Cedar Rapids nonprofit NewBoCo is teaming up with Kiva US to launch a statewide hub called Kiva Iowa. The new program aims to help underserved entrepreneurs and small business owners in the state gain access to much-needed capital.
San Francisco nonprofit Kiva US offers access to a platform for small loans—with zero-percent interest, extended-grace periods and zero fees—to businesses and individuals that can have difficulty obtaining loans from traditional lenders.
The loans can range from $1,000 to $15,000 and lenders can give as little as $25 at a time, according to the Kiva Iowa website. Iowa is the first to serve as a statewide hub partner.
Since starting in 2005, Kiva has lent out more than $1.6 billion to nearly 4 million borrowers.
NewBoCo’s Kaitlin Byers will be Capital Access Manager for the new program. NewBoCo is currently seeking a Director of Development to fill Byers’ previous role.
“Kiva microloans can be a game changer for entrepreneurs who face barriers to accessing traditional means of capital,” said Byers in a release. “With this holistic and accessible model for lending, we are eager to help set underrepresented business owners on the path to financial success.”