Overview

Why are you interested in becoming a Trustee?

Over the last year and a half, Michigan Corps has partnered with Kiva to launch and build Kiva Detroit, which provides opportunities for citizens of varying backgrounds and associations to champion local business through microlending on the Kiva platform. As Michigan Corps' work has evolved, we have built a network of relationships with community leaders in cities around the state. Michigan Corps is excited to replicate Kiva Detroit's approach to civic engagement and microenterprise development in communities around the state, beginning in Flint! To this extent, Michigan Corps has mobilized a community of citizens in Flint who recommend local businesses for funding and rally around them as lenders on the Kiva platform. This network - Team Kiva Flint - will form an integral part of a new Michigan Corps chapter in Flint focused on supporting social and community-minded entrepreneurship. We are interested in becoming a trustee on Kiva Zip in Flint to open up new opportunities for Flint citizens near and far to lend through Kiva, and to support the launch and growth of businesses in an area experiencing exciting new developments and efforts in community revitalization.

What is the mission of your organization?

Michigan Corps is a statewide platform empowering Michigan’s citizens globally to use the web to make a difference in our home state. Michigan Corps launches initiatives that make it easier for Michigan citizens to, as “Corps Members,” partner with one another to champion social innovation and entrepreneurship around the state.

Borrower Due Diligence

How will you decide who to endorse as a borrower? What due diligence will you conduct?

Since Michigan Corps partnered with Kiva to launch Kiva Detroit in June 2011, we have gained expertise in the process of vetting new or existing business concepts interested in obtaining a microloan on the Kiva platform. Michigan Corps has mobilized a team of citizens in Flint (Team Kiva Flint) that nominate businesses for microloans through Kiva. Members of this team include representatives of local government, a local community development finance institution, business technical assistance organizations and more. This network is led by Elizabeth Garlow, a former loan and business development officer for a national microfinance organization that has vetted hundreds business plans for loans up to $50,000. Our work with Kiva is reliant on the leadership of this citizen network in nominating businesses who they believe have a real need for financial support, a compelling story the community can rally around, and strength of character. Upon receiving a nomination from the community, Michigan Corps will conduct due diligence with the prospective borrower, carefully considering the soundness of a business concept, legitimacy and potential impact of the loan purpose, the character of the loan candidate, their current standing with income and expenses and their history/experience with credit. Michigan Corps will rely on the Flint 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: track record in repaying debt, quality of references/recommendations, and evidence of community engagement & a sense of accountability to the community. Michigan Corps will ask borrowers to complete a basic income & expense worksheet and check their credit on annualcreditreport.com from Equifax and/or Transunion to understand current cash flow and total level of debt, including current and past due amounts.