The Conductor in Conway has partnered with Rural Local Initiatives Support Corp. (LISC) and the Kiva Small Business lending program to provide one-to-one matched, 0% interest loans to rural entrepreneurs.
LISC is a community development financial institution with 31 offices across the country, and Kiva is a crowdsourced lending platform that allows entrepreneurs to borrow up to $15,000 interest-free. The Conductor is a public-private partnership of the University of Central Arkansas and Startup Junkie Consulting of Fayetteville that supports entrepreneurs.
The Conductor will be a LISC trustee, endorsing borrowers to become eligible for the loan funds raised through Kiva.
For example, rural entrepreneurs needing $15,000 will work with the Conductor on the application and fundraising process for the initial $7,500 through Kiva, with the remaining $7,500 matched by Rural LISC.
Kiva small business loans are typically used for equipment, working capital and inventory, although there are many other uses.
Rural LISC has provided matching funds to more than 150 small businesses who have received over $1 Million in loans by working with LISC trustees. Rural entrepreneurs in the Conductor service area are eligible for the loan program.
The Conductor serves Conway, Faulkner, Yell, Logan, Van Buren, Cleburne, Pope, Johnson, White, Lonoke and Pulaski counties. It will host informational sessions, beginning in July, on the new loan program.
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