2. What is Kiva Zip?
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Kiva Zip is a website that enables financially excluded and
socially impactful entrepreneurs to access 0% interest loans
up to $5,000 that are crowd funded online.
0% interest business loans
First loan can be up to $5k. Subsequent
loans up to $25k
Up to 24 month term, repaid in regular
weekly or monthly installments via PayPal
We do not look at credit scores and we
make loans to startup businesses
Easy online application
Crowdfunded by individual lenders
around the world, each lending
small amounts
Average number of lenders is 150
per loan
98% of businesses have
successfully raised funds
Grace periods available for startups
and agricultural businesses
For an overview of the Kiva Zip program you can check out this overview - http://bit.ly/IGHS9n
3. Social Underwriting
We require that all borrowers on Kiva Zip be over the age of 16, have a PayPal account or have the
ability to set one up, and not currently be in bankruptcy or foreclosure.
If you meet these criteria you qualify for a Kiva Zip loan. We believe in evaluating an
entrepreneurs network to evaluate “credit worthiness”. We do not make decisions based on
conventional financial metrics, but rather the network of trust that a borrower can establish on
our website.
There are two primary components to getting a Kiva Zip loan
1) Having a Trustee
You must be endorsed by a Trustee in order to qualify for the Kiva Zip program. A Trustee is meant
to add credibility to you as you fundraise on our website, by vouching for your character and
business.
2) Inviting Lenders
We require borrowers to invite lenders to the Kiva Zip platform before you’re able to take
advantage of our crowd of lenders. We view this is an important measure of your trust network
and hope these lenders keep you accountable for repaying the loan.
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4. Trustees
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You must be endorsed by a Trustee in order to qualify for the Kiva Zip program.
A Trustee is meant to add credibility to you as you fundraise on our website, by
vouching for your character and business. Trustees have no financial or legal
responsibilities.
Individual Trustees
Organizational Trustees
Can be a mentor, professor,
advisor, accountant, etc.
Can be any organization that you have a
relationship with that can vouch for you on a
personal and professional basis
Cannot be a family member
or someone in your business
Cannot financially benefit from endorsing
you for the Kiva Zip program
Trustees can be startup incubators, shared workspaces, neighborhood
associations, economic development corporations, small business development
centers, SCORE advisors, religious groups, non profits, other small businesses, student
groups, professors, stores you sell your goods in, suppliers etc.
To see the different Trustees Kiva Zip has partnered with you can visit:
zip.kiva.org/trustees
5. Lenders
We require borrowers to invite lenders to fund your loan before you’re able to
take advantage of our crowd of lenders. We view this is an important measure
of your trust network and hope these lenders keep you accountable for
repaying the loan.
• For loans under $2,500 we require borrowers to invite 7 lenders
• For loans between $2,500 and $5,000 we require borrowers to invite 15 lenders
Any loan made from a lender that was invited by you will automatically be matched
by Kiva Zip!
Once you’ve been recommended by a Trustee and invited the minimum number of
lenders, we will post your loan to the Kiva Zip website where you will be able to
fundraise the remainder of your loan from Kiva Zip’s crowd of lenders.
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6. Next Step
Please submit the following information about your Trustee by
going to this link -- http://bit.ly/1d2NbtR
Once you do this we will send an invitation to your Trustee and
notify you. Once we do, it’s important that you follow up with
your Trustee to ensure they complete their application and
endorsement.
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8. Email Template for Approaching a Trustee
Hey Blakely,
I have an opportunity that I'm looking for assistance with and was hoping you might be able to
help me out.
Kiva is a non profit that helps small business owners with 0% interest loans to help them grow
their businesses. The first loans are up to $5,000 with opportunities to get bigger ones down the
line. In order for me to qualify for the program I need a recommendation from someone like you
that can vouch for my character and my business. There’s no financial or legal responsibility –
you would just need to set up a profile on Kiva Zip as a Trustee and you would build a lot of
recognition and exposure through it.
This would mean a lot to me and my business and I would be so excited if you could help me out!
This wouldn’t be too big of a time commitment, but if you feel like you really just don't have the
time I would totally understand too. Here’s a presentation
(http://prezi.com/rmuvoa5my87b/?utm_campaign=share&utm_medium=copy) about the
program and you can also check out their website at www.KivaZip.org.
If you can do this, I will pass your information to Kiva and they will send you an application to get
started.
Thanks for taking your time to check this out,
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9. The Process
1) Give us the name, contact information, and organization name (for
organizational Trustees) of the Trustee that you want to endorse you -- see next
slide.
1) We will send your Trustee an invitation to sign up.
2) Your Trustee will complete an online Trustee profile and write an endorsement
for you.
3) Once your Trustee completes their endorsement, you will be sent a loan
application by email. The loan application includes private financial information
and your public profile on Kiva Zip.
If you and your trustee are diligent and efficient in completing the applications,
you can be posted to the Kiva Zip website within a week of beginning this process.
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