The Peoples Food Coop (PFC), Edison Neighborhood Association, Kalamazoo Eastside Neighborhood Association, and SCORE Kalamazoo/SW Michigan have partnered with LISC and KIVA to provide access to crowdsourced borrowing opportunities for qualifying businesses in the Kalamazoo community. Each has its own criteria and a primary focus area they consider before giving their endorsement.
Their primary focus areas include:
Any of the above endorsements, a sort of social underwriting, allows for a LISC 1-to-1 match on loans, reducing the challenge of becoming fully funded.
In response to the COVID-19 pandemic, Kiva US is offering small business applicants:
• Expanded loan sizes, now up to $15,000
• Grace Periods between 1-6 months
• Terms: zero interest, 24 months to repay on $5k loans, 36 months to repay on $15k
Until further notice, Kiva will be reducing the number of contributors required during the private fundraising period, which will help get projects onto the full Kiva platform for public crowdsourcing more quickly.
Here is a general outline of the program based on the status of the applicant business.
• No online presence
• Pre-revenue business
• Limited local description
• Private Fundraising—5 lenders
• Term—12-18 months
• Basic online presence
• Operating less than 1 year
• Compelling story and loan description
• Private Fundraising—5-10 lenders
• Term—24 months
• Strong online presence
• Strong references
• More established business
• Private Fundraising—5-15 lenders
• Term—36 months
• A borrower’s starting loan range will be determined by:
• Debt-to-income ratio – the amount of monthly income that goes towards paying off monthly debt
• Proof of separate bank accounts for business and personal finances
• Government-issued business proof (local, state, or federal)
• Private Fundraising—5-30 lenders
• Term—36 months
Please click on the apply button, answer all questions, and your form will go to the endorsing organizations for consideration. Once staff members have reviewed, they will get back to you with any questions, and next steps.
1126 Gull Rd., Ste B
Kalamazoo, MI 49048
Debi Howe, Director