NewBoCo partners with microlending platform

Program offers small loans with zero-percent interest, extended grace periods and zero fees

Caleb McCullough

Jun. 17, 2021 3:58 pm, Updated: Jun. 17, 2021 4:48 pm

Kaitlin Byers, capital access manager for Iowa Kiva Hub (Courtesy NewBoCo)

NewBoCo and a San Francisco-based not-for-profit have begun a statewide lending hub for entrepreneurs, called Kiva Iowa.

The loans can range from $1,000 to $15,000, according to the Kiva Iowa website.

The not-for-profit, Kiva US, offers access to a platform for small loans — with zero-percent interest, extended-grace periods and zero fees — to businesses and individuals that can have difficulty obtaining loans from traditional lenders.

It also facilities crowdfunding.

Small and new businesses can have a hard time securing loans because of a low credit scores or other barriers, according to a news release from NewBoCo. The partnership will fill a gap in access to funding for entrepreneurs, especially women and people of color, the release said.

NewBoCo’s Kaitlin Byers will be capital access manager for the new program.

Information about Kiva Iowa can be found at newbo.co/kiva.

Based in Cedar Rapids, NewBoCo offers programming and support for entrepreneurs and small business owners.

Comments: (319) 398-8473; caleb.mccullough@thegazette.com