Trustee: City of Oakland
Why are you interested in becoming a Trustee?
The City of Oakland desires to become a Kiva Zip "Trustee" and make the Kiva Zip platform available to local small businesses so they can access no-cost capital that may not otherwise be available while promoting economic development in Oakland; In addition we also would like to encourage and spur local economic development and job creation in an era of limited financial resources.
What is the mission of your organization?
The mission of our organization is to produce sustainable development that embraces the three principles of environment, economy and equity to residents, workers, businesses and property owners through the implementation of projects, programs and the provision of services in order to improve the physical landscape and economic environment of the Oakland Community. As well as, helping businesses and residents prosper by increasing investment in Oakland by creating an environment that promotes the retention, expansion and attraction of businesses.
In the past, how effective have you been in achieving this mission?
The City has effectively implemented a variety of different programs, such as the Business Assistance Center, the Enterprise Zone Program and the Tenant and Facade Grant Programs. Also, the City has been extremely supportive of a multitude of different markets including Green Tech, and the restaurant industry. These programs have contributed to Oakland's economic resurgence and the overall growth of our small business community.
Do you belong to any organizational networks -- nationally, regionally, or locally? If yes, please list.
The City has a very lengthy list of organizations that it collaborates with. More specifically the Economic Development Department works with a host of business service organizations including: U.S. Small Business Administration; Oakland Business Development Corporation (OBDC), Alameda County Small Business Development Center (SBDC), Oakland Metropolitan Chamber of Commerce and SCORE just to name a few.
How will you decide who to endorse as a borrower? What due diligence will you conduct?
Endorsed entrepreneurs will be registered clients of the Business Assistance Center (BAC) and participate in direct business consulting efforts with BAC Advisors. Each of our loan clients must complete the following criteria 1. There is a strong community need for this business. 2. The person is in good character. 3. Client has the capacity to pay back the loan. For this we run their credit report, where we will be able to assess amount of debt and the financial risk of lending to each client. We want to make sure that whoever receives the resources will be capable of repayment, while expanding the program to other potential clients.
How do you plan to support the borrower, both before and after the loan is disbursed?
Entrepreneurs have access to ongoing free technical assistance provided by the City and our other resource providers. Our staff will work hand in hand with entrepreneurs at no cost assisting them with business plan developmentt, one-on-one business counseling. General advisement on scalability.......
How will you help us ensure that the loans you endorse have a significant and positive social impact?
Only businesses based out of the City of Oakland will be endorsed. We believe assisting entrepreneurs in starting and running their own businesses will help improve the the economic prosperity of the City as a whole. Our clients are predominantly low to moderate income individuals from under served urban communities within the City of Oakland. Our main objective is to provide a platform for struggling entrepreneurs to build strong businesses that transform lives, strengthen families and create vibrant, sustainable neighborhoods.
About City of Oakland
- Trustee Type:
- Third Tier trustee
- On Zip Since:
- Dec 7, 2013
- Loans Endorsed:
- Total Value:
- Paying on Time:
- Paying Back Late:
- Repaid in Full:
- Repayment Rate: