$1 Million in Kiva loans!
In January 2020 we officially launched the Centro Capital Hub as a way to connect Centro graduates and local entrepreneurs with different capital alternatives.
With this commitment in mind, we started a strategic alliance with Kiva in order to offer small business owners interest-free loans and assist in the application, fundraising and repayment process. As the Kiva Hub for Oakland and Alameda County, Centro became the main point of contact, ensuring a positive and successful experience for entrepreneurs and partner organizations.
After just 16 months, we’re excited to share that we have already helped 110 entrepreneurs reach over $1,000,000 in Kiva loans to support their small businesses and overcome the different challenges that this pandemic has presented them.
At a time when BIPOC and women struggle to receive financial support for their businesses, we are proud to share that of the people we helped access Kiva loans, 70% are women, 35% are Black, 44% are LatinX and 47% are immigrants.
As we became a Kiva Hub, we decided that we would require all borrowers to be endorsed by a trustee organization (including: the City of Oakland, Mandela Partners, Uptima Bootcamp, Prospera, Microfinance at Berkeley). Alternatively, if entrepreneurs complete Centro’s Business Planning App, we are happy to endorse their loans as well. This has contributed to a significant improvement in the repayment rate for Kiva loans in Alameda County, which now stands at 85% (previously it was at 73%).
Kiva loans serve as a great first step, as entrepreneurs look to access more capital to start their small businesses. As our entrepreneurs continue to grow, the Centro Capital Hub will continue to support them through larger Kiva loans, as well as connect them with local Community Development Financial Institutions (CDFIs) who can provide larger loans, as well as special relief loans and grants.
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Need Capital? Contact the Centro Capital Hub.