The City of Long Beach has officially launched Kiva Long Beach, an initiative through which local entrepreneurs can access no-fee loans to start or grow their business, and residents can help local small businesses with loans as small as $25. With a dollar-for-dollar loan match provided by the Los Angeles Local Initiatives Corporation (LA LISC), Kiva Long Beach borrowers can accomplish their fundraising goal quickly, city officials said.
Kiva loans help business owners who may not be able to afford loans with high interest rates or are unable to access traditional commercial loans.
“The City is undergoing an economic resurgence, and now is the time to ensure that this economic growth is equitable and reaches into every Long Beach neighborhood,” said Mayor Robert Garcia. “Access to capital for small and diverse businesses is essential for creating local jobs and inclusive development within our local communities.”
As of today, the first official Kiva Long Beach campaign has been fully funded. Tromaine Ellis, known for his photography work in Long Beach, successfully raised a loan of $5,000 to help upgrade his photography and video equipment. Ellis is supported by the World-Famous VIP Business & Creative Media Incubator (VIP). Tromaine will run his business from VIP’s incubator, which is slated to open in late June 2018.
“We are delighted to initiate Kiva in Long Beach through our Knight Donor Advised fund that works to make meaningful impact around economic opportunity, harnessing talent and civic engagement,” said Marcelle Epley, president and CEO of the Long Beach Community Foundation. “We’re looking forward to seeing this program support residents to grow their business in Long Beach.”
The City currently has nine established Kiva trustees that identify entrepreneurs who may benefit from a Kiva loan and help support borrowers in launching and funding successful loan campaigns.
Trustees include: ABC Black Foundation; the Bixby Knolls Business Improvement Association; California State University, Long Beach Institute for Innovation and Entrepreneurship; Downtown Long Beach Alliance; StartItUp; United Cambodian Community; Valley Economic Development Center; World Famous VIP Business and Media Incubator; The Zaferia Business Association;
Kiva Long Beach originated with a city council item brought forth by Vice Mayor Rex Richardson and supported by Councilmembers Lena Gonzalez, Stacy Mungo and Dee Andrews.
Establishing Kiva in the City of Long Beach was made possible by the Long Beach Community Foundation, who provided the initial grant to fund LA LISC.
More information is available at Kiva.org.
Source: City of LB
