Kiva Detroit plans to help small businesses get off the ground $25 at a time
By: Jennifer Dotson
DETROIT, Mich. (WXYZ) - Michigan Corps is teaming up with several Metro Detroit organizations to launch a new program called, "Kiva Detroit."
The program allows people in the community to make micro-loans to local small businesses trying to get off the ground. People can donate as little as $25 and the Knight Foundation will match it dollar-for-dollar.
Already, several borrowers have gotten their businesses off the ground in Metro Detroit. Delphi Simmons, founder of "Thrive Detroit Street Newspaper" got a $1,000 loan to print off her first 5,000 copies of the newspaper for the homeless. Other Kiva Detroit businesses include a bike shop and an organic fashion label called, "HomeSlice Clothing" founded by Emily Thornhill.
Detroit is Kiva's first locally-organized initiative in the U.S. and plans to expand throughout the rest of the country. To learn more about helping Detroit entrepreneurs get their business started, or to apply for funding visit Kiva.org/Detroit.
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