Borrowing from Kiva.org to set up a business is a great way to access capital with 0% interest.
Here's a step-by-step guide on how to do it:
1. **Check Eligibility**: Ensure you meet the basic requirements:
- You must be at least 18 years old.
- You must use the loan for business purposes.
- Your business should not be involved in multi-level marketing, illegal activities, or pure financial investing.
2. **Create an Account**: Visit Kiva.org and look for a lending Kiva partner. This involves filling out your profile and answering some quick questions to ensure a Kiva loan is a good match for you. There are two processes: One for the USA and the other for where Kiva partners are located in.
3. **Complete the Application**: Fill out the online application, which takes about 30-60 minutes. You'll need to provide details about your business, your plans, and how you intend to use the loan.
4. **Prove Creditworthiness**: Invite friends and family to lend to you. This step demonstrates your social capital and helps build trust with potential lenders.
5. **Fundraise**: Once your application is approved, your loan will be posted on Kiva's website, making it visible to over 1.6 million lenders worldwide. You'll have up to 30 days to raise the funds needed.
6. **Repayment**: Repay your loan over a period of 6 months to 3 years, depending on what works best for you. Kiva offers flexible repayment plans to accommodate different business needs.
Kiva loans are designed to support entrepreneurs and small businesses, providing not only funding but also marketing exposure and access to a supportive community. If you're passionate about your business idea and have a network of people who believe in you, Kiva can be a great option!
Click here to find what countries where Kiva Lending Partners are located in: https://www.kiva.org/about/where-kiva-works
Does this help clarify the process for you?