Explanation
This ordinance authorizes the Director of Development to enter into contract with Kiva Columbus for $25,000.00 in support of their microloan program for entrepreneurs.
Kiva is a global nonprofit tech company that provides an online platform for entrepreneurs to crowdfund zero-interest, zero-fee microloans of up to $5,000 for first-time borrowers and up to $10,000 for repeat borrowers. Borrowers are able to repay loans over terms that range from six months to two years. Kiva operates in over 80 countries around the world and is the third-most visited nonprofit website in the world, with over 1.4 million global users and over $800 million in funded loans. Over 60% of Kiva borrowers in the U.S. are women /minorities, and over 60% of loans support low-income entrepreneurs.
Kiva has an 89% repayment rate in the United States and grows its presence by establishing working relationships with civic partners through its “Kiva City” program. Kiva City was launched by Bill Clinton in 2013 in Little Rock, Arkansas and has grown to include 13 partner cities, including Pittsburgh, Detroit, Louisville, and most recently, New York, which also launched in partnership with Bill Clinton.
Kiva Columbus has partnerships with Access Ventures, Columbus Foundation, United Way of Central Ohio, Ohio Capital Corporation for Housing, and the Greater Columbus Arts Council; with funding forthcoming from Franklin County.
Title
To authorize the Director of the Department of Development to enter into contract with Kiva; to appropriate $25,000.00 in the general fund, Jobs Growth subfund; and to authorize an expenditure of $25,000.00 in the Jobs Growth subfund. ($25,000.00)
Body
WHEREAS, Kiva is a worldwide non-profit platform for the crowdsourcing of microloans to support small businesses and entrepreneurs; and
WHEREAS, Columbus has recently been targeted as a “Kiva City,” which will make Columbus a permanent home for Kiva and allow the organization to be a constant resourc...
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