Long Beach partners with nonprofits for small business crowdfunding campaignRelease Date: 2018-06-01
By: Louis Casiano
As Long Beach continues to become a magnet for businesses big and small, the city recently partnered with nonprofits to help entrepreneurs obtain zero-interest loans to start or grow their businesses through internet crowdfunding campaigns.
The initiative, known as Kiva Long Beach, allows local small business owners to borrow micro-loans as small as $25, giving those lacking sufficient collateral or who can’t afford to repay high-interest commercial loans offered by traditional lenders more financial options.
The move is an effort by the City to make small business entrepreneurship more inclusive, particularly for women and minority-owned businesses, said Eric Romero, an Economic Development Project Manager for the City.
“In order to have a strong and resilient and vibrant economy, we all need to make sure people have access [to affordable loans],” Romero said.
Read more on the Press Telegram