You’ve probably heard of Kickstarter as a crowd-funding way to raise money for your business or start-up. But what about Kiva?
What I like about Kiva is its emphasis on alleviating poverty, so it works with entrepreneurs with little or modest means who need cash. Kiva connects him or her with people who want to do good. The money is a loan, not a donation. So for just $25, a donor can make a difference.
How Kiva works is pretty simple. An entrepreneur applies for a loan, and the application goes through an underwriting and approval process. (The underwriting is interesting; it means that the applicant is able to get friends or family to contribute a portion of the loan request, to show the applicant’s trustworthiness. Or a Kiva-approved trustee can vouch for the borrower.) The Kiva website is full of compelling stories of people around the world who are seeking loans for things like a tractor for their farm or a bicycle and school supplies for a student. When the borrower repays the loan, the money goes back into the lender’s Kiva account and the lender can loan it out again if he/she chooses to do so.
Informational session Oct. 13
The city of Rochester is partnering with Kiva, and offering a great deal to applicants with businesses in the city. Brad Willows, project coordinator for Kiva Rochester, spoke about Kiva at Learn to Soar 2.0, a day of seminars for small business owners that was sponsored by the Greater Rochester chapter of SCORE, of which I’m a member.
Brad is hosting an informational session from 6 p.m. to 7:30 p.m. Oct. 13 at the Arnett Branch Library. You can read details here. Through the city’s partnership with Kiva, borrowers can get a loan of up to $10,000 from online lenders. What’s especially appealing about the City of Rochester’s program is that the city has set up a matching loan fund that totals $100,000. If a qualified borrower receives $5,000 from lenders, the city will match it with another $5,000. What a great opportunity.
For more information on eligibility, click here. You can also call Brad at (585) 428-6053 or email him at bradley.willows@cityofrochester.gov.
This is great info to have at hand. I met Brad at last week’s SOAR workshop (presented by Greater Rochester SCORE) and he was eager to help. I’ve got it on my calendar and encourage other small biz owners to be there, as well! Thanks for sharing this, Jane. You’re a great ambassador for area businesses!
Thanks, Christine! I’m glad you are going to check out Kiva, and that you are helping to spread the word.