We help diverse and vibrant small businesses all across Iowa and the Quad Cities access affordable capital and small business resources.
Kiva is a global nonprofit microlending platform.
There is a lack of affordable microloans available to small business owners and budding entrepreneurs. It’s difficult to get capital unless you make it to a certain size, with a certain revenue under your belt. And if you’re a woman, a person of color, someone with a low or no credit score, it’s even more difficult.
To address this challenge here in the state of Iowa, NewBoCo is partnering with a global nonprofit organization called Kiva to create a statewide Hub for Iowa that gives these entrepreneurs access to a microlending platform to raise zero interest, zero fee, extended grace period loans from active lenders motivated by social impact. These loans range from $1-$15k and lenders can give as little as $25 at a time.
Interested in learning about lending? See our lending section!
Submit a loan application
(1 to 2 hours)
In addition to some financial questions, we ask for a high quality photo and a personal and business story.
Tax returns, bank statements, and business proof aren’t required but will help borrowers qualify for larger loans.
(5 to 7 days)
Kiva reviewers also look at social factors to determine a borrower’s loan size, such as whether they have:
- Been endorsed by a Kiva Trustee (optional)
- Has an online presence for their business
(1 to 45 days)
Private: Borrowers invite their friends and family (5 to 25 people) to support them with as little as $25 in a 15-day period.
Public: Borrowers have an additional 30 days to fundraise for the rest of their loan from Kiva’s global community of 2.1 million lenders.
Kiva US borrowers have over a 95% chance of being fully funded.
(12 to 36 months)
Repayments are made monthly via PayPal. Payments start 1 month after the loan is made.
Monthly repayments are calculated by taking the loan amount and dividing by the number of months in the loan term.
So a $10,000 loan with a 36-month term would have monthly repayments of $277.78.
By lending as little as $25 on Kiva, you can be part of the solution and make a real difference in someone’s life. 100% of every dollar you lend on Kiva goes to funding loans.
Become one of over 2 Million lenders making a social impact in their community
Have questions about the lending or borrowing process? Drop us a line!
Still have questions about borrowing or lending? Want help walking through the process? We’re here for you!