Long Beach partners with nonprofits for small business crowdfunding campaign

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.

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