Cedar Rapids Bank and Trust, NewBoCo to match Kiva funds for small businesses

CEDAR RAPIDS — The New Bohemian Innovation Collaborative has teamed with Cedar Rapids Bank and Trust to match funds for the Kiva Iowa small-business loan program.

CRBT’s Matching Loan Fund aims to disperse $100,000 in matching funds to under-financed business owners.

The fund would provide a dollar-for-dollar match to Kiva’s community-backed loan program, which already features zero interest and zero fees.

In addition, the new partnership would grant Kiva borrowers across Iowa as well as the Quad Cities area access to a longer-term banking partner as they grow their business.

Kiva Iowa and CRBT jointly announced the program June 9 in Iowa City during a panel discussion with Kiva borrowers at EntreFEST 2022.

“We are incredibly excited to team up with NewBoCo in support of diverse and vibrant small business owners across the state of Iowa,” said James Klein, CRBT president. “As a community bank, this type of financial inclusivity is at the core of our mission.

“Whether it’s making capital accessible to the most excluded clients, including those with low or no credit scores, or helping small business owners explore additional financial solutions and resources they may need, we are proud to leverage Kiva’s successful lending model to do so.”

When borrowers choose to make a loan to businesses with Kiva Iowa, CRBT will match that loan dollar for dollar.

The loan match isn’t a gift. Borrowers will need to repay both the original lender and CRBT.

However, the loan match effectively doubles the power individual lenders have to support businesses in which they believe.

“This partnership with CRBT will allow Kiva Iowa to maximize the impact of local lenders by ensuring our Iowa and Quad Cities borrowers get funded twice as fast,” said Kaitlin Byers, Kiva capital access manager.

“CRBT has been a long-term supporter of the work we are doing at NewBoCo, and this investment will continue to further our work in helping entrepreneurs thrive within our local communities.”

To learn more about Kiva Iowa, visit https://newbo.co/kiva.