'Kiva Zip' is a micro-lending program that is primarily intended for American entrepreneurs. Everyday, financial institutions across the US reject loan applications from those who do not meet basic eligibility criteria such as cash flow, credit score or amount of available collateral. This platform is designed to provide funding for those who may not meet standard lending criteria.
Kiva Zip is a micro-lending program that takes a more personal approach to finance. Instead of relying on a standard set of criteria, Kiva Zip looks for entrepreneurs who are trusted by their community. The company refers to its model as 'social underwriting,' which means taking a less data-driven approach to lending. As senior director of Kiva Zip Jonny Price explains, "We're trying to underwrite people based on their character and their standing in the community." As a result, the company empowers entrepreneurs who might otherwise abandon projects due to lack of funding.
The company offer a unique approach to micro-lending that ensures all entrepreneurs have an opportunity to access the funding they need.