CAMARILLO – The Economic Development Collaborative-Ventura County is leading the launch in Ventura and Santa Barbara counties of Kiva Zip, a Kiva.org pilot program that enables small businesses to access peer-funded micro-loans of up to $5,000. The program is built on Kiva’s mission of connecting people globally through lending to support business entrepreneurship, the organization reported Thursday in a media release.
As a Kiva Zip field partner, EDC-VC will identify small businesses within the region that are a good fit for the program.
“This is an excellent resource for small-businesses in the earliest stages of growth,” Bruce Stenslie, CEO and president of EDC-VC, stated in the release. “These microloans will provide startup funding to businesses that would not receive financing through traditional lending means, and thus would never get off the ground.”
Through its website, Kiva lets people lend as little as $25 to help fund entrepreneurial ventures across the globe. With a 98.97 percent repayment rate since its 2005 founding, Kiva has generated $328 million in loans through 784,817 lenders. The organization works with 154 field partners and 450 volunteers in 62 countries.
To qualify for a Kiva Zip loan, an area business must have a solid business plan and social and economic need. The company must be unable to access a loan through formal financial channels, and have less than $3,000 in past-due debt. Other requirements include having a debt-to-income ratio of less than 35 percent, a monthly repayment-to-net-income ratio of less than 75 percent for the loan and not be in bankruptcy or foreclosure proceedings.
For more information on the Kiva Zip pilot program, visit https://zip.kiva.org/ or www.edc-vc.com, or call 805-384-1800.
About the EDC-VC:
EDC-VC is a private, nonprofit organization that serves as a business-to-government liaison to assist businesses in Ventura County by offering programs that enhance the economic vitality of the region. For more information about the Small Business Development Center, loan programs, manufacturing outreach and international trade programs or other services available to small businesses through EDC-VC, contact Stenslie at 805-384-1800, ext. 21 or bruce.stenslie@edc-vc.com Or visit www.edc-vc.com