A recent New York Times article, “With Credit Tight Microlending Blossoms,” highlights the nation’s growing micro-enterprise resources. Long popular as an anti-poverty strategy in developing countries and gaining a foothold here over the past two decades, micro-loans are providing more access to entrepreneurs now squeezed out of traditional credit markets.
Kiva, an international micro-lender founded in 2005, connects individuals like you and me who want to loan their money with people around the world who are creating their own businesses. Kiva has just started a program for the U.S., so that entrepreneur you choose to invest in might soon be just around the corner.
There are other micro-loan resources as well, already up and running in Virginia. Virginia Enterprise Initiative partners are working to connect businesses with five and fewer employees with technical assistance, training, and loans of up to $50,000.
VEI Regional Service Providers:
People, Inc., Abingdon
New Visions, New Ventures, Richmond
ECDC Enterprise Development Group, Arlington
Learn more about specific micro-enterprise programs and loan availability through the VEI Regional Service Providers, or contact Jeff Sadler for more information on taking advantage of this resource in your district.