New program provides critical capital for small businesses
One of the biggest obstacles for entrepreneurs and startups is finding access to capital. Young or small companies can go bust if the founders can’t find funding for equipment, supplies or workers needed to generate revenue. Finding traditional capital can be especially difficult for business owners with no credit score or a score below 650.
On Jan. 1, Oklahoma City is launching a new micro-lending program and hub partnership with Kiva U.S. The program will fill a critical lending gap for businesses with affordable, flexible capital. Local entrepreneurs will be able to share a description of their business or idea and invite friends and family to lend to them. Anyone can loan as little as $25 to support a cause they care about, providing the entrepreneur a loan up to $15,000 with 0% interest for up to three years.