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The Kiva Borrower Process
Step 1 - Application
- Start an online loan application- Good applications have: a VERY high-quality photo (see guidelines and stay tuned for a Business Photo Workshop)
- A clear business story
- A strong online process
- A local Kiva Trustee endorsement (CLEDA is your local trustee)
- Make a minimum $25 loan on Kiva Submit application for review
Step 2 (1-15 days)
- Private fundraising period
- Your pre-committed friends and family can go online and each lend a minimum of $25 to your loan
- Plan to get friends and family to commit to 20 – 30% of your loan
- This proves you have the support and trust of your community prior to barrowing from the Kiva community
Step 3 (1-30 Days)
- Public fundraising period
- Your application is live on Kiva’s platform
- Visible to 1.5 Million lenders from the global Kiva community
- Stay engaged in the online fundraising process
Step 4 Repayment
- Funds disbursed within 5 days of being fully funded
- First repayment due 30 days after funds disbursed ( 6 months for Agricultural businesses)
- Regular monthly repayment thereafter
What won't qualify:
- Under 18 years old
- In bankruptcy or foreclosure
- Illegal business
- Socially inappropriate business
- Multi-level marketing businesses (Avon etc.)
- Kiva makes final determination for all potential borrowers based on multiple criteria
- Non-responsive applicants
How to Qualify for a CLEDA Endorsement on Kiva
For Non-Farm Businesses:
- Successfully complete Ice House Entrepreneurship
Training
-- includes attendance, participation, completion of assignments
-- includes creation of viable, shortform business plan and customer validation
-- includes creation of viable six-month project plan - Complete first 30 days of six-month project plan
- Agree to meet for coaching and to provide updates during term of loan)
For Farm/Ranch Based Businesses
- Successfully complete Beginning Farmer
Accelerator
-- includes attendance, participation, completion of assignments
-- includes creation of viable, short form business plan and customer validation
-- includes creation of six-month project plan - Complete first 30 days of six-month project plan
- Agree to meet for coaching and to provide updates during term of loan
Existing Businesses (Farm & Non-Farm)
- Successfully complete Business Expansion
Workshop
-- includes break-even analysis for proposed product/expansion
-- includes debt service analysis
-- includes customer validation
-- includes creation of a six-month project plan - If not prior graduate of Ice House or Beginning Farmer Accelerator or prior Kiva barrower (successfully repaid), complete first 30 days of six-month project plan
- Agree to meet for coaching and to provide updates during term of loan
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