The Corzo Center is delighted to make available the Kiva Zip loan program, which uses crowd funding as a way to borrow up to $5,000 of 0% interest loans. The Kiva Zip program is global and has lenders from throughout the world who are interested in supporting start-ups that are engaged in social or creative entrepreneurship.
About Kiva Zip
Once the target amount is reached, Kiva Zip loans may be used for any business purpose – to purchase inventory, invest in equipment, expand product lines, hire staff, and execute marketing and advertising plans. These 0% loans may be for amounts up to $5,000 and must be repaid within 24 months. All applicants must be endorsed by a “trustee.” (The Corzo Center has been approved to serve as a trustee.)
Borrowers must have a PayPal account, be over 18 years old, not currently in foreclosure or bankruptcy, and have household income under $100,000. They must also be able to get their network to lend money to them through the Kiva Zip program. (Lenders may lend as little as $5 to be considered qualified lenders.) For more information:zip.kiva.org/borrow.
To be endorsed by the Corzo Center, applicants must complete the following pre-application.
The Corzo Center pre-review form has been adapted from the actual Kiva Zip application; therefore some of the answers you provide as part of this pre-review may also serve you when you fill out the Kiva Zip Application.
We shall review applications three times a year – June, September, and January. The review process will also include an interview with a member of the Corzo staff. At this time, the Corzo Center may endorse no more than three applicants. Once we’ve endorsed three, we’ll not be able to accept more until we have received approval from Kiva Zip. (We’ll post on our website when we’ve reached our quota.)
Only those who have completed the following Corzo programs – the Boot Camp, Creative Incubator, and the Summer Program for Entrepreneurs – may be considered for endorsement by the Corzo Center.
Since this is a loan program, it is critical that those applying are in a position to repay the loan. As part of our review, we shall consider your ability to repay the loan on a defined schedule of repayments. We will look at the debts you currently have, the sustainability of your business, the network you’ve already developed, and the income you’ve already earned in your business. Applicants, who have in business for three or more years, must be able to report that in the last fiscal year they earned income from their business of at least $10,000 and have had a growing revenue stream of 20% over each of the last three years. Applicants in their first two years of business must be able to report that in the last year they earned income of at least $15,000.