Project Description
Kiva is an international non-profit that enables entrepreneurs in underserved communities to access 0% interest small business loans. These loans are crowdfunded by lenders from around the world that read your story, lend you as little as $25 each, and rally around your business as potential customers, business advisers, and brand ambassadors.
The KIVA Loan
- Up to 10,000
- 0% Interest
- No fees
- Terms up to 2 years
- No credit score, collateral, business plan or financial statements required
- Crowdfunded by borrower’s personal and professional network as well as Kiva U.S. lenders
Uses for KIVA Loans
- Hire staff
- Purchase or upgrade equipment
- Business management software
- Working capital for inventory
- Space renovations
- Certifications and licensing
- Market booths
- A website and marketing presence
- Expand product lines
- Marketing & advertising
To be eligible for a Kiva Zip Loan, you must meet the following requirements:
- No past due debt (defined as debt older than 90 days), except up to $1,000 of medical debt
- Monthly household debt payments to income ratio below
- 30% (excluding mortgage payments)
- Borrower cannot currently be in bankruptcy or foreclosure
- Annual income of less than $100K
- Must have or create a PayPal account
- At least 18 years of age
- Not involve in multi-level marketing or illegal activities
- Invite at least 15-30 individuals to lend as little as $25 each to their campaign