Trustee: Envolve Entrepreneurship
New York , NY
- Why are you interested in becoming a Trustee?
- We recognize pursuing an entrepreneurial dream and scaling a venture requires constant and ongoing support. As an organization that facilitates an award funding competition once annually we are committed to providing other access points to capital throughout the year. Entrepreneurs have financial needs that extend any specific timeframe in a given calendar year so we want to do our part to promote other funding options. Kiva is a trusted source of micro loans globally and its mission aligns well with our effort to provide working capital for underserved entrepreneurs.
- What is the mission of your organization?
- Envolve is a 501(c)(3) entrepreneurship organization that strives for a global society where all business owners can prosper and grow. We are committed to cultivating a global entrepreneurial ecosystem – helping diverse communities access resources, advice and support services to pursue their business dreams.
Borrower Due Diligence
- How will you decide who to endorse as a borrower? What due diligence will you conduct?
- As a Kiva Trustee, we will implement the same proven application and due diligence process as our Envolve Award program that funds early-stage entrepreneurs. Our funding program targets high-potential, diverse early stage entrepreneurs in under-resourced communities across several US cities. Our businesses are prime candidates for incubator and accelerator programs, non-traditional lenders and other programs working to increase diversity in business, especially through access to capital. Potential loan recipients must be post-launch, or have been established within 1-3 years and have not exceeded revenue of $150,000 or more within the application year. The business must be a revenue-generating model (Corporation, B Corp, LLC, Sole proprietorship, etc.). Prospective loan applicants are assessed based on a rubric that takes into consideration (in no particular order): 1) Core team; 2) Business model; 3) Implementation; 4) Financials (including projections); 5) Capital required and repayment terms; and, if necessary, video/online interviews, followed by selection from a panel of internal and external advisers.
About Envolve Entrepreneurship
All Loans for this Trustee