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American Microfinance

Thursday, July 29, 2010

Posted by Molly Nelson - Yesterday's New York Times shared the story of Amanda Keppert, the owner of Mandy's Korner, a hot dog stand in San Jose, California. With people eating out less, Keppert was worried that her business wouldn't survive the economic downturn. She applied for loans, but was rejected by numerous banks - until she found a local microlender working with well-known international microlender Kiva. Keppert obtained a $6,500 loan through Kiva, allowing her to purchase needed equipment for her business.

Although many people associate the concept of microlending and microlenders like Kiva with the developing world, according to the Times, "tight credit and the recession have increased the demand for smaller loans in the United States, giving microlending a higher profile and broadening its appeal."

If you're looking for a microloan, you may want to check out Kiva, Grameen Bank, and Accion USA. Also, remember that as an NASE Member you may be eligible to apply for a Business Development Grant from the NASE for up to $5,000 to meet a specific business need. 

Has your business received a grant from a microlender? Share your story in the comments!


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