City of Rochester
News Release
(Monday, March 23, 2020) – Mayor Lovely A. Warren announced today that the Kiva Rochester crowdfunding program is expanding access to interest-free loans to help local small businesses weather the economic downturn triggered by the COVID-19 outbreak.
“During this time of uncertainty we must use every tool at our disposal to help our local business owners stay viable and keep this vital engine of our economy up and running,” said Mayor Warren. “Kiva helps us do that by providing businesses with interest-free loans that can be used for a wide variety of reasons. I am grateful to our partners at Kiva for helping us support the men and women who are investing in Rochester.”
In an effort to expand access to emergency working capital, Kiva Rochester has made the following changes:
- Larger loans: The maximum loan amount has increased to $15,000 from $10,000;
- Expanded eligibility: Some financial requirements have been waived to give more entrepreneurs access to Kiva loans;
- Grace period: New borrowers do not have to begin repaying their loans for six months.
Kiva provides crowdfunded business loans of $1,000 to $15,000 at 0 percent interest and no fees. The Kiva Rochester team helps Rochester entrepreneurs navigate the application process with Kiva Microfunds, an international nonprofit stationed in San Francisco. There is no minimum credit score, cash flows, collaterals or years in business required to access a Kiva Rochester loan. Entrepreneurs can use their loans for business expenses, including working capital, purchasing supplies and equipment, hiring employees and more. Kiva loans are crowdfunded, $25 at a time, by individual lenders on the Kiva platform.
Since the Kiva Rochester program launched in August 2016, the Kiva Rochester program has connected more than 85 predominantly low-income Rochester entrepreneurs with $476,525 in no-fee, interest-free loans.
To learn more about Kiva Rochester, visit www.cityofrochester.gov/kiva.
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News Media: For more information, contact the Communications Bureau at 428-7135.