Kiva is a peer-to-peer online lending program that provides 0% interest business loans through crowd-funding. Crowd-funding is “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”
Loans are available up to $10,000. The interest rate is fixed at 0%. Loan proceeds may be used for any business purpose, including working capital. Borrowers have up to three years to repay the loan in weekly or monthly installments through PayPal. Kiva borrowers that have successfully repaid their loans may apply for subsequent loans in greater amounts. Kiva loans do not require collateral.
Frank Stokes of The BEST Mobile Accelerator, serves as a Kiva Trustee to endorse lending for Cohorts.