Kiva City D.C. Launches to Bolster Small Business Growth in Greater
Washington, D.C. Area
Partnership between Capital One Bank, Kiva and Latino Economic Development
Center Provides Small Businesses Access to Capital through Proven
Capital One will Match Loans Posted on Kiva by LEDC
WASHINGTON, Jan. 8, 2013
Crowd-funding Microloan Program
WASHINGTON, Jan. 8, 2013 /PRNewswire/ --A new partnership between Capital
One Bank, the Latino Economic Development Center (LEDC) and Kiva, a global
microlending organization, will provide small business owners in the D.C.
region access to capital through Kiva's proven crowd-funded microloan program.
Sponsored by Capital One Bank, Kiva City D.C. is a new online portal that
connects Washington, D.C.-area small businesses with Kiva's global network of
870,000-plus individual lenders, giving small business owners the opportunity
to apply for additional funding to help start, sustain and grow their
business. Through Kiva City D.C., anyone with an Internet connection and $25
can help to fund loans to small businesses in the area by visiting
"This initiative gives everyone a chance to help make a difference in the life
of D.C.'s economy," said Matt Flannery, Kiva's co-founder and Chief Executive
Officer. "By lending as little as $25 to a small business owner of your choice
on Kiva.org, you can help someone get their business up and running, expand
operations, hire or retain employees, and improve the local economy. Kiva's
partnership with Capital One and LEDC is making it possible for each of us to
support local small business owners and hear their stories as they work to
serve their communities."
To support lending to small businesses in the D.C. area, Capital One has
committed to matching every dollar lent to small businesses posted by LEDC on
Kiva City D.C. LEDC's Community Asset Fund for Entrepreneurs works to identify
qualifying borrowers in the D.C. area, administers the loans and posts
profiles of each small business owner online at kiva.org. Capital One's loan
matching program will last throughout 2013 and is expected to reach a $150,000
commitment. In addition to the loan matching fund, Capital One has contributed
$100,000 to support the launch of Kiva City D.C.
"We recognize the tremendous value that small businesses play in the local
community and the impact they have on our local economy," said Jonathan W.
Witter, President of Retail and Direct Bank, Capital One. "Capital One is
proud to be a part of the launch of Kiva City D.C. We know that community
support and capital are two key components of small business success and we
believe that this is a unique opportunity for individuals – and the community
– to connect with local entrepreneurs and provide them with the financial
support and resources they need to grow and succeed."
Through Kiva's proven micro-funding business model, anyone can go to kiva.org
and browse through profiles and stories of people in need of a microloan, and
choose someone to lend as little as $25. Every dollar lent helps to crowd-fund
that business' microloan, which in turn helps to support thriving local
economies, communities and jobs. Loans funded through Kiva have a 99 percent
repayment rate, so the money lent to a small business owner is truly a loan,
not a donation.
Every dollar lent to a small business helps to create jobs in local
communities, which in turn supports another local business, and then another.
As small businesses grow and expand, local economies improve, helping to
support schools, city services and more vibrant and sustainable communities.
According to the Small Business Administration, small businesses create two
out of three net new jobs in the U.S. and have created nearly 65 percent of
the new jobs in the U.S. over the last 17 years and often employ the most
vulnerable groups in the workforce.
"Capable entrepreneurs of diverse backgrounds are often excluded from
accessing business loans through the formal financial sector," said Manny
Hidalgo, executive director of the Latino Economic Development Center. "LEDC
is excited to be Kiva's lead partner in the D.C. area to identify strong
borrowers to qualify for these small dollar loans that will make a big
difference in the lives of their families and the health of their
Kiva City D.C. joins Kiva Cities Los Angeles, Detroit and New Orleans and is
part of a continued commitment to helping U.S. small businesses grow and
create economic opportunity for individuals across the country.
Capital One's partnership with Kiva and LEDC is part of the company's larger
commitment to support small businesses and economic development. In 2012,
Capital One supported small businesses by providing $6.6 million in grants,
loans and investments to 115 nonprofits involved in micro-enterprise
development — and more than two-thirds of the businesses they serve are women
and/or minority-owned businesses.
Kiva is a non-profit organization working to alleviate poverty by connecting
people around the world through microlending. With as little as a $25 loan,
anyone can help a borrower create new opportunities for themselves and their
family. Together with more than 870,000 Kiva lenders and a worldwide network
of microfinance institutions, Kiva has created economic opportunity for more
than 950,000 borrowers. Since its inception in 2005, Kiva lenders have funded
more than $390 million in loans with a 98.9% repayment rate.
Visitwww.kiva.org for more information.
About Capital One
Capital One Financial Corporation, headquartered inMcLean, Virginia, is a
Fortune 500 company with approximately 1,000 branch locations primarily inNew
York,New Jersey,Texas,Louisiana,Maryland, Virginia, and theDistrict of
Columbia. Its subsidiaries,which include Capital One, N.A., and Capital One
Bank (USA), N. A., offer a broad spectrum of financial products and services
to consumers, small businesses and commercial clients. We apply the same
principles of innovation, collaboration and empowerment in our commitment to
our communities across the country that we do in our business. We recognize
that helping to build strong and healthy communities – good places to work,
good places to do business and good places to raise families – benefits us all
and we are proud to support this and other community initiatives.
About Latino Economic Development Center
Working families deserve to live in affordable homes and own successful small
businesses – but too many are unable to turn these dreams into a reality. The
Latino Economic Development Center (LEDC) equips Latinos and other DC-area
residents with the skills and financial tools to create a better future for
their families and communities. Participants in our programs learn how to buy
and stay in their homes, take control of the decisions affecting their
apartment buildings, and start or expand small businesses. Last month, LEDC
launched the Community Asset Fund for Entrepreneurs to equip entrepreneurs in
the DC-area with the capital to improve their lives and strengthen the small
business community. To learn more, visit http://www.ledcmetro.org.
Jason Riggs, Kiva Communications Director, 415.871.7351, firstname.lastname@example.org
Ash Kosiewicz, LEDC Communications and Advocacy Director, 202.425.1303,
Eva Pereira, RF|Binder, 781.559.0424, email@example.com
Alison Cahill Rouse, Capital One, 917.653.7592, firstname.lastname@example.org
SOURCE Capital One
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