by Katie Powers, Somya Thakker, and Alejandra Peña
Do you know the feeling you get when you accomplish a goal that previously seemed
unattainable? Its an incredible wave of emotion where you are overcome with pride and joy.
Working at Kiva, we got to experience this feeling almost every day through the various
entrepreneurs that we worked with – many of them financially disadvantaged, pouring their heart and soul into their businesses, working hard to grow them from the ground up. It was a truly rewarding experience and now we are trying to bring that fulfillment to entrepreneurs in Boston.
Kiva is an international non-profit “with a mission to connect people through lending to
alleviate poverty.” Kiva’s platform catalyzes business growth and fosters meaningful
connections that helps empower entrepreneurs and their budding micro-businesses. To date,
Kiva has facilitated over $1 billion in micro-loans in 84 countries around the world. The Kiva US direct-lending program was established in 2011 and functions a bit differently than Kiva’s core model. It is very similar to crowdfunding, meaning entrepreneurs create campaigns and fundraise on the website. It’s not always easy to fundraise on Kiva, which you can read more about here, but the hard work is worth the reward: a 0% interest loan designed specifically for early-stage businesses, with a repayment stretched over a generous period of 12-36 months.
Kiva borrowers come from a range of different business backgrounds, such as Sa Mut
who has a business teaching yoga at inner city schools in Trenton, NJ, or Yemi who owns an urban farm in Brooklyn, NY that utilizes aquaponics. Furthermore, Kiva is also tackling mass incarceration in the U.S. by providing access to capital to previously incarcerated individuals. Most of these individuals have gone through rigorous business development programs in prison, and Kiva trustees such as Prison Entrepreneurship Program have aided in the progress towards solving this prominent social issue. For instance, second time borrower Gerald is living his entrepreneurial dream, and also making amends for his past mistakes by providing to his community through his business.
Perhaps the most impactful group of entrepreneurs that Kiva works with is the Hispanic
community in Oakland. Many of these entrepreneurs are immigrants who do not have access to
any resources for their businesses. In fact, most of them do not even speak English, nor have a bank account. With a graduated process, which allows them to build up their credit scores, Kiva helps these entrepreneurs get included in the financial system. While the Kiva process helps these entrepreneurs gain all sorts of skills and knowledge, the greatest impact is seeing the level of confidence and pride that they gain because they are encouraged and supported by the Kiva community. Sometimes entrepreneurs just need someone to believe in them, and that’s the beauty of Kiva’s platform!
In Boston, we want to reach out to the Hispanic community in the same way that we created relationships in Oakland. Our ultimate goal is to host Kiva workshops that will help entrepreneurs succeed in the fundraising process and ultimately, achieve their entrepreneurial goals. We are looking for passionate, creative, and entrepreneurial students who can act as Kiva mentors for these entrepreneurs. Students will specifically assist entrepreneurs in the Kiva application process and help them throughout the fundraising campaign. Therefore, not only will you be helping small business owners, but you will gain sufficient experience in mentoring and consulting.
If you want to help individuals who are financially excluded, join us in this movement to create a more diverse and inclusive entrepreneurial environment in Boston! Email powers.kat@husky.neu.edu to learn more and join the team!
