New Orleans, LA
- Why are you interested in becoming a Trustee?
- As a micro-enterprise development organization, we are looking to use the Kiva Zip platform to connect our entrepreneurs with affordable financing. Becoming a trustee will help further our mission to empower sustainable livelihoods in the 17 wards of New Orleans.
- What is the mission of your organization?
- To fight opportunity inequality in the 17 wards of New Orleans by providing financial and educational tools for self-empowerment to micro-entrepreneurs.
Borrower Due Diligence
- How will you decide who to endorse as a borrower? What due diligence will you conduct?
- First, applicants will have to have a business development relationship with Fund 17. These relationships help entrepreneurs build the necessary foundations for a bankable enterprise, preparing them for a Kiva Zip (or any other type) loan. This relationship also ensures we have trust and communication established. Secondly, we will use Fund 17's own underwriting standards before endorsing a borrower. This includes a credit check (or verifying an alternative form of credit, like a landlord reference) and verifying income and expenses to ensure the monthly disposable income is at least 2x the amount of the potential monthly loan payment. We also will only endorse for loans with income-generating purposes or necessary working capital.