The Northwest Arkansas hub of microloan nonprofit Kiva recently provided its 100th loan. Since its inception in late 2019, Kiva NWA has given over $800,000 in interest-free loans to the community.
The milestone reflects Kiva NWA’s dedication to creating economic opportunities in Northwest Arkansas. Kiva NWA focuses on providing financial access to entrepreneurs who have historically faced disadvantages.
According to a news release, over 90% of loans have gone to women and/or minority-owned businesses, aligning with their mission and purpose.
Kiva, established in Uganda in 2005, expanded to the United States in 2009, and implemented the US Kiva Hubs program in 2011.
Kiva NWA is supported by grants from the Walton Family Foundation and facilitated by Startup Junkie Foundation.
Borrowers can crowdfund loans ranging from $1,000 to $15,000 through Kiva.org and receive consulting assistance from Startup Junkie. Loans require five to 40 initial private loans of $25 or more before launching to global Kiva lenders.
Small business owners can contact Claudia Scott, the capital access manager, for assistance with the application process. Applicants need to provide basic business proof documents such as bank statements, licenses and incorporation documents.