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Board committee backs partnership to connect San Francisco small businesses to Kiva Zip microlending
Summary
The Board of Supervisors' Budget & Finance Committee recommended sending to the full Board a resolution authorizing the Office of Economic and Workforce Development to work with Kiva Zip to identify and endorse city small businesses for 0% microloans. Supporters said trustee endorsements and local coaching help borrowers access capital.
Supervisor Mark Farrell brought forward a resolution on Oct. 9 authorizing the City and County of San Francisco to partner with Kiva Zip, the microlending platform run by the nonprofit kiva.org, to help identify and endorse local small businesses for 0% loans.
Farrell said he served as the first California elected official to act as a Kiva Zip trustee and described a local example of the program’s impact: Patrick Maury, who raised a $5,000 zero-interest loan on Kiva Zip to buy a vehicle and expand his business. "When our small businesses do well, we all do well," Farrell said, arguing the platform complements city services by linking entrepreneurs to small-dollar…
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