Do you need a small loan to finance your organization?

Consider the Kiva Microloan! This webinar was hosted by the City's Office of Economic Revitalization & Pacific Gateway Center

Pacific Gateway Center

• Provides services for immigrants

• Social services for low income housing

• Affordable housing services

• Economic development services

• Senior center in Kakaako

• PGC partners with Hawaiian Language Bank (located in PGC’s Kakaako Senior Center)

  • offers 40 different languages to support different cultures

Social Enterprise Program (SEP)

• Supports community development through social entrepreneurship

• Technical, social, monetary support for food, agriculture & manufacturing businesses that are revitalizing the community and creating jobs

• One on one business coaching

• Access to affordable commercial kitchens in Kalihi

• Leasing options to 176 farm in Kunia

• Educational resources

• Microloan program

• SEP helps you develop a business plan

PGC's Business Advisory

• Its not a course or a cohort program

• Its a business advisory one on one with 1 of 2 entrepreneur specialist from PGC (Sultan & Luke - Luke’s specialty is agriculture & farming)

• They help with financing the company

PGC's Commercial Kitchen

• Commercial kitchens are in Kalihi

• 11 commercial kitchens

• DOH certified

• You can resell your food legally after getting a permit from the DOH to use their kitchen

• 4 baking kitchens, 4 cooking kitchens, 3 prep kitchens

Kiva Microloan

• This is a small loan provided by a crowdfunding platform

• It is a similar idea to that of Kickstarter, Gofundme, Indiegogo, etc

• Kiva is ideal for people who are "risky" or for people who can’t access regular financial loans

• Underserved communities get a good chance

• Strong Hawaii lenders are on the Kiva network

• The lending community cultivated by groups like Kohala Center and Slow Money Hawaii

• Lenders want to feel a connection with the small businesses that they support

• The Kiva Microloan application does not checking for credit score

• $15k is the maximum loan you can get from Kiva

• This microloan partners with nonprofits domestically

How do I get a microloan with Kiva?

• Call PGC and talk to their SEP program, they will provide 1 on 1 business counseling services to walk you through this process

• Make a profile w/ description & pictures so that lenders can browse your profile

• Tell your story and the story of your business (very important)

• If you are in food or agriculture or manufacturing, apply through Pacific Gateway Center to get an endorsement

How do I pay back the loan?

• Paypal

What can the loan be used for?

• Upgrading your space

• Marketing

• Ecommerce

• Hiring employees

• Business related expenses

What is not allowed for Kiva loans?

• Contract working (i.e. Airbnb, Doordash, Uber)

• Illegal activities (i.e. gambling, drugs, adult entertainment, pawn shops)

• You cannot use the loan to refinance debt

• Multilevel marketing

What is the eligibility requirements for the loan?

• 18 yrs +

• Proof of business

• EIN number

• Business tax returns

What is PGC’s endorsement?

• Shows on the Kiva platform that you are supported by a non-profit

• When the lenders browse your page, they see PGC and they will be more confident of your business

• If you are not eligible for PGC endorsement, you should still apply for Kiva loan

• Kahala Center and Slow Money Hawaii have different criteria for their endorsements, contact them

Application process

• Have your business plan ready

• No credit check needed

• If you are enrolled in SEP, they will help you develop a business plan

• You an apply for another loan after you pay off the first

• Tell your story about why this should have support from the community

What does the loan review process look like?

• Once you go through application process, the Kiva pre-check will let you know if you are eligible or not

• They will approve you for the amount requested or slightly less

• Private fundraising period

  • 2 weeks to meet requirements

  • As you go into private fundraising period, you demonstrate to Kiva you have support for your business

  • Get people such as friends & family to pitch in $10 or $20

  • It’s not about how much you raise but how many people you raise from

• Public lending period

  • 30 days to meet requirements

  • Public fundraising stage

  • Story is public at this stage

  • PCG comes in with $5k matching grant

  • Social media platforms are very important at this stage

Partners

• Kohala Center

  • Only Kiva hub in the state

• LISC

• Slow Money Hawaii

  • Focuses on food businesses

If you are interested in contacting the hosts of this Kiva Microloan webinar, please refer to the contact information below.