U.S.-based online lending platform Lendio announced on Wednesday it has provided more than 10,000 Kiva micro-loans to entrepreneurs in the developing world through Lendio Gives. Lendio reported that its Lendio Gives is an employee donation and employer matching program focused on facilitating global entrepreneurship. To date, the program has provided over $250,000 in microloans to business owners around the world.
“Lendio is committed to making access to capital simpler and quicker for the millions of small business owners in the U.S. Lendio’s mission to fuel the American dream goes hand-in-hand with Kiva’s goal of fueling global entrepreneurship. For every new loan facilitated on Lendio’s marketplace platform, Lendio provides a microloan to a low-income entrepreneur through Kiva. This voluntary program boasts a 94% participation rate from Lendio employees.”
While sharing more details about the program, Lendio noted that while not all of Lendio Gives loans go to women-owned businesses, about 95% do.
“To help close the financial gender gap, Lendio has chosen to focus on fueling women-owned businesses through this charitable initiative. Loans are provided in $25 increments to underserved small business owners, many of whom have been turned away by traditional lenders. When loans are repaid, Lendio Gives reinvests them into reloans to further the positive global impact of these contributions.”
Brett Child, Co-founder and EVP of Sales Operations at Lendio, went on to add:
“Lendio is committed to empowering female entrepreneurship through the loans we facilitate on our own platform as well as our contributions to Kiva. Our aim is to give every entrepreneur a fair shot at success, particularly those who are socially or economically challenged.”