Thirteen small communities in Kansas will receive economic grants, thanks to the funds generated by the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act, under which one of Beneficient’s subsidiaries received the state’s first TEFFI charter.
Kansas Lieutenant Governor David Toland announced the Strategic Economic Expansion and Development (SEED) award recipients that in total would receive nearly $275,000 for a range of programs in small communities across the state this year.
The TEFFI Act, passed into Kansas law with bipartisan support in 2021, is designed to expand the state’s banking and financial services industry through the chartering of regulated fiduciaries that provide financing, custody and trustee management services to investors and managers of alternative investments.
The SEED program is administered by the Kansas Department of Commerce with the funding of the program coming through the TEFFI Development and Expansion Fund. As the first TEFFI chartered by the Kansas State Bank Commissioner, Beneficient Fiduciary Financial, L.L.C., a subsidiary of Beneficient, makes contributions.
Here is the link to the SEED Award press release:
https://www.kansascommerce.gov/2023/12/commerce-awards-2023-seed-grants-to-13kansas-communities/