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Kiva zip onboarding for borrowers v2 (2)
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Kiva zip onboarding for borrowers v2 (2)

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  • 1. 1 Kiva Zip Onboarding for Borrowers Winter, 2013
  • 2. What is Kiva Zip? 2 Kiva Zip is a website that enables financially excluded and socially impactful entrepreneurs to access 0% interest loans up to $5,000 that are crowd funded online. 0% interest business loans First loan can be up to $5k. Subsequent loans up to $25k Up to 24 month term, repaid in regular weekly or monthly installments via PayPal We do not look at credit scores and we make loans to startup businesses Easy online application Crowdfunded by individual lenders around the world, each lending small amounts Average number of lenders is 150 per loan 98% of businesses have successfully raised funds Grace periods available for startups and agricultural businesses For an overview of the Kiva Zip program you can check out this overview - http://bit.ly/IGHS9n
  • 3. Social Underwriting We require that all borrowers on Kiva Zip be over the age of 16, have a PayPal account or have the ability to set one up, and not currently be in bankruptcy or foreclosure. If you meet these criteria you qualify for a Kiva Zip loan. We believe in evaluating an entrepreneurs network to evaluate “credit worthiness”. We do not make decisions based on conventional financial metrics, but rather the network of trust that a borrower can establish on our website. There are two primary components to getting a Kiva Zip loan 1) Having a Trustee You must be endorsed by a Trustee in order to qualify for the Kiva Zip program. A Trustee is meant to add credibility to you as you fundraise on our website, by vouching for your character and business. 2) Inviting Lenders We require borrowers to invite lenders to the Kiva Zip platform before you’re able to take advantage of our crowd of lenders. We view this is an important measure of your trust network and hope these lenders keep you accountable for repaying the loan. 3
  • 4. Trustees 4 You must be endorsed by a Trustee in order to qualify for the Kiva Zip program. A Trustee is meant to add credibility to you as you fundraise on our website, by vouching for your character and business. Trustees have no financial or legal responsibilities. Individual Trustees Organizational Trustees  Can be a mentor, professor, advisor, accountant, etc.  Can be any organization that you have a relationship with that can vouch for you on a personal and professional basis  Cannot be a family member or someone in your business  Cannot financially benefit from endorsing you for the Kiva Zip program Trustees can be startup incubators, shared workspaces, neighborhood associations, economic development corporations, small business development centers, SCORE advisors, religious groups, non profits, other small businesses, student groups, professors, stores you sell your goods in, suppliers etc. To see the different Trustees Kiva Zip has partnered with you can visit: zip.kiva.org/trustees
  • 5. Lenders We require borrowers to invite lenders to fund your loan before you’re able to take advantage of our crowd of lenders. We view this is an important measure of your trust network and hope these lenders keep you accountable for repaying the loan. • For loans under $2,500 we require borrowers to invite 7 lenders • For loans between $2,500 and $5,000 we require borrowers to invite 15 lenders Any loan made from a lender that was invited by you will automatically be matched by Kiva Zip! Once you’ve been recommended by a Trustee and invited the minimum number of lenders, we will post your loan to the Kiva Zip website where you will be able to fundraise the remainder of your loan from Kiva Zip’s crowd of lenders. 5
  • 6. Next Step Please submit the following information about your Trustee by going to this link -- http://bit.ly/1d2NbtR Once you do this we will send an invitation to your Trustee and notify you. Once we do, it’s important that you follow up with your Trustee to ensure they complete their application and endorsement. 6
  • 7. 7 Appendix
  • 8. Email Template for Approaching a Trustee Hey Blakely, I have an opportunity that I'm looking for assistance with and was hoping you might be able to help me out. Kiva is a non profit that helps small business owners with 0% interest loans to help them grow their businesses. The first loans are up to $5,000 with opportunities to get bigger ones down the line. In order for me to qualify for the program I need a recommendation from someone like you that can vouch for my character and my business. There’s no financial or legal responsibility – you would just need to set up a profile on Kiva Zip as a Trustee and you would build a lot of recognition and exposure through it. This would mean a lot to me and my business and I would be so excited if you could help me out! This wouldn’t be too big of a time commitment, but if you feel like you really just don't have the time I would totally understand too. Here’s a presentation (http://prezi.com/rmuvoa5my87b/?utm_campaign=share&utm_medium=copy) about the program and you can also check out their website at www.KivaZip.org. If you can do this, I will pass your information to Kiva and they will send you an application to get started. Thanks for taking your time to check this out, 8
  • 9. The Process 1) Give us the name, contact information, and organization name (for organizational Trustees) of the Trustee that you want to endorse you -- see next slide. 1) We will send your Trustee an invitation to sign up. 2) Your Trustee will complete an online Trustee profile and write an endorsement for you. 3) Once your Trustee completes their endorsement, you will be sent a loan application by email. The loan application includes private financial information and your public profile on Kiva Zip. If you and your trustee are diligent and efficient in completing the applications, you can be posted to the Kiva Zip website within a week of beginning this process. 9
  • 10. The Trustee Profile 10
  • 11. The Endorsement 11
  • 12. The Loan Profile 12

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