Support local entrepreneurs with Kiva Detroit

Kiva Detroit launched this week in the historic Eastern Market raising over $11,000 in its first 3 hours, according to Crain's Detroit. Kiva.org is a non-profit connecting people and businesses through its micro-loan initiative.

The “Kiva City” program chose Detroit as the first city in the United States to take part as it rolls out nationwide. This is about fellow Detroiters supporting other Detroiters in their entrepreneurial efforts.

Michigan Corps, the Knight Foundation, ACCION USA and Kiva have joined forces to make this venture possible. The Knight Foundation has promised a $250,000 matching fund where individual loans will be matched dollar-for-dollar.

The first 5 local companies are already fully funded.

At the launch, I talked with Crystal Lecoy from Detroit Brunch. Detroit Brunch offers a vegan breakfast option one Sunday a month. Crystal said with the Kiva loan she’ll be able to take a business class through Tech Town in Detroit. They’ll be able to fully develop their business plan and perhaps expand to a food truck after completion.

Janet Jones, the owner of Source Booksellers in Midtown, hopes for expansion as well. “I need more walls,” said Jones. She’s currently in a 600 square foot space and hopes to either move or expand to a 800-900 square foot space. The bookstore specializes in non-fiction with an emphasis on health and well being.

Individuals can lend as little as $25 to the local business of their choice.

“ACCION USA is the vital link between Kiva lenders, communities and the small businesses owners in Detroit who need our help,” said Paul Quintero, CEO of ACCION USA. “With the visibility, community group connections and committed loan funds provided by Kiva, we believe Kiva City and its launch in Detroit will serve as a model for bringing solutions to more cities across America.”

It’s often said that the greatest asset of Detroit is its people. Now we have the opportunity to help fund the small businesses in our community that will help our city thrive.