Do you have a great business idea, but find yourself short on cash to get your venture off the ground? The Phoenix Kiva Hub at Better Business Bureau Serving the Pacific Southwest (BBB) is here to help.
Phoenix Kiva Logo
Small Business Loans for Entrepreneurs
BBB provides tools for businesses to learn about ethical behavior and how to build stronger, more trustworthy relationships with customers. But first, a business needs the right resources to get going. BBB has partnered with GoDaddy to help entrepreneurs in Phoenix boost their businesses with access to affordable small business loans through the Phoenix Kiva Hub.
Kiva is the world’s first personal, micro-lending platform that enables everyday people to crowdfund loans for entrepreneurs so they can turn their business idea into a reality. The best part? Zero interest, zero fees.
Bridging a Gap for the Underserved
Women and minority business owners are among the most economically underserved entrepreneurs. Even with the next great idea in hand, roadblocks impede their way to secure startup costs from banks or other financial institutions.
The Phoenix Kiva Hub will bridge that gap and provide access to small business loans. The Phoenix Kiva Hub will guide entrepreneurs through the process of applying for and crowdfunding the affordable capital needed to start and grow their businesses.
The Perfect Fit with BBB
With support from GoDaddy, the company that empowers entrepreneurs every day, BBB has become the epicenter of business growth by offering educational programming, mentorship, and online products through GoDaddy’s social impact program, Empower. With the addition of access to capital funding, the collaboration further strengthens support for entrepreneurs during their journey.
As a premier sponsor of the program, the City of Phoenix is proud to work alongside BBB and GoDaddy to get money quickly into the hands of small businesses. This partnership is a testament to the values and principles that make Phoenix a welcoming place to live and start a business.
Applying for a Kiva Loan
Small business loans through the Phoenix Kiva Hub are zero percent interest, have terms between 12 and 36 months, and range in amount from $1,000 to $15,000 for qualifying businesses. Unlike traditional banks, Kiva loans don’t require a minimum credit score, years of cash flow documents, or collateral.
Not in the Phoenix area? Click here to check for a Capital Access Manager in your area.
How to Qualify:
- You and your business must be based in the United States.
- You must be over 18 years old.
- You must be using the loan for business purposes.
- Your business must not be engaged in any of the following activities: multi-level marketing/direct sales; illegal activities (e.g. gambling, scams, etc.); or pure financial investing (e.g. stocks).
- You cannot currently be in foreclosure, bankruptcy, or under any liens.
- You must be willing to demonstrate your social capital by having a small number of your friends and family make a contribution to your loan request.
Still have questions about your business's Kiva loan qualifications? Connect with our Capital Access Manager, Jose Anca.
Application Checklist:
- Gather Your Basic Financial Information
- Have a Business Plan
- Determine What Loan Amount You Are Applying For
- Tell Your Story
- Link Your Social Media Accounts
- Begin Gathering A Support Network and Fundraising
- Be Responsive to Kiva
- Get Local Support
- Start Your Kiva Application!
For a complete walkthrough of the application process, go to kivaushub.org/application.
Jose Anca, Capital Access Manager
What’s Next?
Once you’ve applied, BBB’s Capital Access Manager, Jose Anca, will be in touch to walk you through the process.
Here’s a little bit about Jose:
Jose is a young, bilingual professional who is passionate about engaging small business owners and improving corporate social strategy through a lens of inclusion and equity. His background includes financial strategy, program administration, policy advocacy, and community engagement relating to finance and banking. As Capital Access Manager, Jose will be working to expand BBB’s position supporting small businesses, specifically those economically and socially disadvantaged business owners seeking access to capital. Jose strives to improve financial access and inclusion for vulnerable populations that would otherwise have limited opportunity to amass wealth or gain access to the resources needed to thrive.
Contact Jose at Phoenix@local.kiva.org with any questions in regards to your Kiva Application.
Contact the team at innovation@bbbcommunity.org with any questions related to partnering with us to serve local entrepreneurs.
Want to Learn More About Our Entrepreneur Resources?
Click here to learn more about our Empower by GoDaddy Main St. Accelerator
Click here to learn more about our coworking and collaboration space, ignite sparked by BBB