City of Rochester
News Release
View photos of Mayor Warren’s visits
to A Gamer’s Nostalgia and M/Body here:
cityofrochester.smugmug.com/News-and-Events/Tours/Kiva/i-GKSwXnh
(Wednesday, August 15, 2018) – In two years, the Kiva
Rochester program has helped level the playing field in terms of helping
minority- and women-owned business owners launch, grow and create jobs,
according to data released today on the program’s progress. Kiva Rochester
helps small business owners gain access to capital through zero-interest,
crowdfunded microloans up to $10,000.
“In two years, we’ve helped almost 60 entrepreneurs
pursue their passions, dreams and ambitions through Kiva Rochester,” Mayor
Lovely Warren said. “Kiva Rochester builds livelihoods for business owners and
in the process helps Rochester create jobs, safer and more vibrant
neighborhoods and better educational opportunities. We owe a great deal of
thanks to the program’s borrowers and lenders for making Kiva Rochester such an
outstanding success.”
59 entrepreneurs have borrowed $300,000 through Kiva
since 2016. The majority of Kiva business owners are women and minorities, and
the average loan size is $5,000, with some loans as small as $25. 5,100 lenders
have participated during that time span. Demographic breakdown:
• 37
loans (67%) were to African Americans; and
• 30
loans (51%)totaling $142,500, were to women;
• 5 loans
(8%) were to Hispanic business owners.
• 18
loans totaling $62,000 were made to African American women
• 9 loans
totaling $96,000 were made to African American men
• 2 loans
totaling $15,000 were to Hispanic men
• 3 loans
totaling $10,500 were to Hispanic women
Kiva loans help individuals who otherwise may not have
qualified for traditional loans. Kiva Rochester borrowers have an average
credit score of 572 and a median income of $30,000.
To build the program, Kiva Rochester staff has done
extensive outreach throughout the community, hosting more than 120
informational and outreach events.
Kiva Rochester is administered through the Mayor’s Office
of Innovation and Strategic Initiatives, which is tasked with finding new,
data-driven solutions to the city’s most pressing challenges. One of those
being that women and minorities are at a disadvantage when it came to getting
traditional small business loans.
To mark the 2-year anniversary of the program, Mayor
Warren toured two Kiva businesses this morning.
Christopher Williams owns A Gamer’s Nostalgia at 1100
University Ave., a video game arcade and lounge which is modeled after popular
gaming rooms and internet cafes found around the world. There are a variety of
video game console systems available to play and the business offers birthday
parties, lock-ins, game viewing parties and provides a venue for the RIT Game
Design program to test new games. A Kiva loan of $2,000 helped Williams
purchase new equipment and expand into a new space.
Maureen (Molly) Flaherty owns M/Body, a fitness facility also
on University Avenue. A $10,000 Kiva loan helped Flaherty purchase new
equipment for gym space and classes for individuals with Parkinson’s disease.
For more information on Kiva Rochester visit www.cityofrochester.gov/Kiva/.
For more information about A Gamer’s Nostalgia, visit: www.kiva.org/lend/1539229.
For more information about M/Body visit: www.kiva.org/lend/1489520.
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News media: For more information contact Press Officer
Jessica Alaimo at 428-7135.