New Norwalk partnership offers crowd-funded loans to local entrepreneurs

NORWALK — The city has launched a new partnership to provide local residents and entrepreneurs with crowd-funded interest-free loans, working to provide “another way to access capital” for those in need, according to Mayor Harry Rilling.

The Norwalk Kiva Hub, created in collaboration with the global non-profit organization Kivaallow residents to apply for loans of $1,000 to $15,000, Rilling’s office said in a news release.

The city will also match up to 50% of loans received by women and minority-owned businesses, or $7,500. Officials also announced that a Norwalk Kiva Hub office has been opened at 3 Belden Ave., “where entrepreneurs can get direct help with their businesses.”

“Small businesses are the economic engine of our city and add to the incredible vibrancy of Norwalk,” Rilling said in a statement. “They employ hard-working people and we’re always looking for new ways to help our small business community succeed. Through Norwalk’s new partnership with Kiva, many entrepreneurs and small business owners will have another way to access capital and new local resources to help them start, operate and grow their businesses.

The effort was funded in part by a $15,000 grant from the National League of Cities, the mayor’s office said.

Interested individuals can help support these grants at Norwalk and beyond through the Kiva Partnership by support a business with a loan of $25 or moreofficials said.

“Entrepreneurs apply directly on Kiva’s US site to fundraise on the platform and are connected to millions of Kiva lenders. It also allows local lenders to provide direct loans to entrepreneurs in their neighborhood,” the mayor’s office said. “Kiva’s network of microlenders creates the first step for small businesses to climb the capital ladder.”

The partnership with Kiva will span at least three years, officials said, and will be in addition to other programs offered by the city, including the storefront improvement grant program, COVID-19 assistance grants , the Norwalk Micro-Grants Program and the Enterprise Zone Tax Benefit. for manufacturers.

[email protected]

Comments are closed.