Kiva is not your traditional financing source; instead, it is an online platform entrepreneurs use to crowdfund 0% interest loans up to $10,000. Kiva loans are also character-based, making them a great option for small businesses who might not qualify for a traditional bank loan. Instead of evaluating borrowers on financial underwriting standards like credit score, cash flow, or collateral, Kiva looks at borrowers’ character and standing in the community.
Ford and Bailey heard about Kiva after completing a nine-week training program through MORTAR, a LISC Greater Cincinnati partner that equips under-served entrepreneurs in the Over-the-Rhine and Walnut Hills neighborhoods with the resources and tools they need to start and expand their businesses. “MORTAR plays a crucial role in our Place Matters neighborhoods connecting low-income residents to economic opportunities within their communities,” said LISC Greater Cincinnati Executive Director Kathy Schwab.
