ROCHESTER — A national crowd-funding company has helped more than a dozen Rochester small businesses obtain more than $100,000 in small loans, known as microloans, in less than four months.
Since Kiva Rochester was launched in August, the company has facilitated the zero-percent interest loans to Rochester small business owners and entrepreneurs, according to information from city officials. These loans range from $1,000 to $10,000 to provide working capital to fund day-to-day operations to more than a dozen small business owners in such industries as fashion, restaurants, manufacturing and fitness.
Rochester is one of eight cities to be named a key market by Kiva US, which means the national organization will increase its focus on Rochester and put more resources into the city’s program. This designation means loans may be processed faster.