Kiva, a non-profit micro-funding platform, has actually teamed up with Intuit, the software business behind Quicken, Quickooks and TurboTax, to supply small businesssmall company owners with fast capital at the click of a button.
Having received a $50,000 contribution from Intuit’s Financial Flexibility Foundation, Kiva might now be able to fund as much as 500 little companiessmall companies on a monthly basis through the Kiva Zip peer to peer lending platform.
The present initiative is another great step towards elimination of monetary obstacles and it will without a doubt assistance improve the financial results for small business owners and entrepreneurs looking to broaden their business.
Those who don’t qualifyget Intuit’s standard loan programs are encouraged to create a profile on Kiva to raise funds for their business. The minimum borrowable amount through the Kiva Zip peer to peer lending platform is $5,000 and goes as high as $10,000.
Kiva, a veteran in the micro-lending business, introduced the Kiva Zip peer to peer lending platform throughout the United States in 2014, partnering with corporate partners and city federal governmentslocal government to crowdsource about $10 million in interest-free loans.
“We are delighted about our collaboration with Kiva Zip and to provide little businessessmall companies the critical capital they needhave to begin and grow their companies,” Jeffrey Kaufman, Intuit’s company leader of QuickBooks Financing described in a TriplePundit post. “This platform serves a sector of little companiessmall companies who formerly had no, or really restricted chances to get the funding they needed. Furthermore, the Intuit Financial Freedom Foundation donation is one way Intuit is supporting small businessessmall companies throughout the nation to provide them a possibility to thrive.”
Kiva permits people to provide little loans, as low as $25, to business owners online. The organization lists all those in need, posts their pictures and informs their stories. Potential lenders can then pick the entrepreneur that they want to support; also pricing quote the amount they want to provide them.
There are no frightening interviews or credit check needed. Rather, Kiva depends on “credit and character” and needs that customers begin by welcoming friends and familyfamily and friends to release fundraising efforts. Upon reaching a particular limit, the businessbusiness is then featured in Kiva’s online neighborhood where it can get additional funds. Company owners are provided the opportunity to set up manageable payment terms. Once they finish repaying their loans, they can then applymake an application for more.
As banks and other traditional financing organizations continue to limit access to capital, sites like Kickstarter, GoFundMe and Kiva will remain to offer small company owners with financing opportunities that are much more accommodating.
“We are thrilled by our partnership with Intuit and its foundation,” said Jonny Cost, senior director of Kiva. “Kiva customers have an 89 percent payment rate, which means that as soon as the loans are repaid, we can recycle the foundation’s financing to match extra loans, further taking full advantage of the impact we produce small businessessmall companies.”
This is not the first time that the two companies are interacting. Back in 2010, the two business revealed expansion of an effort to seed small companysmall company growth with an aggressive matching program.