July 24, 2011 | Read Time: 1 minute
Detroit’s entrepreneurs are the first to be featured in the new Kiva City program. The John S. and James L. Knight Foundation is providing $250,000 to match the money that Kiva donors lend to small businesses in the Motor City.
Michigan Corps, a network of volunteers who promote entrepreneurship in the state, identifies Detroit businesses that could benefit from small loans and connects them with mentors, while Accion USA, a microfinance organization, administers the loans. So far more than $11,000 has been lent to five entrepreneurs.
A newspaper sold by people who are homeless, an organic clothing line, and a business that offers personal-assistant services to the elderly are among the Detroit small businesses that have been featured on the site to date.
“There’s a lot of energy in this community right now around this place’s economic vitality,” says Rishi Jaitly, who oversees Detroit grants at the Knight Foundation. “What’s really exciting about Kiva Detroit is that it taps into all the unlocked energy and potential of the people of Detroit.”
Kiva plans to add another American city partner by the end of this year, and additional cities in 2012.
To get there: Go to http://www.kiva.org/detroit.
