Connecting small businesses in Colorado to 0% interest loans.
Kiva borrower, Kelly Mazanti, owner of Buttnski (middle), with Kiva Colorado CAM Rachel Crawford (right), and Vanessa McCrann of Startup Colorado (left).
Dreams are universal. Opportunity is not.
What is Kiva Colorado?
Kiva Colorado is a partnership between Kiva, an international nonprofit, and Prairie Rose Development. Kiva’s unique crowdfunding model helps business owners access 0% interest and no fee small business loans with the help of their community.
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The Kiva Colorado team works with entrepreneurs throughout the application, fundraising, and repayment process to help them succeed.
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The Kiva Loan
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​0% interest
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up to $15,000
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​no credit minimum
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​repayment terms of 12-36 months
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Minimum Requirements:
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At least 18 years old
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Registered U.S. Business
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Willing to engage community support
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Not currently in bankruptcy or foreclosure
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Not a franchise or multi-level marketing
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You will be using the requested loan for a legal and socially responsible business
¿Qué es Kiva Colorado?
Kiva Colorado es una colaboración entre Kiva, una organización sin fines de lucro internacional, y Prairie Rose Development Corp. Nuestro programa permite a emprendedores de pequeñas empresas acceder a préstamos hasta $15,000 dólares a 0% de interés.
Estos préstamos son financiados por cientos de prestamistas individuales que buscan hacer un impacto positivo en sus comunidades.
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El equipo bilingüe de Kiva Colorado trabaja con emprendedores en cada paso del proceso para ayudarles tener éxito.
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El préstamo
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0% de interés hasta $15,000 dólares
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Términos de hasta 36 meses, periodo de gracia disponible para agricultores
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Oportunidad para aumentar su puntuación de crédito
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Financiado por cientos de prestamistas de todo el mundo, en incrementos de $25 dólares
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¿Quién puede aplicar?
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Mayor de 18 años
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Actualmente no estar en quiebra o ejecución hipotecaria (foreclosure)
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Utilizar el préstamo para un negocio legal
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Dispuesto a pedir apoyo de la comunidad
Meet your Kiva Capital Access Managers
Rachel & Dani
Crawford
Tafolla
Dani and Rachel are committed to your success as a Kiva borrower. They will be by your side through the entire process, providing individual support and guidance as you apply, fundraise, and repay your Kiva loan.
Se habla español
Applying for a Kiva Loan
How does the process work? The Kiva Loan process begins with an online application. A good application has; a clear business story, a quality landscape borrower photo, a strong community presence, and a verified PayPal account. The next step is Application Review. During this time, borrowers communicate with their CAM to answer questions and strengthen their applications. Once an application is approved, the borrower will agree to their loan amount and terms. Then, Private Fundraising begins. During this time, the borrower will gather 5-25 friends to each lend $25. Until the required number of lenders is met, the loan will remain in private and OFF the public Kiva platform. Once a borrower has all the required lenders, their loan automatically moves into Public Fundraising. This period lasts up to 35 days and makes your Kiva loan live to over 2 million lenders on the platform. After the funds are raised in full, they are disbursed within 7 days. Repayment begins 30 days after the date of disbursal, with regular monthly payments thereafter.
What documents do I need? Every application must submit a document of business proof. Some typical forms are; Incorporation documents Government registration (federal, state, county, or city) Permits Doing Business As, or Fictitious Business Name, or Assumed Business Name Business tax returns* Tax IDs/EINs A stronger application includes; A statement from your business bank account A business plan
How long does the application take to complete? Filling out the application usually takes between 30 minutes to an hour. You can save the application and return to it at a later date. Remember the email you used to apply. We encourage you to take your time completing the application, ensuring it tells your personal as well as business story in a compelling way.
I submitted my application, now what? Once your application has been submitted, one of the Colorado CAMs will review it. If they have further questions, Rachel or Dani will contact you by email. The average time for Kiva review is 5-7 days. While you wait for loan approval, prepare for private fundraising. Make a list of potential lenders and start preparing to activate your network.
Kiva Fundraising
What is crowdfunding? Crowdfunding is a type of fundraising that utilizes contributions of small amounts from a large number of people to fund a project or venture. At Kiva, contributions can be made as low as $25, allowing people from all backgrounds to lend to your small business.
What is the private vs public funding phase? Private Fundraising Private Fundraising begins as soon as your loan is approved (unless you select a different start date). For 15 days your loan campaign is only visible to people with whom you share your loan link. Each loan acts as a character reference (as part of our social underwriting) and also goes towards the total amount you’re crowdfunding for this loan). The goal of private fundraising is to establish your creditworthiness. You are responsible for getting the word out and sharing the link with your network (and remind them that this is a loan, not a donation – they will be getting their money back!)! Public Fundraising Public Fundraising begins as soon as you finish the Private Fundraising Period. For up to 35 days, your loan campaign is visible to the entire Kiva lender community worldwide. In this phase, your goal is to crowdfund the rest of your loan (building off of what you raised during Private Fundraising). Being public on the Kiva site will help you get more lenders as well as introduce you to new potential customers!
How can people make loans? Each of your private lenders will have to follow your personal link to your loan page, create a Kiva account, and use a credit card, debit card, or PayPal account to lend to your campaign. They cannot send you money outside of Kiva, and they cannot give you cash.
How will I receive the funds? You can expect your loan to be disbursed to your PayPal account 5-7 business days after it has been fully funded. When you are paid money on PayPal, the money will NOT appear immediately in your bank account. The money goes into your PayPal account, and you have to go into your PayPal account to claim the money and transfer it into your bank account. Until you do so, the money will stay safely in your PayPal account.
How are the lenders repaid? Lenders are repaid in equal parts from every payment a Kiva borrower makes. The money is added to their Kiva account with each payment. From there, the lender can either withdraw the funds or re-lend them to a new business.
Colorado Business Eligibility
My business sells hemp, CBD, or THC. Am I eligible for a Kiva loan? At this time, Kiva can only work with businesses that are federally legal. We cannot work with marijuana or hemp, tobacco products, pawn shops, MLM’s, or contracted employees such as DoorDash or Uber. Check our website for other financing possibilities.
I live in Colorado, but my business is registered elsewhere. Am I eligible for Kiva CO? No. Your business MUST be registered in the state of Colorado to apply for a Kiva Colorado loan. Visit kiva.org to look for your state.
I have more questions. What do I do? Get in touch with us! The Prairie Rose Development team is happy to help you achieve your dreams. For general business and capital questions including the Kiva loan, contact Rachel: colorado@local.kiva.org For Kiva questions or Español, contact Dani: coloradosprings@local.kiva.org
Need more help? Set a meeting with Rachel.
Contact
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