Kiva City San Francisco represents a significant investment of the Kiva model in extending loans to 1,000 financially excluded and socially impactful small business owners in the city of San Francisco.
The Kiva City model was first unveiled at the Clinton Global Initiative in 2011, with Kiva City Detroit. Since then, Kiva has launched 11 Kiva Cities throughout the United States. Kiva City San Francisco will be by far the biggest yet with much more significant grant funding and loan capital investment from Kiva, and much more aggressive targets in terms of the number of small business owners served with microloans.
Kivas loans are crowdfunded on the Kiva website, connecting small business owners with financial capital (at 0% interest), but also with social capital brand ambassadors, business advisors, and even customers. Through the Kiva City San Francisco program, Kiva will partner with Capital One and the City and County of San Francisco to promote the opportunity to access 0% interest, crowdfunded Kiva loans to the small business community in San Francisco, and will engage the citys citizens as lenders to crowdfund the loans.
Capital One is funding the project, as well as providing other resources, including the use of event spaces, promotion of the program through the Capital One marketing and communications team, and connection to other economic development institutions.
The City and County of San Francisco will leverage its convening power to get the word out to every commercial corridor, business improvement district, and the Chamber of Commerce. The City will also use its mouthpiece to let San Franciscos citizens know how they can directly and personally participate in the economic development of their city.
Kivas crowdlending technology and million-strong community of individual lenders from around the world will provide the loan capital to lend to San Franciscos small business owners, and the technology to disburse the loans and collect repayments.
Historically, more than half of Kivas U.S. loan recipients have been women entrepreneurs, and almost two thirds have been ethnic minority entrepreneurs, meaning that women and ethnic minorities are well-represented among recipients of Kiva loans.
Kiva City San Francisco is a three year commitment, launching in October 2015.
Over the next few months, the partners will recruit a team of full-time employees and volunteers to promote and grow Kiva among the small business community of San Francisco.
The launch event will be held at City Hall on October 1st, 2015.
Kiva will hold quarterly events (meetups, marketplaces showcasing Kiva borrowers, small business training workshops, etc.) to engage the community.
Every year in October Kiva will hold a major reunion event to report on progress, and celebrate successes.
The targets are to make 150 microloans in the first year of the Kiva City San Francisco program, 300 in the second year, and 550 in the third year a total of 1,000 microloans over the coming three years, representing a microloan volume of $7 million. The target is for half of these 1,000 microloans to go to women entrepreneurs, and well over half of them to go to ethnic minority entrepreneurs.
Kiva City San Francisco seeks organizations working with small business owners in the San Francisco Bay Area region. Kiva makes crowdfunded 0% interest microloans to financially excluded and socially impactful small business owners. Kiva loans are up to $10,000, paid back over a three year term. If you are connected to small business owners or entrepreneurs that could benefit from such microloan capital, Kiva wants to hear from you!
Kiva City San Francisco makes crowdfunded 0% interest microloans to financially excluded and socially impactful small business owners. Kiva loans are up to $10,000, paid back over a three year term. If you are connected to small business owners or entrepreneurs that could benefit from such microloan capital, we want to hear from you! As small business owners hear about Kivas 0% interest loans, and apply for them, Kiva is looking for partners to whom it can refer its loan applicants for technical assistance, training and support.