Kiva Zip competition winner announced

Kiva Zip, an initiative of the nonprofit organization Kiva.org, allows people in the US to support entrepreneurship in their own “backyard” by financing local neighborhood businesses with crowdfunded, zero-interest loans. With the support of Deutsche Bank and other partners, the program plans to serve 1,000 New York City entrepreneurs over the next three years.

Kiva Zip aligns with Deutsche Bank’s goals of expanding financial opportunities and access for borrowers who otherwise lack them, reducing the cost of capital for borrowers who need it and supporting economic development initiatives that benefit low-income communities.

Earlier this year the Deutsche Bank Americas Foundation convened leaders from New York City’s community development sector, local government and business improvement districts to introduce them to Kiva Zip. Building on the momentum from this convening, the Foundation issued a request for proposals for proof-of-concept projects demonstrating innovative uses of Kiva Zip to benefit low-income communities.

The New York Women’s Chamber of Commerce submitted the winning proposal. The Foundation awarded this organization a $25,000 implementation grant to engage and support Spanish-speaking immigrant entrepreneurs in New York City. The organization will conduct outreach, translate Kiva Zip materials and provide one-on-one assistance to potential clients to accommodate their language needs.

“This initiative will help early-stage entrepreneurs who have limited access to conventional financing to expand their businesses yet demonstrate exceptional promise as contributors to New York City’s economic growth,” said Gary Hattem, President, Deutsche Bank Americas Foundation and Head of the Global Social Finance Group.