Microfinance company partners with Stockton mayor to provide loans

August 14, 2017

 

STOCKTON — Mayor Michael Tubbs and Kiva, a microfinance non-profit organization, have partnered with to launch workshops for local business owners and entrepreneurs.

For the past two months, Kiva has been collaborating with Tubbs to provide their resources to the Stockton area. Tubbs presented community members with a plan on how Kiva could provide a loan option for their business.

“Please take advantage of this interest free loan from Kiva,” Tubbs said. “We sent out information to you, trying to get you to come out and tell other local business owners about this opportunity.”

On August 9, from 4-6 p.m., the Kiva team described these community-backed loans in a presentation on the second floor of Huddle in front of 80 local business owners and entrepreneurs. Representatives of Kiva explained to community members about how they can be eligible for the no interest, no fee business loans of up to $10,000.

The international organization stated that a PayPal account is the only avenue for fund disbursement through the online site. Once an application is complete, entrepreneurs are asked to recruit friends and family members to invest in a private fundraising campaign before the application goes live to the public community.

The public fundraising process posts submitted applications live across the Kiva network of around 1.5 million lenders. Matt Amen, Executive Director of Huddle Cowork, explained the potential of the program and his involvement going forward with Tubbs.

“The mayor reached out and presented us with this opportunity to host an event at Huddle,” said Amen, who is actively encouraging entrepreneurs in his building to use these resources. “Their team has been doing work on their end and we have been doing work on our end. There is a lot of potential here and we always want to be involved. This is something I would love to have throughout the year.”

Amen pointed out that loans are available to both new and established businesses, and loans are even granted for business ideas.

Tubbs presented this event as a small advantage to local business owners in the area and suggested the partnership with Kiva will continue throughout the year with Huddle Cowork.

“We will continue to partner with Kiva to ensure Stockton is an entrepreneur hub,” Tubbs said. He explained that the biggest part of the solution starts with the people in Stockton to grow economic development through the support of local business.

“We are just regular people that have good ideas and Kiva can help us make those ideas a reality,” Tubbs said.

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