Kiva is a fast growing and innovative peer-to-peer lending platform. Here’s how it works: Kiva posts photos and stories of people in need of financial assistance. Then donate to Kiva. Kiva sends it to a microlender. The lender gives the money to the specified individual.
They usually give you your money back. But it will be returned to you without any interest. Therefore, it is a microcredit version of eBay.
So how do I get a Kiva loan?
Kiva loan requirements
- You and your company must be based in the United States.
- You must be at least 18 years old to participate.
- You can use the loans for business purposes. Personal loans are not allowed.
Your business must not be:
- A direct selling or multi-level marketing company
- A franchise company that sells other people’s stock.
- Any evidence that you have been involved in criminal activity
- You cannot be foreclosed on, bankrupt or lien on your property at this time.
Therefore, kiva will not fund a loan that does not meet the above criteria.
What can you expect from Kiva as a borrower?
1. Interest-free loans
You can get a loan from Kiva ranging from $1,000 to $10,000 and it has no interest!
You can apply if you are an entrepreneur with an idea, a startup or an established company. However, the funds can be used for anything in the business. Includes working capital, equipment, inventory, marketing, and project-based investments. Anything will benefit your business.
2. Free marketing
When you post a loan on the Kiva site, it becomes visible to our global network of lenders. Also, new customers may get interested in your business and buy from you or use your services because of the exposure!
There’s even the possibility that they will feature your business on their blog or social media, exposing your business to even more potential customers!
3. Flexible repayment schedules
The ability to repay a loan varies by business. You can choose what works best for you when you apply. Kiva repayments are made on a monthly basis for 6-3 years.
It gives you the option to pay off the loan faster or with a lower monthly amount. Plus, if you’re doing well and want to pay off your loan sooner, you can!
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This article was published by: Floyd Albert by title: Should I apply for a Kiva loan for my startup?
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