Kiva for LA
If you haven’t heard of Kiva, it’s a site that lets the public make small loans to startups in third-world countries around the world. There will now be a Kiva that let’s users lend to small business in Los Angeles, California.
Unemployment in LA is at record highs, and executive at Kiva hope that supporting small business will help the city’s economy. So far 13 small businesses in the LA area are on Kiva.
“Crowd-funding allows us all to be a part of the solution,” said founder Premal Shah. “There’s bad news everywhere, including in Los Angeles, and this is a chance for us to be a part of the journey of another business owner. And you don’t have to be very rich to do so.”
According to the Kiva website, Kiva has raised around $325 million for small businesses since 2005. Now small businesses in a U.S. city will also benefit from the small loan site.