Kiva's Crowdsourced Micro Loans Helping Out Here in L.A.
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You may be familiar with Kiva, an organization that helps small-businesses around the globe through a practice called mirco-financing. Basically, you offer a small loan to a global entrepreneur, track their progress, and get paid back. Now Kiva is launching in Los Angeles.
Called Kiva City LA, the organization will use matching funds from Diller-von Furstenberg Family Foundation and loaners' funds to support local small businesses. More from Kiva:
Kiva City LA works to expand access to financial services for small business owners who have the dream and the potential, but are locked out of traditional commercial loans. For these businesses, microlending through Kiva City can serve as a bridge, providing commercial credit history and working capital to start up, expand operations, and hire or retain employees. Kiva City LA is a partnership with the Valley Economic Development Center, Mayor’s Office of Small Business, Kiva and Visa.
A loan to Kiva can be as small as $25. Kiva City loan programs operate currently in New Orleans and Detroit. If you want to give a loan, you can do it from the Kiva City LA site, and if you are a small business owner who'd like to apply for a loan, you can apply via the VEDC.
h/t LA Observed