The Regional Economic Development Center of Southern New Hampshire (REDC) is offering a new financing resource for small businesses across New Hampshire. REDC has partnered with Kiva, an international non-profit that aims to expand financial access to underserved communities in the U.S. through zero-interest crowdfunded loans, to become the official Kiva Hub for the state of New Hampshire.
Information about KIVA and how New Hampshire small businesses can apply for Kiva loans can be found at www.redc.com/kiva. REDC launched a new website, www.LendLocalNH.com, to assist people in finding opportunities to lend to businesses in New Hampshire.
KIVA serves the financing needs of people in the U.S. by offering loans between $1,000 and $15,000 at 0% interest, with no fees, and extended grace periods for repayment. Kiva borrowers crowdfund their capital from individual lenders, some as small as $25, with Kiva collecting the money and putting 100% of the money lent back into the lender’s chosen community project. When the borrower repays the loan, that money goes back to the original lender, who can choose to reinvest the funds in another project or withdraw the money.
Since 2013, Kiva U.S. has coordinated the crowd-lending of $46 million to more than 7,500 businesses through 1.8 million small lenders.
“REDC is excited to be a facilitator for KIVA and part of this innovative program, which is often the first rung on the capital ladder,” said Laurel Adams, President of REDC. “It empowers businesses by providing much-needed, relatively small loans, and it gives people the chance to help spur growth in the communities where they live.”
Businesses can access Kiva U.S. financing through the organization’s partnerships with community development financing institutions, city and state governments, business accelerator programs, foundations, and technical assistance providers. As a CDFI and technical assistance provider, REDC is a great fit to partner with Kiva U.S. as the provider for the state of New Hampshire. As a partner, REDC helps applicants through the loan application process, supports them as they work with their social network to secure the initial loans, and continues to provide business advising as they start or grow their business.
New Hampshire small business owners can learn more about the program and begin the application process at www.redc.com/kiva, or reach out directly to REDC at 603-772-2655. Interested lenders can also find information about funding local projects at LendLocalNH.com.
For more information about Kiva U.S., go to www.Kiva.org/lend-by-category/Kiva-u-s.