Fund Lansing With Kiva
Fund Lansing, is a new LEAP initiative that uses the global online crowd-lending platform Kiva, to leverage more funding for startup businesses in Eaton, Clinton, and Ingham counties.
What is a Kiva Loan?
- 0% interest loans up to $10,000
- Repayment terms of up to 36 months, grace periods are available for agriculture businesses
- Opportunity to build your business credit score
- Funded by hundreds of lenders from around the world in increments of $25
How Does it Work?
- Within the Kiva platform, eligible borrowers can apply for 0% interest loans from $500-$10,000.
- Loan applications are reviewed, and approved applications then move into a private fundraising phase, when applicants are asked to invite 20-25 individuals within their personal networks to be first lenders.
- Following the private fundraising period, the loan goes public on the Kiva website when it becomes available to hundreds of thousands of funders from all over the world.
- Once the funding goals are met, funds are distributed and repayment begins the following month.
For City of Lansing Residents
To speed up the funding process for qualified small businesses in the City of Lansing, the Lansing Economic Development Corporation may match loan funds raised by Kiva, dollar for dollar.
Who is Eligible to Apply?
- Clinton, Eaton, and Ingham county residents 18 years or older
- Not currently be in bankruptcy or foreclosure
- Use the loan for a legal business
- Have a PayPal account or the ability to set one up
How do I Apply?
Complete the Startup Intake Form and select “Kiva Loan” in the type of assistance tab at the top of the form.