The Walton Family Foundation[1] has renewed and expanded its support for the Northwest Arkansas Kiva Hub[2] with a three-year commitment and a $1 million contribution to the loan match fund at Kiva U.S.
According to a Wednesday (Sept. 10) announcement from Fayetteville-based Startup Junkie Foundation[3], the money will be used to match loans to Northwest Arkansas borrowers directly.
Kiva Northwest Arkansas provides zero-interest loans ranging from $1,000 to $15,000 for small business owners and entrepreneurs in the region. Since its launch in December 2019, the program has provided about $2 million in crowdfunded loans to area small business owners.
With the renewed commitment, Startup Junkie will offer the Kiva Northwest Arkansas program for an additional three years, expand its capacity to serve clients and prospective borrowers with increased resources, support, and programs through workshops and events.
“Over the last three years that I’ve had the privilege of leading the Kiva NWA hub, I’ve seen firsthand how powerful this program can be when borrowers, community, and partners come together,” said Claudia Scott, director of entrepreneurial access and Kiva Northwest Arkansas at Startup Junkie Foundation. “This new pledge is a direct reflection of that collective success. With this investment, we’re excited to scale our impact, grow our team, and support even more business owners, not only with access to capital, but also with personalized technical assistance to help them thrive.”
The expansion will also include multi-language support, with plans to increase access to consulting and capital assistance in Spanish and Marshallese.
“Kiva NWA helps small business owners access the funding they need to grow and succeed,” said Yee-Lin Lai, senior program officer at the Walton Family Foundation. “For many, a Kiva loan serves as the first step on the capital ladder, filling a critical gap and creating opportunity for underserved entrepreneurs who are left out of traditional lending systems. These microloans allow entrepreneurs to start or grow their businesses, creating an opportunity for a better future for themselves and their families.”
Kiva loans are crowdfunded by people worldwide with contributions starting at $25. The loans are matched by the Walton Family Foundation for borrowers in Washington and Benton counties.
“Kiva is proud to continue partnering with Startup Junkie and the Walton Family Foundation to expand access to capital for entrepreneurs in Northwest Arkansas,” said Eli Cherner, director of Kiva U.S. “By increasing the Kiva U.S. matching fund thanks to the support of the Walton Family Foundation, we’re ensuring that even more small business owners have the resources they need to start and grow their businesses. This partnership is a powerful example of how local support and impact-first capital can fuel collective action to build stronger, more resilient communities.”
Related
References
- ^ Walton Family Foundation (www.waltonfamilyfoundation.org)
- ^ Kiva Hub (www.kiva-nwa.org)
- ^ Startup Junkie Foundation (startupjunkie.org)