Kiva OKC update: $167k loaned; become a trustee to help local businesses

Helping to nurture small businesses and startups is a one of the Chamber’s priorities as some of these entities could one day grow to provide hundreds, if not thousands, of jobs in Oklahoma City, therefore ensuring Oklahoma City’s continued economic trajectory well into the future.

Three programs the Chamber, along with other local partners, brought to Oklahoma City in 2021 to accelerate the growth of startup companies in OKC were gBETA, Idea Accelerator and Kiva Oklahoma City.

“Support for entrepreneurship is a key component of Forward OKC VI and likewise is imperative to OKC’s continued economic success,” said Jeff Seymour, Chamber executive vice president of economic development. “These three programs serve different niches of the startup ecosystem and will help better position our participants for growth. We appreciate our partners who helped bring them to OKC.”

Read on for an update on Kiva Oklahoma City, and stay tuned to VeloCity for more information on Idea Accelerator and gBETA.

Kiva Oklahoma City

Officially launched by nonprofit Progress OKC with the Oklahoma City Economic Development Trust, Inasmuch Foundation and the Chamber serving as initial investors, Kiva Oklahoma City provides small businesses with micro-loans ranging from just $1 all the way up to $15,000. Between 60-70 businesses applied for the loans, 26 of which were fully funded in 2021 through the Kiva program and totaling nearly $167,000. In addition, 92% of those loan recipients are minority business enterprises and 60% are female. In order to receive these micro-loans, the small business owners are required to raise half of the requested funds through crowdfunding. Borrowers are charged 0% interest on the loans and can have up to three years to repay them.

Related: Kiva USA building bridges for many local small businesses 

Daisy Muñoz, Progress OKC’s capital access manager, said one way an individual or organization can support entrepreneurs within their community is by serving as a Kiva trustee. In that role, trustees publicly vouch for entrepreneurs, adding credibility to a borrower by vouching for their character, business and social impact. Trustees are responsible for helping spread the word about Kiva, vouching for a borrower’s credit worthiness and helping ensure that a borrower is successful.

Related: OKC expands aid to small businesses through Kiva agreement

“By becoming a trustee, you are collaborating with Kiva OKC and small businesses on making capital accessible to all,” Muñoz said.

If you or your organization would like more information about how to become a trustee, what is involved and what are the benefits, please visit kiva.org or contact Munoz at 405-837-5180 or email [email protected].

This story originally appeared in the February 2022 edition of the VeloCity newsletter.