The New Bohemian Innovation Collaborative, Inc. (NewBoCo) has been awarded a $40,000 grant from the Wells Fargo Foundation to enhance the Kiva Iowa microlending program, which supports local entrepreneurs and small businesses.
Since becoming the statewide Hub partner for Kiva Iowa in 2021, NewBoCo has helped more than 80 Iowa-based businesses secure more than $575,000 in loans. The Kiva platform connects business owners with lenders worldwide, who contribute in increments of $25 or more, offering loans between $1,000 and $15,000.
Kiva Iowa’s support is available to businesses from various backgrounds, including black-owned, LGBTQ+-owned, veteran-owned, and woman-owned ventures.
“Wells Fargo is proud to support NewBoCo, which has been hugely beneficial for small businesses in Cedar Rapids,” said Jenny Johnson, senior regional banking district manager fpr Wells Fargo.
NewBoCo and Kiva Iowa will use the Wells Fargo Foundation funding to strengthen its ability to support small business owners by providing Kiva Iowa as an additional capital resource, business mentorship, entrepreneurial education opportunities, and more, ensuring the continued growth and success of local Iowa entrepreneurs.
“This type of model represents a needed extension of the work NewBoCo has been engaged in over the past ten years,” said Kaitlin Byers, Capital Access Manager for Kiva Iowa.
“The creation of a Hub allows us to amplify and enhance our programming better to meet the needs of our local small business community; centralizing access to resources, tools, and guidance. We truly are creating a world in which every aspiring entrepreneur thrives, and I’m honored to be a part of this effort.”
Kiva is an international nonprofit, founded in 2005 and based in San Francisco, with a mission to connect people through lending to alleviate poverty. Kiva celebrates and supports people looking to create a better future for themselves, their families and their communities. With as little as a $25 loan, anyone can help a borrower start or grow a business, go to school, access clean energy, and realize their potential.
For more information about Kiva Iowa, visit www.newbo.co/kiva
