Veteran owner Terry Hoekstra noted that after months of research in building the business concept the challenge came down to who would take on the risk with a startup with no past business experience. “This is my first business that I started from the beginning and with poor credit I knew banks would be out of the question,” Terry stated.
Kiva Zip provides entrepreneur’
Before the entrepreneur can go live with the campaign Kiva Zip takes it one step further and requires the future borrower has truly exhausted all funding options by requiring 15 donations from friends and family. Getting friends and family to recognize the project is only open for 15 days. “This ended up being more difficult than I expected but was a great crash course in marketing 101” stated Terry. The final step is the actual 45 day campaign online and again the borrower must continue the marketing.
Terry’s campaign has started publicly at: https://zip.kiva.org/
Kiva Zip is a pilot program of the micro-lending website Kiva.org, developed to increase access to small business loans in the United States. Entrepreneurs who are endorsed by a trustee can post profiles on the website and get loans that are “crowd-funded”
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