Fund 17 is the Louisiana Advisor for Kiva
Kiva is an international microfinance nonprofit that connects entrepreneurs around the world with affordable business capital. In the United States, loans are 0% interest and up to $10,000. Fund 17 will work with you to craft an application, prepare for the fundraising process and help you plan to invest the loan for optimal impact on your business.
How do Kiva loans work?
Kiva isn’t a traditional lender like a bank. Instead of the funds for your coming from a financial institution, loan funds are pooled together from average people around the world. There are over 1.5 million Kiva lenders around the globe who want to support business owners like you! Kiva isn’t concerned with financial projections, business plans or your credit score. What they care about is your story as an entrepreneur, how this loan will transform your business and the support you garner from our community. The steps to obtaining a Kiva loan are:
- Apply. Craft an application using the following link: https://borrow.kiva.org/borrower/fund17
- Review. Kiva headquarters reviews your loan.
- Private Fundraising. Once you are approved, Kiva will require you secure 5-30 lenders (depending on your loan size). Reach out to family, friends, church members, customers or neighbors and ask for their support of a $25 loan. They get repaid as you pay your loan back! This process shows Kiva the people who know you support you.
- Public Fundraising. Once your community backs you, your loan profile is published to the public Kiva platform. People from around the world will start lending to you.
- Repayment. Once you have met your goal, you will pay back in monthly payments. Repayment terms are from 6 months to 36 months.
What can I use the loan for?
Almost any business purpose that will grow your enterprise! Hiring an extra pair of hands, buying new equipment, getting licensing and permitting, marketing expenses, working capital, etc.
Where can I get more info?
Learn more directly from Kiva here or email Kiva@fund17.org for more information.
I’m ready to start my application. What do I do?
Apply! Contact us if you have any questions about getting started.