The Rochester Economic Development Corporation (REDCO) has set aside $100,000 to serve as a Matching Loan Fund in the Kiva System for qualifying small business owners and entrepreneurs.
What is loan matching?
- There are many matching loan funds in the Kiva system.
- Borrowers cannot raise more money than they are approved for - the Matching Loan Fund is not a grant, and must be repaid in full along with the rest of the Kiva loan.
- Qualifying borrowers are eligible to have each individual loan made during their crowdfunding campaign matched 1:1 - for example, if a $25 loan is made to a borrower, the Matching Loan Fund will automatically contribute another $25 to the Kiva campaign.
What is the benefit of qualifying for loan matching?
- With loan matching turned on, borrowers only need to secure half the normal number of lenders - their loan will fund in half the time!
What are the qualifications to access the REDCO Matching Loan Fund?
In addition to the basic qualifications for a Kiva loan, borrowers must:
- Operate their business inside the limits of the City of Rochester, or plan to open their business therein,
- Operate the business for the public good, and not operate any of the following, including but not limited to: gun stores, liquor stores, adult entertainment venues/stores, pawn shops.
- Secure endorsement from a Kiva Rochester Community Partner, of City of Rochester staff member,
- Present a valid and actionable business plan and financial projections,
- Agree to participate in impact assessment surveys.
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