Trustee: Community Investment Collaborative
- Why are you interested in becoming a Trustee?
- We believe that strong local economies come from within: CIC is a grassroots initiative created by the community for the community. Driven entirely by local business leaders, we support local entrepreneurs through a comprehensive model of business education, financing, mentoring, and networking. Kiva Zip offers a platform for members of our community to lend direct financial support to entrepreneurs and for the entrepreneurs, in turn, to earn advocates and friends. The Kiva Zip community is a natural fit for us.
- What is the mission of your organization?
- The mission of CIC is to leverage community resources to provide capital and education to entrepreneurs who have difficulty accessing funding from traditional sources and who seek an educational support system that is relevant to their business needs.
Borrower Due Diligence
- How will you decide who to endorse as a borrower? What due diligence will you conduct?
- Borrowers that we endorse for Kiva Zip Loans must meet the same criteria as those we lend to directly. Those characteristics include: Micro to small-sized private sector enterprises active in Charlottesville, Albemarle, Fluvanna, Nelson, Louisa, and Greene. Businesses that have completed CIC’s Entrepreneurship Workshop. Businesses with and without previous operational history. Businesses must be formally registered in Virginia (business license and other appropriate). Businesses must have a business bank account. Businesses must have and/or project sufficient cash flow to meet obligations. Businesses cannot access traditional sources of financing (i.e. commercial bank loans). Borrowers must not discriminate against any groups in their hiring and business activities. Once an entrepreneur has graduated from our class, they may apply for a loan. We have an independent loan committee that will review their application and make recommendations about their loans.
About Community Investment Collaborative
Trustee type: Nonprofit Micro-enterprise Development Organization
Location: Charlottesville, VA
Time on Kiva: April 28, 2013 (47 months)
Total loans: $10,000
Repayment rate: 100%
All Loans for this Trustee