‘Phoenix Kiva Hub’ to help small business owners in need of credit

PHOENIX – Some hope is emerging for small business owners who may not qualify for a traditional loan. A new partnership with the City of Phoenix, GoDaddy, Better Business Bureau Serving the Pacific Southwest, and Kiva offers entrepreneurs another way to get access to capital.

Phoenix City Council recently approved the partnership, which, according to Phoenix Mayor Kate Gallego, is an attempt to help those who are still struggling with the pandemic.

“This can be very helpful when you are starting out or are an entrepreneur yourself,” said Mayor Gallego. “We hope this will particularly affect our smallest companies. We know they have fewer resources than many, and we hope to be a hub for veteran-owned, minority, and women-owned businesses here in Phoenix. “

According to Jose Anca, Capital Access Manager at BBB, Maricopa County residents can now apply for a 0% interest loan between $ 1,000 and $ 15,000. Unlike traditional banks, the application does not require a minimum credit rating or years of cash flow documentation.

After you apply and your profile is good, Anca says that you need to earn your community’s support through crowdfunding. For example, you might be asked to get 10 people to donate $ 25 each. As soon as you have fulfilled the requirement depending on the loan amount, your profile will be published on the Kiva international site.

“There are lending teams just trying to read the business owners’ stories,” Anca said. “There are loan teams for veteran-owned companies, there are loan teams for all kinds of things. Musicians, coffee shops, whatever you can think of, there is likely a loan team on Kiva for that. These communities of individuals come together to make a business owner or entrepreneur’s economic dreams a reality. “

To learn more about the Phoenix Kiva Hub or to apply, click here.

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