Techno Granny, Interest Free Crowd Sourced Loan for Your Business

06/25/2014 10:00 AM EDT Episode Notes: Even microenterprises can get interest free loans from KIVA, a non-profit which bases its lending on character and not credit reports. Listen in as local representative, Emily Keebler explains about KIVA. Emily Keebler works to inform entrepreneurs and their supporters in the Pittsburgh area about Kiva's 0% interest, crowdfunded micro-loans as the Kiva City Pittsburgh Lead. Kiva, the world's first micro-lending website, empowers small businesses in Pittsburgh and around the world by connecting them to lenders who collectively fund loans and provide a network of support for each business. KIVA has micro loans available for businesses and the criteria is character, not credit history or lack of it.

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Emily Keebler works to inform entrepreneurs and their supporters in the Pittsburgh area about Kiva Zip’s 0% interest, crowdfunded micro-loans as the Kiva City Pittsburgh Lead.  Kiva, the world’s first microlending website, empowers small businesses in Pittsburgh and around the world by connecting them to

Emily Keebler, Pittsburgh, Pa. KivaZip Lead

lenders who collectively fund loans and provide a network of support for each business.

1.      Small businesses create 2 out of every 3 new jobs in the United States.  They serve as a vital part of our economy because local entrepreneurs are more likely to hire and source their products locally, keeping their earnings in the communities that support them. 

2.      Small business owners cite ‘access to capital’ as one of their top three constraints.  And the numbers back this up – 8,000 business loan applications are turned down every day in the United States. 

3.      Kiva Zip provides a platform for new and small businesses that might otherwise face this constraint to receive a small loan to help them start or expand their business.  Kiva Zip gives people around the world an opportunity to support one another and improve lives and local economies. 

4.      Because Kiva Zip loans are crowd-funded by individuals who believe in a small business owner’s character and reliability as endorsed by a trusted member of their community, lenders do not ask for a borrower’s credit score, cash flow, or collateral.  By removing those criteria, Kiva Zip is able to help new and innovative businesses that might not otherwise qualify for a traditional loan. 

5.     

Kiva Zip uses social underwriting to evaluate loans.  The primary requirement of this system is that every borrower must be endorsed by a “trustee” who is willing to vouch for the borrower’s character and business sense. 

6.      Kiva Zip loans are all offered at 0% interest and without any fees, giving an advantage to small businesses that could use a hand.   

7.      First-time borrowers on the Kiva Zip website may borrow up to $5,000 and may choose a repayment term of up to 24 months.  Once this amount is repaid, there is an opportunity to borrow progressively larger amounts. 

8.      Kiva recently increased the amount that first-time borrowers in the agriculture industry can crowdfund via Kiva Zip.  Because of the speed with which these particular loans have funded in the past and the 100% repayment rate among farmers, Kiva has raised the terms to a maximum loan of $10,000 over 36 months.

  

9.      Kiva Zip is a program of Kiva, an international nonprofit organization that was founded in 2005.  Kiva aims to reduce poverty and increase economic development by connecting people through lending.  Kiva Is funded by individual donations and grants from corporations and foundations. 

10.   Websites for more information:

a.      Kiva (general) - www.kiva.org

b.      Kiva Zip (general) - zip.kiva.org

c.      Kiva City Pittsburgh – www.kiva.org/Pittsburgh

d.      Current or potential trustees – www.ustrustees.kivazip.org

e.      Potential borrowers – www.borrowers.kivazip.org

For more information on how to borrow, lend, or endorse entrepreneurs in the Pittsburgh area, contact Emily Keebler at: emily.keebler@fellows.kiva.org, 412-204-7410.  Those outside of western Pennsylvania should write to ContactZip@kiva.org. 

Lend $5 to a Pittsburgh entrepreneur today via Kiva Zip!
Emily Keebler | Kiva Zip, Pittsburgh |
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Techno Granny Show Hosted By:

Joanne Quinn-Smith is the Creative Energy Officer of Dreamweaver Marketing Associates in Pittsburgh, Pennsylvania and an expert on Web 2.0 Branding, 2009 National SBA Small Business Journalist of the Year, Author "Folly of Marketing Plan in Your Head, 101 Compelling Reasons to Write One." Available at:http://www.amazon.com/dp/B00DHKVJOG


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