Microlender Kiva, a nonprofit lender, which uses its website to get ordinary citizens to help support its loans, has started by funding 13 loans in the L.A. area.
The organization’s founder, Premal Shah — formerly an executive at PayPal — said Kiva’s aim was not just to shore up local Los Angeles small businesses but also to contribute to the overall economic health of Los Angeles neighborhoods.
“Other initial loans in the local Kiva program include:
•Kate Paul got $10,000 to pay rent and expand her Foodink catering business.
•HD-LV Apparel Resources, which paints designs on jeans, jackets and other clothing items, got $6,000 to expand beyond its two kiosks.
•Artist Lix Mario received $5,000 for materials to create six bronze sculptures.
•Vicenta Lozano got $10,000 for equipment for her Paleteria Bety business, which has 30 pushcarts selling ice cream and Mexican-style popsicles.
•Thomas Foulkrod received $5,000 to promote his private investigation business.”
Local Los Angeles small business have a new way to raise funds from ordinary citizens, thanks to new legislation that allows anyone to fund a start up or local business venture. No more dependence on Venture Capitalists, your ordinary customers can fund your ideas.
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