Monday, September 5, 2011

Kiva Celebrates Labor Day with Economic Expansion!

Kiva’s work has recently expanded to include funding loans in Detroit and New Orleans with our new program Kiva City. We are now proud to be part of the economic recovery and expansion here in the United States.

Kiva City will significantly scale the ability of microfinance to promote growth and job creation in the cities and towns of greatest need across America.

Torrie Jakes, owner of Jakes Aesthetics, a medical skin treatment business, is a small business owner who recently benefited from a Kiva loan. Since Hurricane Katrina, she has tried twice to set up her business in doctor’s offices but both times the offices closed and she had to start over.

Photo provided by Kurt Coste at

That prompted Jakes to open a shop by herself in Mid-City. Part of the Kiva Loan will buy a bed for her clients, who currently use a medical table.

“I never intended to be a small business owner. I just wanted to do my work. But I needed to not start my business again every couple of years,” Jakes said. “All of a sudden I open a business and I have no money, I have no credit.”1

With the help of our partners and lenders around the world, Kiva City helps make credit available to more people across the Untied States working to create or expand their small businesses. On this Labor Day, Kiva is proud to be part of a solution that helps create opportunity during these economically challenging times. You can also help by going to our website and making a loan.

Thank you and happy Labor Day from everyone at Kiva.

1 New Orleans CityBusiness