New York City and Kiva, a crowdfunding website, have partnered to support women-owned small businesses. The new partnership entitled WE Fund is an online platform where female entrepreneurs based in New York can garner loans from a mass audience. Since its launch in November, the city has said “it’s helped funnel more than $280,000 in zero-interest loans to 40 women”. In addition, according to the mayor’s office “the average WE Fund loan is about $5,500 and that 80 percent of the loans have gone to minority entrepreneurs and 35 percent to immigrant entrepreneurs.”
WE Fund is not looking to stop there and is planning on supporting 500 women-owned small businesses over the next three years. The idea behind the initiative is that it doesn’t take a ton of capital to help startups and small businesses get off the ground. For women-owned businesses located in New York and looking to gain a zero interest loan between $5,000 and $10,000, the new We Fund portal is a definite option.