with consideration given to the number of jobs created, the return to the community in the way of property tax and/or sales tax, and capital investment. The Economic Development corporation can help with state assistance programs as well. Pratt Area Economic Development Corporation is part of an Enterprise Facilitation Grant in four counties to enhance entrepreneurial possibilities.