Today, Kiva announced that lenders will now be able to make loans to microentrepreneurs in the United States. The online microfinance platform, which connects entrepreneurs in developing countries with lenders in developed countries, mentioned that ‘this is in line with their mission to connect people throughout the world’ and that ’since over 70% of lenders are currently from North America, the United States was a natural first choice.’ The four-year old company has been tremendously successful since making their first loan to an entrepreneur in Africa, and were featured on ABC’s Good Morning America (scroll down on the ‘Recently on GMA section).
Kiva mentioned that small businesses represent more than 87 percent of all businesses in the United States, and, on average, these microenterprises are responsible for 900,000 new jobs created per year.(1) Despite these statistics, more than 10 million business owners faced difficulty obtaining business capital — even before the credit crisis and economic slowdown.
This is where Kiva excels; connecting entrepreneurs to capital.
Beginning today on Kiva.org, through partnerships with local microfinance institutions ACCION USA and Opportunity Fund, individuals will be able to browse and lend to small businesses across the United States. Currently, there are 29 entrepreneurs in the United States featured on Kiva, operating businesses range from auto repair to child services. There is a general belief that recent immigrants to the United States have a much stronger entrepreneurial spirit, and upon reviewing the US entrepreneurs on Kiva this statement is reinforced.
An important partner Kiva has in their cornersupporting the expansion into the United States is Maria Shriver, California’s First Lady, leader of the Women’s Conference, and microfinance enthusiast. According to Shriver, “the message of The Women’s Conference is that we all have the power to be Architects of Change in our own lives and in the lives of others. And this partnership with Kiva.org is a wonderful opportunity for all of us to team up as a community and empower women entrepreneurs here in California and across the United States to start and sustain a small business, become more financially independent, and ultimately fulfill her dreams. By pooling our resources, a loan as small as $25 can change a life. Thanks to Kiva.org, being an Architect of Change has never been easier.”
(1) The Association for Enterprise Opportunity
Contributor Profile: Erik
Erik is a perpetually curious social innovator. As a serial entrepreneur, Erik knows a thing or two about change. As a co-founder of SocialEarth, Erik hopes to channel his passion for social advocacy into an innovative venue of social awareness for others. Website: SocialEarth
Twitter: @erikeliason
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