The Northwest Arkansas hub of microloan nonprofit Kiva has surpassed a significant milestone by providing over $1 million in interest-free loans to local entrepreneurs.
According to a news release, the crowdfunded microloan program focuses on financial inclusion and has supported more than 100 socially impacted business owners across Northwest Arkansas.
Kiva, established in Uganda in 2005, expanded to the United States in 2009 and implemented the US Kiva Hubs program in 2011.
Kiva NWA launched in December 2019 and is supported by grants from the Walton Family Foundation and facilitated by Fayetteville nonprofit 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.
“This achievement showcases our unwavering commitment to empowering entrepreneurs and fueling their dreams,” said Claudia Scott, Kiva NWA capital access manager. “Each loan we’ve extended is not just a transaction but a testament to resilience, determination, and the belief that every dream is worth investing in.”
To commemorate the achievement, Kiva NWA will host a “$1 Million Milestone” celebration on Feb. 22 at TheatreSquared in downtown Fayetteville. The event will recognize the success of Kiva NWA borrowers and express gratitude to lenders.