WBD Award Expands Kiva@WWBIC

MILWAUKEE, WI – WBD, Inc. has gifted $100,000 of Opportunity Funds to the Wisconsin Women’s Business Initiative Corporation (WWBIC) for a two-year grant to expand Kiva US crowd-funding in the southeast Wisconsin counties of Racine, Kenosha, and Walworth.

Kiva US offers access to capital for small businesses and entrepreneurs to build their borrowing potential and empower them to reach their business goals. WWBIC is the hub for all Wisconsin Kiva loans. Kiva@WWBIC offers loans from $1,000 to $15,000, that are 0% interest, fee-free loans that require no credit score, collateral, business plan, or financial statements.

“We are so thankful to WBD, and are thrilled to be able to advance Kiva lending even further in our southeastern market,” says Wendy Baumann, WWBIC President and Chief Visionary Officer. “This investment in Kiva@WWBIC Southeastern Wisconsin will allow for a staff position for outreach in this growing region.”

WBD is the Midwest’s largest and most successful SBA 504 lender. Each year, WBD invests in projects, activities, and organizations with specific efforts aligned with their mission to “Grow Businesses, Create Jobs, and Build Communities.”

“We are proud to continue our long-term relationship with WWBIC. They are the perfect organization to help under-served communities access financial services through Kiva,” explained Dan Schneider WBD President/CEO. “WBD appreciates the opportunity to help support the expansion of this valuable resource to yet another area of Wisconsin.”

Kiva@WWBIC was launched in 2013 in Milwaukee, then expanded into West Allis in 2019. With support from WBD, Kiva also expanded to Madison in 2019. As of December 2021, Kiva@WWBIC has facilitated more than $2.9 million in loans to micro-entrepreneurs across Wisconsin with an average amount financed of $6,063.

WWBIC also serves as a Kiva trustee, vetting micro-entrepreneurs and helping them reach the crowdfunding platform. WWBIC is unique to Kiva US due to the large array of lending options and technical support housed within WWBIC. Kiva@WWBIC entrepreneurs are able to access a variety of loan capital options which can be coupled with technical assistance including credit repair, financial education, and counseling which is provided throughout the life of the loan.

This technical assistance allows for Kiva@WWBIC to not only have a successful repayment rate, but also provides entrepreneurs the opportunity to grow their business and create greater stability and viability in their business.

“We have seen first-hand how Kiva breaks down barriers, creating impact for those business owners who are often financially excluded or are dealing with adverse socio-economic factors”, says Heather Lux, WWBIC Senior Project Director. “We look forward to continuing to grow Kiva, while offering these borrowers access to all of our resources including WWBIC’s trainings, Initiate Portal, 1:1 support, additional access to capital, and the Veterans Business Outreach Center.”

For more information on Kiva@WWBIC, please reach out to Heather Lux, Senior Project Director at heather.lux@wwbic.com or 262-898-5001.

About WWBIC

The Wisconsin Women’s Business Initiative Corporation (WWBIC) is a leading, statewide, innovative economic development corporation “Putting Dreams to Work.” They are AERIS rated and are one of Wisconsin’s first Community Development Financial Institutions (CDFI). WWBIC’s primary focus is on women, people of color, lower-wealth individuals, and veterans and military connected families, providing direct lending and access to fair and responsible capital, quality business training, one-on-one technical business assistance and coaching to increase financial wellness. Since 1987, WWBIC has lent over $95 million in micro and small business loans with a current loan portfolio of $24 million and 1,000 loans. WWBIC serves over 5,000 entrepreneurs and business owners annually. To learn more about WWBIC visit: wbd.org.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.