Henrico EDA becomes Kiva Trustee to help small businesses access funding

The Henrico Economic Development Authority has partnered with the Metropolitan Business League to help local entrepreneurs gain access to loans through the nonprofit crowdfunding platform Kiva.

As part of the partnership, the EDA has become an official Kiva Trustee, allowing it to help Henrico entrepreneurs navigate the Kiva loan application process and endorse qualifying borrowers.

Kiva offers fee-free loans ranging from $1,000 to $15,000, with repayment terms of 12 to 36 months. Unlike traditional bank financing, the program uses community-backed crowdfunding campaigns rather than relying solely on conventional underwriting requirements or collateral.

The program is designed to provide startups, small businesses and entrepreneurs who may have difficulty obtaining traditional financing with access to working capital.

As a trustee, the Henrico EDA will not provide or guarantee the loans. Instead, EDA officials will help entrepreneurs prepare their campaigns and can provide an official endorsement of qualifying businesses on the Kiva platform.

Businesses that receive the EDA's endorsement may qualify for up to $1,000 in additional loan funding and receive priority consideration during Kiva's application review process. Their Kiva campaign pages also will display a Henrico EDA trustee endorsement.

Henrico business owner Dr. Ashlee Goodman-Tabari of A-Z Dental Art Studio previously used a Kiva loan to help expand her business and said it helped the company expand.

“Receiving a Kiva loan was a wonderful experience for my business,” Goodman-Tabari said. “The funding allowed me to purchase new dental equipment, expand our capacity to serve more patients, and create opportunities to hire additional staff.”

The EDA is promoting the program as part of its broader effort to expand opportunities for small businesses and entrepreneurs throughout Henrico.

Local business owners interested in learning more about the program also can attend an upcoming workshop about Kiva loans on Thursday, Aug. 20, from 6 p.m. to 8 p.m. at Fairfield Area Library, 1401 North Laburnum Avenue. The session will explain how entrepreneurs can prepare a Kiva campaign, access funding and seek a Henrico EDA endorsement.

Registration for the workshop is available online at henricolibrary-va.libcal.com/event/17046706.