Umpqua Bank’s Crowdfunding Partnership Accelerates Cost-Free Funding for BIPOC, Women Entrepreneurs
Umpqua encourages entrepreneurs in the communities it serves to learn more about Kiva and apply for funding.
“Our partnership with Kiva enables more entrepreneurs to turn the support of their communities into a source of capital that would otherwise not be available,” said Umpqua’s Marketing Communications Manager Eve Callahan. “If individuals believe and are willing to help fund a local BIPOC or a female entrepreneur, Umpqua will triple the amount of their financial support so that businesses can more easily and quickly access the financing they need.”
How Kiva Works
For any business owner in need of funding to start, sustain or grow, the only collateral needed to access capital through Kiva is support from the people and community they serve. Typical barriers to access are no longer considered, including those related to credit history, physical assets as collateral, citizenship or verifiable financial history.
Kiva works hand-in-hand with entrepreneurs to set a funding goal of up to $15,000 and collecting contributions from friends, family and community members on its platform. Kiva also offers access to a global network of lenders interested in supporting businesses. The financial pledges raised are then combined into a 0% interest commercial loan eventually repaid to supporters over three to five years.
Umpquathrough the Umpqua Bank Managed Loan Fund, will help BIPOC and women entrepreneurs reach their funding goals faster by effectively quadrupling every dollar they raise towards their funding goal.
How to register
To apply for Kiva and triple dollar financing through the loan fund managed by Umpqua Bank, entrepreneurs from Oregon, Washington, Californiaand Idaho can visit the Umpqua-Kiva partnership page. The initial application process usually takes between 20 and 30 minutes.
The Kiva partnership is part of Umpqua’s Small Business Empowerment Program, which brings together the bank’s various initiatives to improve access to financing, products/services and expertise under the same strategic umbrella. Alongside Kiva, the Small Business Empowerment Program includes partnerships with organizations that are often the first step for entrepreneurs wishing to access Kiva funds, including: Oregon-based MESO (Services to micro-enterprises of Oregon); Washington-based NW business impact; and California-based Center Community Partners.
“We are delighted to partner with Umpqua Bank through its Small Business Empowerment Program to provide additional loans and unlock capital for underfunded entrepreneurs,” said Sarah Marchal Murray, Director of Strategic Partnerships at Kiva. “Ensuring that every business owner has equal access to capital and other resources to succeed is important to building strong and vibrant communities. UmpquaKiva is honored to expand the reach of our platform to more communities on the West Coast.”
About Umpqua Bank
Umpqua Bankwhose head office is at Roseburg, Oregon.is a subsidiary of Umpqua Holdings Corporation and has offices across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications such as The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight consecutive years on FORTUNE magazine’s “100 Best Companies to Work For” list and was recently named the Portland Business Journal’s Most Admired Financial Services Company in Oregon for the seventeenth consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized trade finance company that offers equipment leases to businesses.
Kiva is a global nonprofit that brings people together to invest in lasting impact. Kiva connects individuals, institutional investors and businesses to global opportunities to invest in humanity, when and where it will have the greatest collective impact. With as little as $25, you can help women, refugees and small businesses around the world build a better future for individuals, their families and their communities. Join two million people who have invested $1.7 billion in real dreams and real opportunities around the world.
SOURCE Umpqua Bank