06 Jun Think Crowdfunding is Not for You? Read this and Think Again.
What if a 0% interest loan of $10,000 with no fees, closing costs with a 3-year repayment period was possible? Well it is.
The next question is, “What’s the catch?” Then I launch into an explanation of Kiva, an online crowdfunding platform, and when the business owner hears the word crowdfunding she stops me and says, “Oh, I can’t do crowdfunding. I knew there was a catch!”
To which I reply, “This isn’t your typical crowdfunding model. Hear me out, and then decide.”
What makes Kiva different is that the platform does the heavy lifting of finding investors and it literally brings the crowd to you. And by “crowd”, I mean 1.6 million lenders in 83 countries. And that number grows every day.
In order to qualify for a Kiva loan, you do have to meet some basic criteria:
- You must be at least 18 years old
- You cannot currently be in bankruptcy or foreclosure
- You must have or be willing to create a Paypal account
Are you still with me? If you meet those 3 criteria, congratulations – you are pre-qualified for a Kiva loan. In order to be approved for a loan, you need to clear a couple of additional hurdles:
- You need to make a loan of $25 to a borrow on the Kiva platform
- You need to convince 15-25 people (depending on the size of your loan) in your friends and family network to loan you $25 or more through the Kiva platform. You have 30 days to secure this funding.
Once you clear these two hurdles, your loan will “go public” on Kiva and you will have 30 days to reach your funding goal. You’ll be amazed to see people and organizations from across the country and around the globe investing in your loan each day.
Don’t believe me? Ask Brandon Copeland, a DC yoga master and owner of Khepera Wellness, who recently funded a $10,000 loan through Kiva in 20 days. He was skeptical when he first heard about it, too. But the power of the Kiva community made him a believer.
What have you got to lose? Learn more at borrow.kiva.org and reach out to SB Works, a Kiva Trustee, when you’re ready to apply. We’ll help you get the loan you deserve with unbeatable terms.\
By Colleen Dailey, SB Works Advisor