kiva

Community Backed Micro-Lending Helps Homewood Indoor Bike Park

Mar 27, 2014
The Wheel Mill

Since the early 2000’s more than one million small businesses worldwide have been funded through the online micro-lending program known as Kiva.org

The loans help revitalize local economies and make it possible for the average person, rather than banks, to fund innovative ideas and businesses. 

Premal Shah, President and co-founder said Kiva is a non-profit that provides loans to many different people at 0% interest, often people who can't qualify for a bank loan.

Julian Routh / 90.5 WESA

When Tracy Carter was a member of corporate America, she daydreamed in her office about opening up her own hair salon.

She knew she was serious about her aspirations, but didn’t have the finances to jump start them.  

Rather than going to a bank for a loan, Carter found help from 95 donors on Kiva.org, a crowdfunding initiative that enables anyone in the world to lend money to small businesses.

Now, $5,000 later, Carter owns Shear Talent in Bethel Park.