Philanthropy, microlender boost entrepreneurs in Detroit
Kiva Zip, Michigan Corps team up on new way to boost Detroit entrepreneurs
A philanthropy working to help Michigan rebound from its economic troubles and a microlender are teaming up on a new way to boost Detroit entrepreneurs.
Kiva Zip allows people to nominate a local entrepreneur for community support and contribute directly to a crowd-funded, interest-free loan through PayPal.
It also provides new ways for entrepreneurs and potential supporters to interact, including an online forum.
The effort by Michigan Corps and Kiva.org builds on the microlending initiative Kiva Detroit, launched in 2011.
Loans through Kiva Zip may include zero-interest funding up to $5,000.
Kiva Detroit allows people to get funding up to $50,000.
Michigan Corps formed in 2010 with the idea to draw on the resources, talents and ideas of people around the world with ties to the state.
According to the website, loans in Detroit have "sold out," but entrepreneurs can still sign-up and receive notification when more funding is available.
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