First Kiva micro-loan crowdfunding campaign is underway for QC business

Kiva micro-loan crowdfunding is underway for Mawua Food Market, the first Quad Cities region business seeking assistance through the international platform that provides underrepresented business owners with access to small, zero-interest and zero-fee loans.

The platform is providing grocer Redeem Toko the opportunity to grow and expand her neighborhood store and an opportunity for us to support a minority entrepreneur who chose to plant her roots in the QC and contribute to the strength of our economy.

Toko applied for the micro-loan through the nonprofit New Bohemian Innovation Collaborative, Inc. (NewBoCo), which serves as the statewide hub for Kiva, an international nonprofit based in San Francisco. In late February, after almost a year of discussions with the Chamber, NewBoCo announced it was launching several programs in our region to bring new resources and funding to entrepreneurs and start-ups. As part of that announcement, NewBoCo said it was expanding Kiva Iowa into the Illinois Quad Cities. 

Kiva crowdfunded loans fill a critical lending gap faced by entrepreneurs whose businesses are too young, too small or have been rejected by traditional lenders due to low or no credit score. With a global repayment rate of 97%, it provides an opportunity to build the ‘missing micro’ ladder of small, affordable loans, especially for women, entrepreneurs of color and low- to moderate-income business owners.

Toko emigrated from Togo, West Africa in 2012, and became a U.S. citizen. She operates her food market from the basement of her home in central Davenport, selling rice, beans, fresh fruits, vegetables and other goods. The $8,000 crowdsourced loan campaign now underway online will allow her to purchase new equipment, including a new freezer, expand inventory and market her business throughout the QC.

The Chamber applauds the initiative and drive of Toko to grow and strengthen her business in the QC and encourages other underrepresented entrepreneurs who are seeking capital to strengthen theirs to learn more. Kiva Iowa applications can be found at newbo.co/kiva