BUILD Institute is Kiva’s longest standing combined Hub/Trustee partnership. BUILD has worked with Kiva to continue to improve the Hubs model, create efficiency, and grow volume so that Michigan residents receive the benefits of this program.
Build Institute as a Kiva Hub
- Build has endorsed 24 loans totaling $146,450 with 96% repayment.
- Since 2011, there has been $320,650 over 74 loans raised in Michigan.
- Prior to Kiva’s transition to Build Institute in May 2015, there was $106,200 raised over 27 loans funded in Detroit.
- As of December 2013, 49 loans have been raised totaling over $206,650.
- 0% interest loans up to $10,000
- Repayment terms of up to 36 months, grace periods are available for agriculture businesses
- Opportunity to build your business credit score
- Funded by hundreds of lenders from around the world in increments of $25
- You can take up to two loans
Who is eligible?
A Kiva U.S. borrower must…
- Be at least 18 years old
- Not currently be in bankruptcy or foreclosure
- Use the loan for a legal business
- Have a PayPal account or the ability to set one up
How does it work?
- Entrepreneurs that meet the minimum requirements can apply for a 0% interest loan from $1,000-$10,000.
- After an application gets reviewed by the Kiva Detroit small business advisor, borrowers enter into a private fundraising period. They invite 20-25 family, friends, customers, and community members to be their first lenders.
- After the private period the loan then goes public on the Kiva website where any lender around the world can support their business.
- Once the funding goal is met, the funds are disbursed and repayment begins one month later.
- Borrowers can come back and receive a second loan for up to $10,000.
Character Over Credit Score
Kiva and Build Institute cares about you character, rather than your financial background.
- No credit scores, collateral, business plans, or financial statements are required
- You establish your reputation and community of support by inviting lenders from your network
- Unlike other crowdfunding platforms, the Kiva community of 1.5 million lenders funds the majority of the loan amount
- Gain free marketing exposure to 1.5 million potential customers and champions for you business
- Established connections to people who can support your business
- Join the global community of millions of people committed to empower entrepreneurs around the world
What can you do with $10,000?
Here’s a few ideas for Kiva loans!
- Upgrade equipment and renovate your space
- Gain working capital or add inventory
- Hire another set of hands
- Pay for certifications and licensing
- Build a website and invest in marketing
Kiva has learned that to best provide access to capital to underserved entrepreneurs and communities, offering both an intuitive Kiva platform and higher-touch hands-on assistance from a local Kiva ambassador proves most successful. Kiva operates best as an access-to-capital tool that is leveraged by local communities . A Kiva Hub is a market where Kiva has developed a partnership working with local stakeholders and economic leaders to make capital accessible to the most excluded clients. They employ full-time or part-time Capital Access Manager who oversees the entire applicant pool to support borrowers in accessing Kiva loans as well as navigating the capital ladder unique to that community. In order to support the work that these individuals do, Kiva provides exlusive tools, training, and access to Kiva platform to this employee.
Currently 11 communities host Kiva Hubs including Detroit, MI; Milwaukee, WI; Madison, WI; Tulsa, OK; Rochester, NY; Pittsburgh, PA; Baltimore, MD; New Orleans, LA; Chattanooga, TN; Columbus, OH; and Puerto Rico. In 2019 Kiva aims to scale to 22 Hubs.