Visa donates $1M to Kiva for U.S. microloans

Kiva has appeared on our pages numerous times over the years, but we can’t resist sharing news that brought the microloan platform to our attention once more. Just last week, Visa announced that it is donating USD 1 million toward Kiva’s loans to U.S. small businesses. The Kiva-Visa partnership will focus on expanding Kiva’s existing model to better serve small businesses within the United States. Specific initiatives that will result include a collaborative effort to drive awareness and understanding of microfinance for small businesses, building Kiva’s microlending platform to increase capacity to support U.S. small businesses, as well as a joint study to address gaps in research in the marketplace. William Sheedy, Visa group executive for the Americas, explains: “This partnership advances a shared mission of both Visa and Kiva: helping small businesses grow and ultimately create jobs. For many small business owners, a microloan can have an immediate impact and be a critical catalyst for their long-term success.” Visa’s donation coincides with a major Kiva expansion in the Gulf Coast through the addition of ACCION Texas-Louisiana, the largest microfinance institution in the country, to the Kiva Field Partners network. Perhaps best-known for its microlending efforts overseas, Kiva has already facilitated more than USD 1 million in loans within the United States. Visa, meanwhile, is no stranger to the role of brand butler for consumers, and this continues that strategy on the SMB side. Either way, a new source to tap when your small business needs an injection of funds…? (Related: Matching program doubles Kiva loans.) Spotted by: Business Opportunities