New Partnership with kiva.org will provide access to capital through crowdfunding loans
SALT LAKE CITY, UTAH (OCTOBER 18, 2019) – The Women’s Business Center of Utah (WBCUtah) today announced a partnership with kiva.org and will serve as host for “Kiva Salt Lake City,” the first Kiva Hub in Utah. Kiva U.S. is a nonprofit organization that facilitates crowd-funded microloans ranging from $1,000 – $10,000 for financially excluded business owners, mainly minorities and women, at 0% interest with no fees.
“No business survives without capital,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Access to funding is the highest priority of any successful enterprise and among the most difficult for start-ups and small businesses. As a statewide nonprofit service provider, the partnership between WBCUtah and Kiva will provide women and minority business owners access to capital that was previously unattainable. By further bolstering the small business community we can ensure our state’s long-term economic success.”
Since its beginning, Kiva’s community of 1.8 million lenders have empowered 3.4 million borrowers in 78 countries to secure $1.36 billion in loans. The repayment rate is 96.7%. Through Kiva Salt Lake City, WBCUtah will provide technical assistance to borrowers and small business owners, as well as integrate other technical assistance providers in the area.
“At the 2014 Senate Hearing on the 21st Century Barriers to Women’s Entrepreneurship, many witnesses testified about the barriers to women entrepreneurs,” said Ann Marie Wallace, state director of the Women’s Business Center of Utah. “Of the top three barriers, access to capital was the highest. Our center has been involved in efforts to alleviate the other two: equal access to government contracts and receiving relevant business training and counseling. Through this new program, WBCUtah can be a part of addressing each of these concerns — influencing, advocating for and helping improve access to capital for women in Utah.”
Loans through Kiva Salt Lake City will be available beginning November 4, 2019, and WBCUtah will host an official launch event for potential borrowers on December 5, 2019, at the Salt Lake Chamber, as well as a community information session soon thereafter.
Kiva Salt Lake City is made possible thanks in part to WBCUtah’s grant from Chase Bank.
For more information visit: wbcutah.org/kiva
ABOUT THE WOMEN’S BUSINESS CENTER OF UTAH
The Women’s Business Center of Utah (WBCUtah) is a 501(3)(c) nonprofit organization that helps Utah women business owners build confidence, create opportunities and experience success in small business ownership. The organization is in part funded through a Cooperative Agreement between the Salt Lake Chamber and the U.S. Small Business Administration
Kiva is an international nonprofit, founded in 2005 and based in San Francisco, with a mission to connect people through lending to alleviate poverty. Kiva celebrates and supports people looking to create a better future for themselves, their families and their communities. With as little as a $25 loan, anyone can help a borrower start or grow a business, go to school, access clean energy and realize their potential.
ABOUT THE SALT LAKE CHAMBER
The Salt Lake Chamber is Utah’s largest and longest-standing business association. A statewide chamber of commerce with members in all 29 Utah counties, the Chamber represents the broad interests of the state’s 63,000-plus employers, which employ more than 1.4 million Utahns. This includes thousands of Chamber members and their employees. With roots that date back to 1887, the Chamber stands as the voice of business, supports its members’ success and champion’s community prosperity.