Fayetteville, AR | Kiva NWA, a microlending platform dedicated to providing financial access to entrepreneurs in Northwest Arkansas, is celebrating a major milestone – giving out its 100th loan. By connecting borrowers to lenders, Kiva NWA has been able to provide more than $800,000 in interest-free loans to the community since its inception in late 2019. The 100th loan marks a major accomplishment for Kiva NWA and further demonstrates its commitment to creating economic opportunity in Northwest Arkansas.
“I am thrilled that the NWA Kiva hub has reached this milestone. I believe that getting to this point is a collective effort of so many different parties and organizations, starting with the support of the WFF and Startup Junkie, to every lender and business owner that has been a part of this growth.” said Claudia Scott, Kiva NWA Capital Access Manager. “I am looking forward to spearheading the hub’s initiatives and to seeing our growth continue.”
Kiva NWA has exceeded expectations in providing opportunities for entrepreneurs who have historically been disadvantaged. The platform prioritizes “character over credit,” and aims to fund opportunities for borrowers when conventional lenders cannot.
“After just a few short months of leading the hub, I’ve been able to see the life-changing impact these loans can make in our community, particularly on business owners that have been underserved in the past or don’t have other ways to access capital. Over 90% of our loans have been to women and/or minority owned businesses, which speaks to our mission and purpose,” Scott added.
After its establishment in Uganda in 2005, Kiva began its commitment to aiding financially excluded and socially impacted entrepreneurs worldwide. Kiva’s expansion to the United States came in 2009 and, 2 years later, they implemented the US Kiva Hubs program.
Kiva NWA, one of over 40 hubs located throughout the United States and Puerto
Rico, is supported by the Walton Family Foundation and Startup Junkie. Startup Junkie received a $470,000 grant from the WFF to continue facilitating the Northwest Arkansas Kiva Hub in November of 2022. These funds have allowed them to help support local businesses, from cleaning services to florists to podcasts.
Borrowers and small businesses can crowdfund business loans ranging from $1,000-$15,000 on Kiva.org. Through the NWA Kiva Hub, the Startup Junkie Foundation provides consulting and technical assistance with the Kiva online application process. Having a local partner to help with this process can increase the likelihood that a loan is accepted. A loan requires between 5 and 40 initial, private loans of $25 or more before launching to the two million kiva lenders around the globe.
If you’re a small business owner looking to receive a loan through the NWA Kiva Hub, you can contact their Capital Access Manager Claudia Scott at nwa@local.kiva.org or 479.264.5856 with any questions or for no cost-assistance with the application process.
Each business that applies must be able to provide some basic business proof documents, such as a business bank account statement, business license, LLC incorporation documents, or a county DBA certificate copy for a sole proprietor, unincorporated business.
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