Trustee: City of Oakland
- Why are you interested in becoming a Trustee?
- The City of Oakland desires to become a Kiva Zip "Trustee" and make the Kiva Zip platform available to local small businesses so they can access no-cost capital that may not otherwise be available while promoting economic development in Oakland; In addition we also would like to encourage and spur local economic development and job creation in an era of limited financial resources.
- What is the mission of your organization?
- The mission of our organization is to produce sustainable development that embraces the three principles of environment, economy and equity to residents, workers, businesses and property owners through the implementation of projects, programs and the provision of services in order to improve the physical landscape and economic environment of the Oakland Community. As well as, helping businesses and residents prosper by increasing investment in Oakland by creating an environment that promotes the retention, expansion and attraction of businesses.
Borrower Due Diligence
- How will you decide who to endorse as a borrower? What due diligence will you conduct?
- Endorsed entrepreneurs will be registered clients of the Business Assistance Center (BAC) and participate in direct business consulting efforts with BAC Advisors. Each of our loan clients must complete the following criteria 1. There is a strong community need for this business. 2. The person is in good character. 3. Client has the capacity to pay back the loan. For this we run their credit report, where we will be able to assess amount of debt and the financial risk of lending to each client. We want to make sure that whoever receives the resources will be capable of repayment, while expanding the program to other potential clients.