Tulsa entrepreneurs struggling to get financing will get help later this year accessing crowdfunded loans.
Kiva is an international, online microfinancing platform whose users have already loaned more than $20 million dollars in the U.S.
The Lobeck Taylor Family Foundation and Access Ventures are behind an initiative to make Tulsa a Kiva City. The Kiva platform allows dozens of people to pitch in $25 or more to fund zero-interest, no-fee loans.
Foundation CEO Elizabeth Ellison said microfinancing often helps entrepreneurs who can’t get traditional loans — often, they’re disproportionately women, black or Hispanic.
"Also, a lot of times they don't need $100,000. They need $5,000 to get some equipment or cover their initial startup costs," Ellison said.
Kiva loans average $5,000, and the repayment rate is 97 percent.
Access Ventures’ David Taliaferro said Kiva’s benefits go past financing and building credit for bigger, traditional loans later.
"You can actually stay in touch with that borrower as they grow their business, and they can share pictures, for example, of what they used the loan for or big successes or wins," Taliaferro said. "It kind of creates a small community online that they can cheer on that entrepreneur."
Ellison mentioned another benefit.
"They have a network that's over 1 million people who are consistently loaning money through the Kiva platform, and so we will be exposing our Tulsa businesses to international funders, which is really exciting," Ellison said.
Tulsa will join Philadelphia, New York City, Oakland and Newark as Kiva Cities.
