{"id":455,"date":"2020-06-16T00:10:36","date_gmt":"2020-06-16T00:10:36","guid":{"rendered":"http:\/\/solofunds.shayhammond.com\/?p=455"},"modified":"2024-05-20T15:31:42","modified_gmt":"2024-05-20T19:31:42","slug":"solo-funds-kiva-partnering-to-strengthen-the-capital-ladder-for-financially-excluded-americans","status":"publish","type":"post","link":"https:\/\/solofunds.com\/blog\/solo-funds-kiva-partnering-to-strengthen-the-capital-ladder-for-financially-excluded-americans\/","title":{"rendered":"SoLo Funds & Kiva – Partnering to Strengthen the Capital Ladder for Financially-Excluded Americans"},"content":{"rendered":"
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SoLo Funds and Kiva<\/a> are partnering to strengthen the capital ladder for financially excluded Americans.<\/p>\n<\/div>\n<\/div>\n

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For the lowest-income individuals, it\u2019s disproportionately expensive to borrow money. With predatory interest rates and unattainable criteria, getting a loan in America is a defeating \u2014 if not dangerous \u2014 process for many.\u00a0Twenty-five percent of Americans are unbanked or underbanked. 78% of American workers live paycheck to paycheck. Implicit and explicit biases mean that women and people of color are three times more likely to see their credit applications rejected. Left with no other options, they fall prey to payday lenders, where a small loan can accrue over 400% APR.<\/p>\n

Tackling the same problem through two different solutions, SoLo Funds and Kiva offer affordable loan products – one of personal lending, one of business lending. <\/strong>Through their respective communities of lenders, both SoLo Funds and Kiva have supported thousands of Americans \u2014 and now are forming a partnership. The aim is to build out the safe and reliable financing options available for low-income and financially excluded individuals and entrepreneurs.<\/p>\n

SoLo Funds was created for Americans living paycheck to paycheck as a lending tool to support emergency or everyday personal needs like utility bills, medical bills, or rent. They offer personal loans ranging from $50 to $1,000 that are delivered within hours through a simple and non-approval sign-up process. Kiva is like SoLo Funds in that it’s designed for a financially excluded borrower. However, instead of individuals, Kiva lends to entrepreneurs and business owners. The loans start at $1,000 and can range up to $15,000.<\/p>\n

As COVID-19 has disproportionately affected already marginalized Americans, Kiva has been approached with the question why it doesn\u2019t offer personal lending options. Similarly, SoLo Funds has received requests for business lending. Honoring the other\u2019s unique expertise, the organizations have teamed up, rather than recreating each others\u2019 wheel.<\/strong><\/p>\n