Nex-Tech Loans $50,000 to Complete WaKeeney Housing Project

While the cold January breeze blew across western Kansas, the dazzling sunshine gave verve to the day as I drove along I-70 from Hays to WaKeeney, KS. Today, this stretch of land seemed more enchanting than usual, especially while covered with snow. After a week of constant sub-zero temperatures, things were looking up. The weather had let up and it was the big day. The day we close with a new Nex-Tech Revolving Loan Fund (RLF) recipient. The day we advance $50,000 to complete a 10-unit apartment building, along Barclays Ave, in WaKeeney, Kansas. I was super excited, to say the least. As I drove, I recalled the journey that began in November 2023 and had finally reached this point.

In late October 2023, Cynthia and her husband Franklin Welch informed Nex-Tech about their plans to provide more housing units in the WaKeeney area by renovating a motel and converting it to over 10 rental units of varying sizes (see image 1.0 below). The Welch family has lived in WaKeeney since 2002. During this time, they successfully managed some businesses in the area, including Malay’s Market, and Parking Spot Properties which have been contributing to the local economy, as well as housing, and tourism in the area. “In 2022, Frank and I along with some friends, bought the Bryant Motel to save the building from being torn down”, Cynthia said. She went on to say, “We realized that it would be the perfect opportunity to add housing to WaKeeney. WaKeeney has a housing shortage and people are not able to take jobs here because they can’t find housing.” 

The housing project caught the eye of Nex-Tech as it checked some key boxes as required by the Nex-Tech Revolving Loan Fund:

• The Project Creates Direct and Indirect Jobs
• The Project Supports Workforce Development by Enabling Local Businesses to Attract Workers
• The Project Benefits the Community Directly by Providing Shelter
• The Project Needed only supplemental funds, Having already Secured Initial Funding from Conventional Lending Institutions

As Cynthia explained, “We thought we had it covered, but the electrician’s bid came in $50,000.00 higher than we had projected due to having to bring more power into the building and setting up each apartment with a meter so they will pay their electricity. Therefore, I sought to secure an additional $50,000.00 loan to finish the project.” Cynthia’s goal is to provide more options for housing in WaKeeney for people just entering the job market or relocating to town.

After considering the contributions of this project to the economy of WaKeeney and the surrounding communities, the viability of the business, and the potential of the proprietor to pay back the loan, Half A Day, LLC (the business name) was loaned the sum of $50,000 by Nex-Tech. Now the Welch family can turn their dream into a reality. When completed in April 2024, the housing unit will be called Bryant Apartments. It will have: 
·      4 one-bedroom/1 bathroom apartments, 
·      3 two-bedroom/2 bathroom apartments, 
·      2 studio apartments, and 
·      1 Office/House, as well as a laundry on site.
Bringing it to a total of 10 rental units.

On a personal level, I am happy to complete the disbursement of my first RLF loan to an impactful community project. The Bryant Apartments is currently accepting lease applications in preparation for opening, and I encourage prospective residents, residents, and businesses in the region to take advantage of the opportunity.
Across our service footprint, Nex-Tech supports businesses like Half A Day LLC. We are happy to be part of their story and hope to see Bryant Apartments succeed in the years to come.

Learn more about our Loan and Grants: https://www.nex-tech.com/about/economic-development/