Lily Vail leads the Kiva lending program in Columbus. The online platform allows small-business owners to access zero interest, crowdfunded loans that range from a few hundred dollars up to $10,000.
Kiva started in 2005 as a platform to connect borrowers and lenders abroad. In the United States, it operates as a direct-lending platform to business owners for terms up to three years. In Columbus, community leader Reese Neader decided that Columbus needed a low-cost source of capital for young entrepreneurs who were not able to access traditional sources of capital.
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Story excerpt provided by Columbus Business First.
Written by Allen Proctor.
Originally published July 26, 2018.