Climbing the Credit Ladder
It begins with a small Kiva Zip loan.
Then the business - AND its potential - grow!
At Kiva Zip, entrepreneurs who are often denied capital are given trust. The process of receiving a loan relies heavily on character, not credit. Yet as they pay back their crowdfunded loan, their business grows, in addition to their credit-worthiness! Soon they can climb the 'credit ladder.'
US Chia is one of the success stories. The Louisville company started with a $5,000 Kiva Zip loan, and as they proved their role in the American chia seed industry, Access Ventures gave them a greater opportunity. The impact-investment group provided a $35,000 "Growth loan" to US Chia.
Access Ventures Director of Microfinance David Taliaferro said, "This was a triple win for US Chia as they solved supply issues around offering US-grown seed this year, improved profit margins with their largest bulk purchase ever, and did it all without having to give up additional equity in the company."
Access Ventures and Zack, CEO of US Chia
Access Ventures is a trustee for Kiva Zip as well! The group has come up with a three-step program to assist young small businesses so that they can become 'bankable' within a few years.
(1) Kiva Zip loan: up to $5,000
(2) Access Ventures' Catalyst Loan: up to $9,000
(3) Access Ventures' Growth Loan: up to $35,000
For more information about applying for a small business loan through Access Ventures, please contact Taliaferro.
As Kiva Zip Program Manager and trustee Justin Renfro explained, "The leverage of Kiva Zip allowed this to happen -- as the business grew and became more successful it positioned them to get more money to continue their growth!"