AUSTIN, Texas — A new funding resource for small business owners has been announced by the City of Austin.
In partnership with global nonprofit Kiva, Austin will launch its first “Kiva Hub,” which will provide crowdfunded microloans to local entrepreneurs.
The program will offer 0% interest and no fees for loans ranging from $1,000 to $15,000. The loans provided through this program have no minimum credit score requirement.
“Partnering with Kiva showcases our shared commitment to empower small business owners—regardless of background,” Deputy Director of Austin Economic Development Anthony Segura said in a news release.
The loans Kiva provides are crowdfunded, meaning the money comes directly from the local community. Kiva also connects small business owners to a global platform to connect them with lenders worldwide.
“This collaboration increases opportunities for our community to back local visionaries and connects our city to an international network of economic innovation,” Segura said in the release.
The Austin Kiva Hub is now the second hub in Texas.