OKC expands aid to small businesses through Kiva Hub agreement

Published: Wednesday, November 25, 2020 By: Staff Reports

The City of Oklahoma City is providing new support for small businesses through a new partnership with Kiva U.S., an online crowdlending platform that strengthens financial access for small business.

The City Council voted Tuesday to concur with the Economic Development Trust’s agreement with Progress OKC, a local community development corporation that will be serving as Kiva’s local hub. The program will facilitate crowdlending and provide professional management and marketing services that help small businesses survive economic hardships.

The Greater Oklahoma City Chamber helped facilitate the City’s participation via the National League of Cities’ City Innovation Ecosystems program.

“We are grateful for the National League of Cities’ help in bringing Kiva to Oklahoma City,” said Mayor David Holt. “Through this initiative, and working with many great partners, including the Greater Oklahoma City Chamber and Progress OKC, our City’s entrepreneurs will gain access to capital. Today’s approval by the Council is another example of the City’s commitment to small business owners.”

This is Kiva’s first foray into Oklahoma City.

“Introducing Kiva to the Oklahoma City market enables us to greet opportunity with inclusion and innovation,” said Progress OKC Executive Director Maurianna Adams. “Progress OKC is appreciative of our City’s leadership and catalytic investment as we seek to spur economic growth in our community and economy. The Kiva platform invites neighbors to plant a seed that makes a lasting difference for local small businesses.”

ABOUT THE PROGRAM

The City committed up to $168,500 for the program through the Trust’s Economic Development Fund. The Trust’s goal is to support underserved small businesses.

Progress OKC will market the program, screen applicants, help with applications, provide technical assistance and handle the loans.

More information will be available soon at progressokc.org.

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