Small Business Loans

Build Institute is excited to be a trustee of Kiva, a 0% interest, crowdfunded microloan focused on character rather than credit, that provides entrepreneurs access to capital to grow their business.

To apply or learn more, CLICK HERE To reach our Kiva Detroit small business advisor contact kiva@buildinstitute.org


Build Institute as a Trustee

  • Build has endorsed 24 loans totaling $146,450 with 96% repayment.
  • Since 2011, there has been $320,650 over 74 loans raised in Michigan.
  • Prior to Kiva’s transition to Build Institute in May 2015, there was $106,200 raised over 27 loans funded in Detroit.
  • As of December 2013, there is now over $206,650  49 loans that have been raised.

The Basics

The Loan

  • 0% interest loans up to $10,000
  • Repayment terms of up to 36 months, grace periods are available for agriculture businesses
  • Opportunity to build your business credit score
  • Funded by hundreds of lenders from around the world in increments of $25
  • You can take up to two loans

Who is eligible?

A Kiva U.S. borrower must…

  • Be at least 18 years old
  • Not currently be in bankruptcy or foreclosure
  • Use the loan for a legal business
  • Have a PayPal account or the ability to set one up

How does it work?

  • Entrepreneurs that meet the minimum requirements can apply for a 0% interest loan from $500-$10,000.
  • After an application gets reviewed by the Kiva Detroit small business advisor, borrowers enter into a private fundraising period. They invite 20-25 family, friends, customers, and community members to be their first lenders.
  • After the private period the loan then goes public on the Kiva website where any lender around the world can support their business.
  • Once the funding goal is met, the funds are disbursed and repayment begins one month later.
  • Borrowers can come back and receive a second loan for up to $10,000.

Kiva’s Power

Character Over Credit Score

Kiva and Build Institute cares about you character, rather than your financial background.

  • No credit scores, collateral, business plans, or financial statements are required
  • You establish your reputation and community of support by inviting lenders from your network
  • Unlike other crowdfunding platforms, the Kiva community of 1.5 million lenders funds the majority of the loan amount

Crowd Capabilities

  • Gain free marketing exposure to 1.5 million potential customers and champions for you business
  • Established connections to people who can support your business
  • Join the global community of millions of people committed to empower entrepreneurs around the world

What can you do with $10,000?

Here’s a few ideas for Kiva loans!

  • Upgrade equipment and renovate your space
  • Gain working capital or add inventory
  • Hire another set of hands
  • Pay for certifications and licensing
  • Build a website and invest in marketing

 What is a Trustee?

Trustees are individuals or organizations who recommend borrowers to the Kiva program. Trustees are an integral part of the Kiva model because of their ability to vouch for an entrepreneur’s character and reputation.

Because Kiva focuses heavily on the character and reputation of the entrepreneur, Kiva focuses on building partnerships with organizations and individuals that have a close personal and professional relationship with the borrower. To learn more about becoming a trustee, visit here.

 

Contact Kiva Detroit directly at kiva@buildinstitute.org for more information.