A local hub of a national nonprofit offering no-interest loans has been established in Lincoln, after an official launch on Friday.
Kiva is a global nonprofit that crowdfunds microloans for small businesses with the goal of expanding financial access to underserved communities. Businesses that use the hub will also get support from partner organizations, said Farshad Maltes, the executive director of Community Development Resources.
“By coming through our hub, not only do they get the benefits of the crowdsourcing, but they get the benefit of our relationship, but also the technical support that we’ll provide,” Maltes said.
Kiva offers small business loans by having other individuals lend money toward the potential borrower’s goal, according to Kiva’s website. Borrowers then repay their lenders after their loan is funded. The Lincoln hub is supported by Community Development Resources, a nonprofit lending organization.
To start the program, Maltes said Community Development Resources partnered with …