Mayor Lovely A. Warren has announced that the Kiva Rochester crowdfunding program is expanding access to interest-free loans to help local small businesses weather the economic downturn triggered by the COVID-19 outbreak.
In an effort to expand access to emergency working capital, Kiva Rochester has made the following changes:
• Larger loans: The maximum loan amount has increased to $15,000 from $10,000
• Expanded eligibility: Some financial requirements have been waived to give more entrepreneurs access to Kiva loans;
• Grace period: New borrowers do not have to begin repaying their loans for six months.
Kiva provides crowdfunded business loans of $1,000 to $15,000 at 0 percent interest and no fees. The Kiva Rochester team helps Rochester entrepreneurs navigate the application process with Kiva Microfunds, an international nonprofit stationed in San Francisco. There is no minimum credit score, cash flows, collaterals or years in business required to access a Kiva Rochester loan.