Kiva.org is a site devoted to microlending - it lends donated money to entrepreneurs in developing countries. To date, more than 420,000 companies in emerging-market nations have been started with Kiva's help.
Now, the site is broadening its reach in the U.S. It plans to make microloans - small loans that help companies get off the ground - to entrepreneurs in the Gulf Coast region, which was wracked by Hurricane Katrina in 2005 and suffered through the oil spill this spring and summer.
"Small business growth is crucial to stimulating job creation in the U.S., and small loans make a big difference," Kiva president Premal Shah noted.
The site announced this week that it is receiving $1 million from Visa to support its Gulf Coast lending efforts. The money, Shah said, will "empower small business owners and help revive the U.S. economy."
Bootstrapping a small company can be challenging. Kate Carrara, a cupcake baker in Philadelphia, told Kiplinger's last month that she had to downsize her life, take on debt and even sell her engagement ring to get her company going.
To learn more about financing startups and small business costs, read up with Kiplinger's articles and resources.
