Pacific Community Ventures is thrilled to announce our exciting new partnership with Kiva! In addition to making microloans around the world in developing communities through a network of microfinance institutions, Kiva has recently launched a program called Kiva Zip, which enables you to make direct loans to entrepreneurs. Our partnership with Kiva now allows PCV to act as a trustee for PCV-advised Kiva Zip borrowers, and also gives all Kiva Zip borrowers free access to BusinessAdvising.org.
About Kiva Zip Loans
On Kiva Zip, you can crowdfund interest-free loans of as little as $25 to entrepreneurs in Kenya and the US. Over time, as your loan is repaid, you can withdraw your money or lend it to another entrepreneur – much the same as traditional Kiva loans. Kiva Zip borrowers can crowdfund up to $5,000 on their first loan (and up to $10,000 with a successful repayment), with a payback period of 10-24 months.
Do you qualify?
Kiva Zip borrowers must:
- Have a strong business or strong business plan
- Exhibit strong character and an entrepreneurial spirit
- Not be currently involved in foreclosure or bankruptcy proceedings
- Not be heavily indebted
- Be low to moderate income individuals (no millionaires!)
As we mentioned earlier, PCV acts as a trustee for PCV-advised companies on Kiva Zip. This means that we are responsible for sourcing entrepreneurs that embody the characteristics listed above, and must vouch for their character by publicly endorsing them on the Kiva Zip site. Trustees have no financial liability for the loans, but their reputation is tied to the repayment rate of the borrowers they endorse.
Check out the first PCV-advised Kiva Zip borrower, Core Rennell from CORE Foods!
We are so thrilled to be partnering with such a great organization as Kiva, and look forward to helping as many small businesses in the US as possible – Kiva Zip through access to capital, PCV through business advising help.