For immediate release
NWA Kiva Hub raises $1 million in interest-free loans supporting local entrepreneurs
The Northwest Arkansas Kiva hub is celebrating a major milestone as they have now provided $1 million in interest-free loans to empower and support local entrepreneurs. The crowdfunded microloan program has facilitated opportunities for over 100 financially excluded and socially impacted business owners across Northwest Arkansas.
Startup Junkie Foundation launched the state’s first official Kiva Hub in Northwest Arkansas in December of 2019. The hub serves as a local resource center by which entrepreneurs and small business owners can access the Kiva platform to obtain no-fee, no-interest microloans of up to $15,000 from a community of local and national lenders.
Kiva's philosophy centers around character over credit and the strength of community-based lending. As a result, the Northwest Arkansas Kiva Hub facilitates funding opportunities for entrepreneurs who may not qualify for traditional lenders.
Thanks to this impactful initiative, the NWA Kiva Hub has successfully raised $1 million. This funding has allowed local innovators to launch new ventures, expand their businesses, and better serve the community with their products and services.
The $1 million raised is testimony to Northwest Arkansas’ dedication to fostering the growth and development of its thriving small business community.
“This achievement showcases our unwavering commitment to empowering entrepreneurs and fueling their dreams. Each loan we've extended is not just a transaction but a testament to resilience, determination, and the belief that every dream is worth investing in. Here's to the first million, and to many more as we continue to build bridges towards financial inclusion and economic prosperity." said Claudia Scott, Kiva NWA Capital Access Manager.
“We extend our deepest gratitude to our lenders and supporters. Your faith in our mission has fueled dreams and empowered entrepreneurs, turning small businesses into catalysts for change. You are not just lenders; you are partners in creating a world where everyone has the opportunity to prosper. Thank you for standing with us on this journey towards financial inclusion and economic empowerment."
In commemoration of the achievement, Kiva NWA will host a “$1 Million Milestone” celebration on February 22nd, 2024, at 6:00pm at TheatreSquared. The event will be a recognition of the success of all Kiva NWA borrowers and a gesture of thanks to all its lenders. More information is set to be released over the coming months.
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About Kiva NWA
Kiva NWA is a Fayetteville-based microlending platform, facilitated by Startup Junkie Foundation and supported by the Walton Family Foundation, dedicated to providing financial access to entrepreneurs in Northwest Arkansas. The program believes in character over credit and the power of community-based lending. Because of these beliefs, they provide funding opportunities for entrepreneurs where conventional lenders can’t. Through Kiva NWA, borrowers and small businesses can crowdfund interest-free business loans ranging from $1000 to $15,000.
If you’re a small business owner looking to receive a loan through the NWA Kiva Hub, you can contact their Capital Access Manager Claudia Scott at nwa@local.kiva.org or 479.264.5856 with any questions or for no cost-assistance with the application process.
About Startup Junkie Foundation
Startup Junkie is a mission driven organization that exists to improve lives through innovation and entrepreneurship. With a goal to stimulate economic growth in the region, the organization provides a variety of services including mentorship, consulting, training, and more. Startup Junkie has an extensive network of partners and professionals that are dedicated to enhancing the entrepreneurial ecosystem in Northwest Arkansas. The Foundation has helped thousands of entrepreneurs through one-on-one consulting and hosts over 200 events and programs a year.
