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Supervisors unanimously back Kiva Zip microlending partnership to help local small businesses
Summary
The Board approved a resolution authorizing a city partnership with Kiva Zip to recommend small businesses for microloans; sponsors and several supervisors highlighted early local endorsements and two borrowers who raised $5,000 each on the platform.
The San Francisco Board of Supervisors on Oct. 23, 2013, adopted a resolution authorizing the Office of Economic and Workforce Development to identify and recommend local small businesses to participate in a micro‑lending program operated by Kiva Zip (kiva.org). The board took the item as part of the consent calendar and the resolution passed without objection.
Supervisor David Campos and Supervisor Mark Farrell (item sponsor) led the discussion and described the program as a public‑private partnership to help entrepreneurs who lack traditional access to capital. Supervisor Farrell, who said he had become the first California elected official to act as a Kiva Zip trustee, described two endorsed borrowers from his district — Patrick Maury of Abundant Market and Tracy Teraoka of Poetica Art and Antiques — and noted that Maury raised his full $5,000 on the Kiva Zip platform at 0% interest within three weeks of Farrell’s endorsement.
Farrell said the Office of Small Business will vet applicants to ensure they do not have labor or health violations, do not carry significant debt burdens and that their enterprises will have social impact in their communities. The office will act as the primary city contact and will work with neighborhood economic development associations and merchant groups to identify candidates for endorsement.
Supervisors Campos, Yee, Breed, Avalos, Mar and others expressed support and said they planned to become trustees or already had filed paperwork to do so. Supervisor Yee described the international track record of small‑value microloans and noted high repayment rates abroad. Supervisor Breed said Kiva Zip could help fill gaps left after the dissolution of the Redevelopment Agency.
The resolution delegates an identification and recommendation role to the Office of Economic and Workforce Development and does not commit city funds to loans; Kiva Zip loans are crowdfunded and issued at the platform’s terms.
