Capital One to match $500,000 in loans made through Kiva’s
crowdfunding platform to help entrepreneurs across the country start,
sustain, and grow small business ventures
MCLEAN, Va.--(BUSINESS WIRE)--Feb. 25, 2013--
Capital
One Financial Corporation today announced that it will expand its
partnership with Kiva,
a global microlending organization, by providing $500,000 to match loans
made to U.S. small businesses on Kiva’s crowdfunding platform, helping
entrepreneurs across the country with additional funding to start,
sustain and grow their businesses.
Through Kiva’s proven microlending model, anyone with an Internet
connection and $25 can help crowdfund a loan to a small business owner
profiled on kiva.org.
Since 2005, Kiva has crowdfunded more than $400 million in microloans by
connecting a growing global community of 890,000 lenders to 975,000
entrepreneurs from five continents. In June 2010, Kiva opened up their
crowdfunding platform to U.S. small business owners and aspiring
entrepreneurs in several cities, including New Orleans, Detroit, Los
Angeles and D.C. Now, with the support of Capital One, Kiva is bringing
its popular microlending model to reach more entrepreneurs across the
country.
“Small businesses are the engine of our economy, as they do well it has
a ripple effect on local economies – jobs are created and communities
are strengthened. Kiva helps make an important connection between local
businesses and the people they serve, giving local community members a
vested interest in business success,” said Jonathan W. Witter, President
of Retail and Direct Bank, Capital One. “At Capital One, we’re committed
to helping aspiring entrepreneurs and small businesses of every size
grow and thrive – whether it’s directly through our products and
services, or through innovative partnerships and digital channels like
Kiva.org.”
Capital One’s support of Kiva’s work in the U.S. and small businesses
builds on the successful launch of Kiva City D.C. in January. Kiva City
D.C. is a new partnership between Capital One, Kiva and the Latino
Economic Development Center (LEDC). Through this partnership, LEDC
identifies entrepreneurs in the D.C. area who can benefit from a
microloan, posts their profiles on kiva.org and administers the loan
program. Since the launch just six weeks ago, nine local businesses in
our nation’s capitol have received funding from more than 1,000 lenders
and Capital One through Kiva City D.C.
“If the money stored in our wallets was given a new life for a short
amount of time, as a loan to a small business owner, each of us could
help to shape the course and success of the economy,” said Premal Shah,
President of Kiva. “A single loan, a single business or a single job can
change the trajectory of families, communities, and cities. Now, with
Capital One’s support, the amount you lend will be matched and small
business owners across the U.S. will be that much closer to realizing
their dream.”
According to the Small Business Administration, small businesses create
two out of three net new jobs in the U.S. over the last 17 years.
Over the past seven years, Kiva has helped to mainstream microlending
and pioneered the field of crowdfunding. Capital One is also driving new
innovations at Kiva through its support of Kiva Zip, a pilot program
that aims to expand access to capital for entrepreneurs, lower costs of
capital, and increase connections between lenders and borrowers. Through
Kiva Zip, even individuals and organizations without loan programs can
help bring borrowers onto zip.kiva.org to be crowdfunded.
Through Kiva’s proven crowdfunding model, anyone can go to kiva.org
or zip.kiva.org
and browse through profiles and stories of people in need of a microloan
and choose someone to lend as little as $25. With a 98% repayment rate,
the money that is lent to a small business owner is truly a loan, not a
donation. Every dollar helps to crowdfund that business’ microloan,
which in turn helps to support thriving local economies, communities and
jobs.
About Kiva.org
Kiva is a non-profit organization working to alleviate poverty by
connecting people around the world through microlending. With as little
as a $25 loan, anyone can help a borrower create new opportunities for
themselves and their family. Together with more than 890,000 Kiva
lenders and a worldwide network of microfinance institutions, Kiva has
created economic opportunity for more than 975,000 borrowers. Since its
inception in 2005, Kiva lenders have funded more than $390 million in
loans with a 98.9% repayment rate. Visit www.kiva.org
for more information.
About Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is
a Fortune 500 company with more than 900 branch locations primarily in
New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the
District of Columbia. Its subsidiaries, Capital One, N.A. and Capital
One Bank (USA), N. A., offer a broad spectrum of financial products and
services to consumers, small businesses and commercial clients. We apply
the same principles of innovation, collaboration and empowerment in our
commitment to our communities across the country that we do in our
business. We recognize that helping to build strong and healthy
communities - good places to work, good places to do business and good
places to raise families - benefits us all and we are proud to support
this and other community initiatives.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130225006030/en/
Source: Capital One Financial Corporation
Media:
Kiva
Jason Riggs,
415-857-8668
Communications Director
jason@kiva.org
or
RF|Binder
Eva
Pereira, 781-559-0424
eva.pereira@rfbinder.com
or
Capital
One
Shelley Solheim, 917-589-6203
shelley.solheim@capitalone.com