“Phoenix Kiva Hub” to help small business owners in need of loans
PHOENIX – Some hope is on the horizon 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 gives entrepreneurs another opportunity to access capital.
Phoenix City Council recently approved the partnership, which Phoenix Mayor Kate Gallego said is an effort to help those still struggling with the pandemic.
“It can be very useful if you are just starting out or if you are an independent contractor,” said Mayor Gallego. “We hope this will particularly affect our smaller businesses. We know they have fewer resources than many others, and we hope to be a hub for veteran-owned, minority-owned, and women-owned businesses here in Phoenix. “
BBB Capital Access Manager Jose Anca said residents of Maricopa County can now apply for a 0% interest rate loan ranging from $ 1,000 to $ 15,000. He says unlike traditional banks, the app doesn’t require a minimum credit score or years of cash flow documentation.
Once you’ve applied and your profile is ready, Anca says you need to gain the support of your community through crowdfunding. For example, you might be required to get 10 people to donate $ 25 each. Once you meet the conditions according to the loan amount, your profile is then published on Kiva’s international page.
“There are dedicated loan teams to research, see what the stories of business owners tell them,” said Anca. “There are loan teams for veteran-owned businesses, there are loan teams for all kinds of things. Musicians, cafes, whatever you can think of, there’s probably a loan team for that on Kiva. So these communities of individuals come together to make the economic dreams of a business owner or entrepreneur come true.
To learn more about the Phoenix Kiva Hub or to apply, Click here.