Kiva Zip is a website that enables individual lenders around the world to ‘crowd fund’ interest-free loans directly to small business owners and entrepreneurs in the US and Kenya. The three primary objectives for this program are to:
- Expand borrowers’ access to capital, by making loans to people who may not qualify for conventional loans
- Lower the financial costs of borrowers by leveraging new technologies
- Develop personal connections between Kiva Zip lenders and borrowers by enabling them to communicate on the Zip website
As a borrower on Kiva Zip you will have the opportunity to raise interest free capital and access a community of lenders who can serve as brand ambassadors and potential customers for your business.
Who is eligible for this funding option?
People with strong businesses or business plan. Applicants cannot currently be in foreclosure or bankruptcy proceedings and cannot be heavily indebted, which mean less than $3,000 of overdue debt. The target market for these loans are low or moderate income individuals.
Important features of this funding option:
Crowd-funded, interest-free loans directly to small business owners and entrepreneurs in the US and Kenya. Loans need to be repaid. The payback period can be anywhere from 10-24 months. You can repay the loan in weekly or monthly installments. The interest rate is 0%.