Microlending nonprofit Kiva NWA, which provides financial access to entrepreneurs in northwest Arkansas, has received a three-year, $1 million funding commitment from the Walton Family Foundation.
The funds will be used to directly match loans to northwest Arkansas borrowers, giving more startups in Washington and Benton counties access to zero-interest capital, Kiva NWA partner Startup Junkie Foundation said in a news release.
Kiva NWA provides loans ranging from $1,000 to $15,000. Loans are crowdfunded on the nonprofit’s website, with contributions starting at just $25, and are matched through Walton Family Foundation support.
Kiva NWA is one of more than 40 Kiva lending hubs across the U.S. and Puerto Rico. The platform prioritizes “character over credit,” and aims to fund opportunities for borrowers when conventional lenders cannot.
Since its launch in December 2019, Kiva NWA has facilitated about $2 million in crowdfunded loans to local small business owners.
According to the release, funds from the Walton Family Foundation will help Kiva NWA expand its capacity to serve clients and prospective borrowers with more resources, hands-on support and programming through workshops and community events. That expansion will include multi-language support, with plans to increase access to consulting and capital assistance in both Spanish and Marshallese.
“With this investment, we’re excited to scale our impact, grow our team, and support even more business owners, not only with access to capital, but also with personalized technical assistance to help them thrive,” Claudia Scott, director of entrepreneurial access and Kiva NWA at Startup Junkie Foundation, said in the release.
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