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Mayor Malik D. Evans announced today that Kiva Rochester has facilitated more than $1 million in microloans to small business owners, cementing Rochester's status as one the top-performing Kiva markets in the United States.
"The success of our Kiva program is a testament to the entrepreneurial spirit that was just waiting to be tapped to help bring prosperity to Rochester's neighborhoods" said Mayor Evans. "For too long, small business owners in our neighborhoods were denied access to capital and the opportunities that come with it. As Mayor, I will do all that I can to give the people of this city the only thing they are asking for: a chance."
"Facilitating $1 million in microloans is no small task, and the City of Rochester's dedication to economic development and financial inclusion speaks volumes," said Eli Cherner, Director of Kiva US. "We are grateful for this partnership and we look forward to celebrating Rochester's next milestone. Congratulations!"
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Kiva provides crowdfunded business loans of $1,000 to $15,000 with 0 percent interest and no fees. The Kiva Rochester team helps Rochester entrepreneurs navigate the application process with Kiva US, an international nonprofit. 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.
Since its launch in 2016, Kiva Rochester has facilitated more than $1 million in microloans that average $5,960 to 169 borrowers. This makes Kiva Rochester the smallest market among the top-ten Kiva markets in the United States, and the only one managed by a municipality. To further accelerate the success of Kiva Rochester, Mayor Evans included funds for a dedicated full-time Kiva capital access manager in the City budget.
The one-millionth dollar was borrowed by Aretha McLamore, owner of Ma'ama Tees' Cookin' and Catering in the Charlotte neighborhood.
To learn more about Kiva, visit: www.cityofrochester.gov/kiva.
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