In the United States, Kiva provides entrepreneurs access to 0% interest, no-fee loans up to $10,000. Because these loans on Kiva are backed by Kiva’s community of impact-driven lenders, Kiva is able to work with some of the highest impact clients that typically are overlooked by traditional lenders.
In the past several months, Kiva has been building strategic relationships across the state of California with the goal to integrate the Kiva crowdfunding within the fabric of economic development tools accessible to California businesses.
Recent ecological disasters like rampant wildfires and power outages have caused chaos and confusion in communities all across the state.
As California Governor Gavin Newsom's Office of Business and Economic Development declared a state of emergency, it reached out to Kiva to explore ways to support small businesses that have been affected. The Kiva loan product was placed on the Governor's list of tools for businesses to help them get back on their feet.
“Over the coming weeks Kiva US can provide quick, socially backed, risk-tolerant loans to entrepreneurs affected by the ripple effect from the fires and shutoffs,” said Katherine Lynch, senior manager of Kiva US. “In the long run, Kiva will be an ever-more integrated resource for Californian business owners now and in the future.”