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Kiva City D.C. Launches to Bolster Small Business Growth in Greater Washington, D.C. Area

Kiva City D.C. Launches to Bolster Small Business Growth in Greater Washington, D.C. Area

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Published by: Crowdsourcing.org on Jan 11, 2013
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02/03/2013

 
Kiva City D.C. Launches to Bolster Small BusinessGrowth in Greater Washington, D.C. Area
Written byLEDC 
Partnership between Capital One Bank, Kiva and Latino EconomicDevelopment Center Provides Small Businesses Access to Capitalthrough Proven Crowd-funding Microloan ProgramCapital One will Match Loans Posted on Kiva by LEDC
FOR IMMEDIATE RELEASEWashington, D.C.
 
 –
Jan. 8, 2013
 –
A new partnership between CapitalOne Bank, the Latino Economic Development Center (LEDC) and Kiva, aglobal microlending organization, will provide small business owners in
the D.C. region access to capital through Kiva’s proven crowd
-fundedmicroloan program.Sponsored by Capital One Bank, Kiva City D.C. is a new online portalthat connects Washington, D.C.-
area small businesses with Kiva’s global
network of 870,000-plus individual lenders, giving small businessowners the opportunity to apply for additional funding to help start,sustain and grow their business. Through Kiva City D.C., anyone with anInternet connection and $25 can help to fund loans to small businessesin the area by visiting www.kiva.org/dc.
“This initiative gives everyone a chance to help make a difference in
the
life of D.C.’s economy,” said Matt Flannery, Kiva’s co
-founder and Chief 
Executive Officer. “By lending as little as $25 to a small business owner
of your choice on Kiva.org, you can help someone get their business upand running, expand operations, hire or retain employees, and improve
 
the local economy. Kiva’s partnership with Capital One and LEDC is
making it possible for each of us to support local small business owners
and hear their stories as they work to serve their communities.”
 To support lending to small businesses in the D.C. area, Capital One hascommitted to matching every dollar lent to small businesses posted by
LEDC on Kiva City D.C. LEDC’s Community Asset Fund for Entrepreneurs
works to identify qualifying borrowers in the D.C. area, administers theloans and posts profiles of each small business owner online at kiva.org.
Capital One’s loan matching program will last throughout 2013 and is
expected to reach a $150,000 commitment. In addition to the loanmatching fund, Capital One has contributed $100,000 to support thelaunch of Kiva City D.C.
“We recognize the tremendous value that small businesses play in thelocal community and the impact they have on our local economy,” said
Jonathan W. Witter, President of Retail and Direct Bank, Capital One.
“Capital One is proud to be a part of the launch of Kiva City D.C.
Weknow that community support and capital are two key components of small business success and we believe that this is a unique opportunityfor individuals
 –
and the community
 –
to connect with localentrepreneurs and provide them with the financial support and
resources they need to grow and succeed.”
 
Through Kiva’s proven micro
-funding business model, anyone can go tokiva.org and browse through profiles and stories of people in need of amicroloan, and choose someone to lend as little as $25. Every dollarlent helps to crowd-
fund that business’ microloan, which in turn helps
to support thriving local economies, communities and jobs.
 
Loans funded through Kiva have a 99 percent repayment rate, so themoney lent to a small business owner is truly a loan, not a donation.Every dollar lent to a small business helps to create jobs in localcommunities, which in turn supports another local business, and thenanother. As small businesses grow and expand, local economiesimprove, helping to support schools, city services and more vibrant andsustainable communities.According to the Small Business Administration, small businesses createtwo out of three net new jobs in the U.S. and have created nearly 65percent of the new jobs in the U.S. over the last 17 years and oftenemploy the most vulnerable groups in the workforce.
“Capable entrepreneurs of diverse backgrounds are often excluded
from accessing business loans through the for
mal financial sector,” said
Manny Hidalgo, executive director of the Latino Economic
Development Center. “LEDC is excited to be Kiva’s lead partner in the
D.C. area to identify strong borrowers to qualify for these small dollarloans that will make a big difference in the lives of their families and the
health of their communities.”
 Kiva City D.C. joins Kiva Cities Los Angeles, Detroit and New Orleans andis part of a continued commitment to helping U.S. small businessesgrow and create economic opportunity for individuals across thecountry.
Capital One’s partnership with Kiva and LEDC is part of the company’s
larger commitment to support small businesses and economicdevelopment. In 2012, Capital One supported small businesses byproviding $6.6 million in grants, loans and investments to 115nonprofits involved in micro-enterprise development
and more than

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