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Trustee: Michigan Corps
Why are you interested in becoming a Trustee?
In June 2011, Michigan Corps partnered with Kiva to launch and build Kiva City Detroit, which provides opportunities for citizens to champion local business through microlending on the Kiva platform. To this extent, Michigan Corps has mobilized a diverse community of citizens to nominate Detroit-based businesses for funding, and has rallied hundreds of individuals around the opportunity to lend on Kiva. We are interested in becoming a trustee on Kiva Zip to open up new opportunities for our citizen network to nominate, lend and be funded through Kiva. We believe that Kiva Zip extends an exciting opportunity to build upon our community’s momentum and address Detroit’s unique barriers to accessing capital stemming from the recession and low-barrier opportunities to start and open storefront businesses.
What is the mission of your organization?
Michigan Corps is a platform that empowers Michiganders to use the web and more to lead change in our home state. Michigan Corps launches initiatives that make it easier for Michiganders to, as “Corps Members,” partner with one another to lead social innovation in communities across the state. Indeed, Michigan Corps is advancing a new kind of service statewide.
Borrower Due Diligence
How will you decide who to endorse as a borrower? What due diligence will you conduct?
Michigan Corps has mobilized a team of over 100 citizens in Detroit (Team Kiva Detroit) that nominate businesses for microloans through Kiva. This network is led by Michigan Corps, whose team includes a former loan and business development officer for a national microfinance organization. Our Kiva Detroit initiative fundamentally relies on the leadership of our citizen network in nominating businesses who they believe have strong character, a real need for financial support and a compelling story that the community can rally around.
In conducting due diligence, Michigan Corps will carefully consider the soundness of a business concept, legitimacy and social impact of the loan purpose, the character of the loan candidate, their current standing with regard to income and expenses and their history/experience with handling credit.
Michigan Corps will rely on our community’s recommendations of entrepreneurs with whom they have a strong existing relationship, along with our own effort in relationship-building to understand the borrower’s character, taking into account factors such as their track record in repaying debt, evidence of community engagement & a sense of accountability to the community.
Michigan Corps will also take into account the borrower's personal and business cash flow as indicated through an income & expense worksheet, credit reports and bank statements. An endorsement would be unlikely if the borrower shows patterned delinquency without explanation of hardship, and/or excessive debt levels, which beg the question of how effective a loan under $5,000 would be in making a difference for the borrower’s business investment needs.
This is the type of organization that the Trustee is.
What are Trustee tiers?
Trustee tiers determine the number of endorsements a Trustee can make and what loan sizes they can endorse. All Trustees begin as a pilot and can advance in tier depending on their borrowers' repayment performance.
For for more information about Trustee tiers, visit: kivaushub.org/trustee-tiers
This is the location where the Trustee is based.
Trustee's time on Kiva
Time on Kiva shows the number of months a Trustee has been endorsing loans on Kiva for funding.
Kiva borrowers (direct loans)
This figure represents the total number of loans endorsed by this Trustee that have fundraised on Kiva.
Trustee's total loans
This figure includes the total amount of loans that this Trustee has endorsed. This excludes refunded loans.
Fundraising / raised
This figure represents the number of loans endorsed by this Trustee that are currently fundraising or fully funded.
Paying back on time
This figure represents the number of loans endorsed by this Trustee that are currently paying back on their repayment schedule.
Trustee's loans paying back late
This figure represents the number of loans endorsed by this Trustee that are currently paying back behind their repayment schedule.
Repaid in full
This figure represents the number of loans endorsed by this Trustee that have completed all repayments.
Trustee loans defaulted
This figure represents the number of loans endorsed by this Trustee that have ended in default.
Trustee repayment rate
This figure is the total amount of money currently collected by borrowers endorsed by this Trustee, divided by the total amount of money currently due from borrowers. This excludes payments made ahead of schedule.