January 8, 2013
Kiva & Capital One to Give $150k to D.C. Area Small Businesses
A new partnership between Capital One Bank, the Latino Economic Development Center (LEDC) and Kiva.org will provide small business owners in the Washington D.C. region access to funds using Kiva’s crowd-funded micro-loan program.
Using Kiva City D.C., a new online portal sponsored by Capital One Bank, D.C.-area small businesses can access Kiva’s global network which has distributed micro-loans to individuals in third world countries. Using this portal, anyone with $25 can give funds that will go directly to small businesses in the area.
Kiva City D.C. joins Kiva Cities, Los Angeles, Detroit and New Orleans and is part of a continued commitment to helping U.S. small businesses grow and create economic opportunity for individuals across the country by the micro-lending site.
“By lending as little as $25 to a small business owner of your choice on Kiva.org, you can help someone get their business up and running, expand operations, hire or retain employees, and improve the local economy,â€ said Matt Flannery, Kiva’s co-founder and Chief Executive Officer. “This initiative gives everyone a chance to help make a difference in the life of D.C.’s economy.â€
LEDC’s Community Asset Fund for Entrepreneurs will work to identify small businesses who fit the criteria necessary for borrowing. Capital One will then match every dollar lent to small businesses posted on Kiva City D.C. Capital One’s loan matching program will last throughout 2013 and is expected to reach a total $150,000 commitment. In addition to the loan matching fund, Capital One has also contributed $100,000 to support the launch of Kiva City D.C
“Capable entrepreneurs of diverse backgrounds are often excluded from accessing business loans through the formal financial sector,” said Manny Hidalgo, executive director of the Latino Economic Development Center. “LEDC is excited to be Kiva’s lead partner in the D.C. area to identify strong borrowers to qualify for these small dollar loans that will make a big difference in the lives of their families and the health of their communities.”