New Program Offers No-Interest Loans to Small Businesses

Help has arrived for entrepreneurs in Phoenix to boost their businesses with access to affordable capital. Better Business Bureau Serving the Pacific Southwest (BBB) has partnered with GoDaddy Inc. (NYSE: GDDY) and the City of Phoenix to launch the Phoenix Kiva Hub, which provides zero percent interest loans to small businesses unable to access traditional capital.

The Kiva Hub will operate from the BBB Phoenix Campus and will support entrepreneurs throughout Maricopa County. BBB is the largest trade association in Arizona and raises awareness in marketplace ethics to build businesses that operate with integrity.

With support from GoDaddy, the company that empowers everyday entrepreneurs, BBB has become the epicenter to ignite business growth by offering educational programming, mentorship and online products through GoDaddy’s social impact program, Empower. With the addition of access to capital funding, the collaboration further strengthens support for entrepreneurs during their journeys.

“We know that businesses succeed when there’s the right mix of capital, technical assistance and network resources,” said Stacy Cline, Senior Director of Corporate Social Responsibility for GoDaddy. “We’re excited to expand our partnership with BBB Phoenix and the launch of the Phoenix Kiva Hub to get much needed capital into the hands of local businesses who need it now more than ever.”

As a premier sponsor of the program, the City of Phoenix is proud to work alongside BBB and GoDaddy to get money quickly into the hands of small businesses. This partnership is a testament to the values and principles that make Phoenix a welcoming place to live and start a business. The Phoenix Kiva Hub will focus on financial access to support the community’s most economically underserved entrepreneurs, including minority and women-owned businesses.

“Our smallest businesses can face challenges raising capital from traditional sources,” said Mayor Kate Gallego. “The ability to tap a no-interest microloan can help foster the future growth of these vital businesses.”

Covid-19 has exacerbated the need for capital as small businesses struggle to make ends meet. The Phoenix Kiva Hub is a vital component in bringing financial access to those business owners and entrepreneurs that would typically be excluded from other forms of financing.

“Women-, veteran- and minority-owned businesses are receiving much-needed capital during this pandemic through the BBB Phoenix Kiva Hub microloan program. This tool was established to assist businesses during this critical time with funding to weather the Covid-19 health emergency,” said District 4 Councilwoman Laura Pastor. “Small businesses are absolutely essential to the Phoenix economy. The no-interest Kiva loans will help keep them going as they serve and help our communities thrive.”

To assist in the loan application, BBB has hired Jose Anca as Capital Access Manager. Kiva loans are generated through a crowdfunding model and Anca will work directly with small business owners, entrepreneurs and diverse startups to pitch their concept to local lenders who will contribute to raising the funds.

“Our BBB provides a myriad of educational and technical assistance programs to entrepreneurs thanks to our existing partnership with Empower by GoDaddy, so adding the Phoenix Kiva Hub and partnership with the City of Phoenix is truly a trifecta that will allow us to serve small business owners in need of working capital to launch or survive,” shares Anca.

To apply

Kiva loans offer financing from $1,000 to $15,000 with zero interest, zero fees, and extended grace periods for repayment as a response to the Covid-19 pandemic. To apply, visit our website.

For more than 100 years, the Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2020, people turned to BBB more than 220 million times for BBB Business Profiles on 6.2 million businesses and Charity Reports on 11,000 charities, all available for free at BBB.org. The International Association of Better Business Bureaus is the umbrella organization for the local, independent BBBs in the United States, Canada and Mexico. Incorporated locally in 1938, BBB Serving the Pacific Southwest serves Greater Arizona and Southern California, providing critical tools to ignite success including mentorship, online products and access to capital. Our objective expertise educates the community on ethical behavior in the marketplace and how businesses can build trust.

GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services, and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success.

The City of Phoenix is America’s fifth-largest and fastest-growing city. Every day, the Census Bureau estimates an average of 72 people choose the city of Phoenix to be their new home. More people have moved into Phoenix in each of the past four years. These new Phoenicians add to a diverse city with an educated workforce. Phoenix is the largest U.S. city with a council-manager form of government. It is home to three of the four largest city parks in the world. Phoenix’s economic strength is backed by advanced manufacturing, bioscience healthcare, technology, and business and financial services. More than 94 percent of the businesses in Phoenix have fewer than 100 employees, making small businesses a big part of the city economy. The Phoenix City Council is making it a 2021 priority to help the resiliency of its small businesses.