Social Impact Agency Launches Capital Access Program to Support Entrepreneurs in Mississippi. Higher Purpose Co. partners with Kiva to offer 0% interest micro loans up to $10,000

Key facts:

  • Kiva has 1.6 million lenders which have raised almost a billion dollars in fair capital

  •  Higher Purpose Co. seeks to endorse the first Kiva loan in Mississippi

  • Access to Capital is a major issue for minority small businesses

Clarksdale, MS – May 5, 2017, Higher Purpose Co. LLC announces a new partnership with Kiva to offer crowdfunded micro-loans to small business owners and aspiring entrepreneurs in Mississippi and surrounding areas. “We are excited to launch our Capital Access program with Kiva. Entrepreneurs will now have an additional opportunity to secure funding for their business. Higher Purpose Co. collaborated with multiple organizations last year to offer free business workshops in the Mississippi Delta. It became clear from our feedback we needed to do more to support businesses. Our team is excited to work with Kiva to help retain and create jobs in rural communities. The Kiva application is simple and we will provide hands on support to ensure entrepreneurs throughout the entire process. We hope to work with additional lending institutions to create innovate ways to ensure every entrepreneur has access to capital.” said Tim Lampkin CEO of Higher Purpose Co. By becoming a trustee of Kiva, organizations can endorse local business loans. Trustees help businesses secure capital and their reputation is tied to the repayment rate of the borrowers they endorse. Kiva is a global nonprofit that provides micro-loans up to $10,000 at 0% with no fees for entrepreneurs who want to start or expand their business.

Through Kiva anyone can help grow small business and promote local job creation by visiting our website and choosing an entrepreneur they want to support. “Entrepreneurs have all the elements of success. They have the passion and the plan, but sometimes lack funding to start up,” said Jonny Price, Kiva’s Senior Director. “Small businesses can help change the path of any local economy. By working with Higher Purpose Co., we hope by providing capital Kiva can be a part of their success to help entrepreneurs in Mississippi thrive.”

Traditional lenders reject 80% of small business loan applications and Hispanics and African American entrepreneurs are denied small business loans up to three times more often than their Caucasian counterparts. Crowdfunded loans fill a critical lending gap faced by entrepreneurs whose businesses are too young, too small or too innovative to receive loans from traditional lenders. Nationally, small businesses create two-thirds of all new jobs and if just one in three small businesses could hire one more person, the U.S. would be at full employment, according to the Association for Enterprise Opportunity. Interested entrepreneurs can apply online for a Kiva loan here capitalaccess.higherpurpose.co or email team@higherpurpose.co for more information.

About Higher Purpose Co.

Higher Purpose Co. is social impact agency based in Mississippi helping underserved communities thrive by utilizing the power of entrepreneurship. Our mission is to create economic opportunity by providing entrepreneurship education, access to capital, and technical assistance to small businesses. Follow us on Twitter @HigherPurposeCo Instagram @HigherPurposeCo Facebook Higher Purpose Co.

About Kiva

Kiva is an international nonprofit, founded in 2005 and based in San Francisco, with a mission to connect people through lending to alleviate poverty. By lending as little as $25 on Kiva, anyone can help a borrower start or grow a business. Through Kiva, a borrower’s credit-worthiness is based on their ability to recruit friends and family to fund a small portion of their loan, demonstrating that they’ve earned trust among the people that know them best. This “social underwriting” creates a system that differs from conventional small business lenders in several ways.  For example, Kiva does not require a minimum FICO score, collateral, or a minimum operations period for the business – which is unique compared to most non-profit U.S. micro-lenders. To learn more about Kiva visit www.kiva.org Twitter:  @Kiva  Facebook: @Kiva  Instagram: @Kiva_Microloans
 

For more information contact: Tim Lampkin Chief Executive Officer Higher Purpose Co. LLC tim@timlampkin.com