City Of Newark Parteners To Help Create Small Business Capital
By Alexandra Hill, WBGO News
July 16, 2013
The city of Newark is launching a new partnership to help boost capital for small businesses.
The program, dubbed Kiva City Newark, connects small business owners with lenders through crowd funding. The program allows anyone anywhere in the world to donate as little as $25 to an entrepreneur of their choice. It provides startup capital for businesses that may not qualify for a traditional bank loan. Jessie Goldenberg received $5000 to start her mobile clothing boutique Nomad. She says Kiva gave her a shot when banks would not.
“The response I was getting from traditional lenders was your too young your credit score is to young your idea is too innovative, and I had really though those were the two things I had going for me and so I think with a program like Kiva they see past the fact that I’m young and I don’t have a very long credit score.”
Goldenberg says her business has taken off since she started 3 months ago and has already made her first payment on her loan.