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Visa Gives $1 Million To Microlender

Written by Ken Gaebler
Published: 10/20/2010

Kiva.org use funds to support small businesses in the Gulf Coast

A microlender will soon be able to provide more loans than ever before thanks to a recent investment from one of the largest credit card companies in the United States.

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Visa announced today that it would support Kiva.org's mission to provide $1 million in loans for small businesses in the Gulf Coast region through microloans. The lending will be provided to area residents trying to start a small business who have yet to find a loan provider. One of the biggest issues facing entrepreneurs today has been access to capital and this program hopes to curb some frustration.

"Small business growth is crucial to stimulating job creation in the U.S. and small loans make a big difference," said Premal Shah, President of Kiva.org. "We see this partnership with Visa as a meaningful opportunity to empower small business owners and help revive the U.S. economy, starting with a region in urgent need."

Visa made news for small business when it invited social media expert Mirna Bard, a self-described "hype-free" speaker, to be part of its Business Network. As a member of the network, she will give advice to entrepreneurs around the globe. 

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