Rochester Economic Development Corporation Kiva Matching Loan Fund

The Rochester Economic Development Corporation (REDCO) has set aside $100,000 to serve as a Matching Loan Fund in the Kiva System for qualifying small business owners and entrepreneurs.

What is loan matching?

  • There are many matching loan funds in the Kiva system.
  • Borrowers cannot raise more money than they are approved for - the Matching Loan Fund is not a grant, and must be repaid in full along with the rest of the Kiva loan.
  • Qualifying borrowers are eligible to have each individual loan made during their crowdfunding campaign matched 1:1 - for example, if a $25 loan is made to a borrower, the Matching Loan Fund will automatically contribute another $25 to the Kiva campaign.

What is the benefit of qualifying for loan matching?

  • With loan matching turned on, borrowers only need to secure half the normal number of lenders - their loan will fund in half the time!

What are the qualifications to access the REDCO Matching Loan Fund?

In addition to the basic qualifications for a Kiva loan, borrowers must:

  • Operate their business inside the limits of the City of Rochester, or plan to open their business therein,
  • Operate the business for the public good, and not operate any of the following, including but not limited to: gun stores, liquor stores, adult entertainment venues/stores, pawn shops.
  • Secure endorsement from a Kiva Rochester Community Partner, of City of Rochester staff member,
  • Present a valid and actionable business plan and financial projections,
  • Agree to participate in impact assessment surveys.

 

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