Kiva Brings Life-Changing Loans to the U.S.
Meet Kiva.org's new American entrepreneurs and find out how you can make a loan.
June 10, 2009— -- If you want to make a difference in the U.S., giving a micro-loan might be one of the most effective methods.
Micro-loans are made from one individual to another, and the Web site Kiva.org is dedicated to facilitating those kinds of loans around the world. The nonprofit company, founded in 2005 and based in San Francisco, Calif., connects individual borrowers or "entrepreneurs" with lenders who make direct loans of as little as $25.
To date, more than half-a-million lenders from 185 countries have provided more than $75 million in loans, according to Kiva. Remarkably, the current rate of repayment of those loans is 98.35 percent.
Now Kiva is bringing its successful model to the U.S., where the economic downturn has led to a need for the same kind of funding Kiva has made possible across the globe.
CLICK HERE to watch the "Good Morning America" report and HERE to watch "World News."
Kiva has partnered with ACCION USA and the Opportunity Fund to provide small business micro-loans in the United States. Please visit www.accionusa.org or www.opportunityfund.org for information on applying for a loan.
Continue Reading for More Entrepreneurs Seeking Loans!
Business: Mandy's Korner Hot Dog Stand
Loan Request: $6,500: FULFILLED
Amanda Keppert has always worked hard to support her family, despite facing a series of personal tragedies, including the death of her parents and the losses of her brother to cancer and her stepson to a drunk driver. She invested the money she inherited from her parents to purchase a busy street corner lot in San Jose, Calif., where she opened a gourmet hot dog stand to support her four children.
"Mandy's Korner is a quick-turn food service selling specialty sausages, hotdogs and sandwiches," she explained. "There's homemade cooking here; it's made with love. It's just a place where people can come and relax and enjoy a great hotdog or a sandwich ... When you are cooking your food with love they can tell.
"To own a piece of real estate here, in this very busy commercial-zoned area, is the best thing I could have probably done with my money," she added.
Keppert's only employees are her teenage kids, who help her with cooking, cleaning, catering special events and even bookkeeping. This helps her save money while helping her children develop a strong work ethic, she said.
"How I treat my family I treat my customers, and they really love that," she said.
Keppert says a $6,500 loan will enable her to purchase an electric panel and an ice machine, which will save her both time and money. She also plans to invest in fliers and advertisements in local newspapers to boost business.
"When you borrow money and when you owe someone money, there's integrity and commitment involved," she said. "It's a commitment to grow a business."
Business: Zonia's Day Care
Loan Request: $10,000
Zonia provides high-quality child care and offers it to some of her community's most vulnerable residents: families experiencing homelessness. While some providers think these children and families are too difficult to support, Zonia embraces the opportunity to work with families going through a difficult time.
The 14 children in her care are a diverse group -- ranging from children experiencing homelessness to the children of international embassy staff -- and the waiting list for her day-care shows that parents value the services. Zonia has an associate teacher's permit, and her San Francisco business has created two full-time jobs.
With this $10,000 loan, Zonia will make needed repairs to her home so that it complies properly with city codes and meets the standards required to hold a child care provider license.
Business: Urban Digital
Loan Request: $7,000
For 15 years, Mark worked in architecture offices as a graphic designer, producing Web sites and scale images of architecture projects. He liked the work, but the jobs were inconsistent and there were long dry spells that were difficult to manage. Mark knew that he could do it better as his own boss, so in late 2008 he decided to start his company, Urban Digital.
Urban Digital specializes in marketing and visual tools for builders and architect engineers. With a degree in architecture and many years of experience, Mark is an expert at producing technical images, Web sites, marketing kiosks and other materials that architects need. But getting started is hard, especially given the high upfront cost of all the hardware and technical software he needs. With a $7,000 loan, Mark will be able to make these purchases.
Mark is saving money right now by running the business out of his home. But his goal is to bring in enough clients that he can hire employees and establish a real office.
Business: Taxi Driver
Loan Request: $3,000.00
Segundo has been a taxi driver in the Big Apple for almost two decades. Segundo says the key to his business is to have all licensing papers, follow transit norms and, most importantly, avoid accidents. Segundo is married and has five children.
The next road Segundo plans on taking is the one leading to his own taxi base. He would like to get his own cars in his own base and partner with his oldest son in the business.
Business: Recycling Business
Loan Request: $6,000
Hardyal recently started a recycling business that exports scrap metal to India. There is a high surplus of scrap metal in the U.S. and a high demand for scrap metal to be used for construction in India.
With the flexibility of his job as a cab driver, he finds metal through the Internet and creates a contract with business partners in India to buy the metal. Business has gotten off to a good start, he says, and he hopes to expand. He trusts that within the next two years it will be booming and he can take it on full-time.
ACCION USA and the Opportunity Fund provided information for the entrepreneur profiles.
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