SF Budget & Finance Committee passes Kiva Zip Resolution
This blog post is a continuation to last week's San Francisco to vote on Resolution to become Kiva Zip Trustee.
Pictured: The Kiva Zip team outside of City Hall before the Budget and Finance Committee meeting
Breaking news! On Wednesday, October 9th, the City of San Francisco’s Budget and Finance Committee approved a Resolution to create a partnership between the City of San Francisco and Kiva. This Resolution will allow the City to act as a Kiva Zip Trustee to identify and endorse small businesses for Kiva Zip loans. Having been passed unanimously by the Budget and Finance Committee, the full Board of Supervisors will vote on the Resolution on October 22nd.
The meeting began with Supervisor Mark Farrell passionately expressing his active support for Kiva Zip. Mr. Farrell, the first California elected official to act as an individual Trustee, highlighted the City’s partnership with Kiva Zip as the “opportunity to empower our communities in a new way,” adding that “when small businesses do well, we all do well.”
Pictured: Kiva President Premal Shah and the Kiva Zip team in their seats at City Hall
Kiva President Premal Shah spoke next, articulating how small businesses almost always name capital within their top 3 constraints. He added that Kiva Zip is not only revolutionizing small business access to affordable capital, but also creating and promoting community and human connectedness.
Pictured: Kiva President Premal Shah presenting to the Budget and Finance Committee
The next organization to support the resolution was the Mission Economic Development Agency (MEDA), a Kiva Zip Trustee and community-based organization offering free economic development services in the Mission district of San Francisco. To date, MEDA has endorsed 7 borrowers, ultimately infusing over $55,000 of capital into the Mission neighborhood!
The Small Business Commission and Chamber of Commerce also offered support for the creation of a partnership between the City and Kiva. Both organizations expressed excitement about the opportunity to utilize Kiva Zip as a tool to give the small businesses in their network access to capital, and also as a platform to provide local community members an avenue to support the local small businesses in their neighborhoods.
Kiva Zip borrower Anna, owner of Anda Piroshki, detailed her inspirational story and how $30,000 in Kiva Zip loans from over 500 lenders have helped her expand her piroshki business, open a second kiosk, and hire employees. Anna concluded with how Kiva Zip’s impact is “not only the loan, it’s the connection. I feel a part of this community, (the lenders) believe in me and support me.”
Pictured: Kiva Zip borrower Anna, owner of Anda Piroshki
Kiva is truly thankful for the support we received on such a memorable day. Mr. Farrell couldn’t have said it better: “The opportunity is to get involved in your community as a lender is real.” To help support small businesses in your community, make a loan today on Kiva Zip!
Want to hear more? Watch the video of the Budget and Finance Committee meeting here!
Photos courtesy of Zach Land-Miller.