Lowcountry Local First is excited to announce the launch of a program through an established and formal relationship with nonprofit crowdlending platform, Kiva US.
By establishing the Lowcountry Kiva Hub, Lowcountry Local First will provide entrepreneurs with technical assistance and community resources that assist them with accessing capital. Local business owners can borrow up to $15,000 at 0% interest to start or expand their business. This program is being offered in response to strong demand from entrepreneurs for more accessible and affordable capital.
“Over the past year, we embarked on a partnership with Kiva to help local businesses tap into their very unique funding model,” said Lowcountry Local First Executive Director, Jacquie Berger. Based on our success so far (8 small business owners have secured $77,000), we’re thrilled to be able to offer this platform to more small business owners throughout the Lowcountry.”
This initiative is funded in part by a Relentless Challenge grant from the South Carolina Department of Commerce. “South Carolina’s economic strength is built on both the small businesses that sustain our communities and the innovators shaping our future,” said Secretary of Commerce Harry M. Lightsey III. “Through the Relentless Challenge [grant] … we are investing in entrepreneurs and companies whose ideas will drive growth, advance innovation and create opportunity across our state.”
Kiva US has done a fantastic job servicing financially excluded communities, between 2019 and 2021, 68% of Kiva loans going to female-identifying small business owners. 70% of loans going to BIPOC owned businesses and 76% of businesses are receiving financing for the first time.“Small businesses are the economic engines that drive the redevelopment of our local communities,” said Warren S. Galloway, Jr., Kiva U.S. Senior Partnerships Manager. “Hubs support these entrepreneurs by providing them with a microloan crowdfunding platform to access 0% capital to fill a critical funding gap for underserved and financially excluded populations.”
A partnership between Lowcountry Local First and Kiva US will allow the continuation of connecting diverse businesses to capital, technical assistance, and other community resources. For more information, visit https://www.kiva.org/us-hubs.