FAYETTEVILLE Ark. (KNWA/KFTA) — Businesses across NWA are finding ways to stay afloat during the coronavirus pandemic. Some local ‘mom and pop’ shops are getting relief from the Startup Junkie Foundation’s Kiva Hub.
One of those businesses is Rockin’ Baker in Fayetteville. The owner, Daymara Baker said the Kiva loan program is helping her keep her lights on.
Just like many restaurants, Baker was forced to close her doors to customers because of COVID-19 but her kitchen is still hot. Baker is serving food banks, schools, and low-income communities. She turned to the Startup Junkie Foundation for help and learned about the Kiva NWA Hub.
Kiva is offering a crowdfunding loan program.
Once approved — businesses reach out to their customers, friends and family to support their loan fundraising.
To help during the crisis the Walton Family Foundation is matching that support up to $450,000 in loans.
“Every time someone in the community loans you $25, the Walton Family Foundation loans you $25, Therefore, if you are in Benton or Washington County with your business you will fundraise much more quickly,” said NWA Kiva Hub, Capital Access Manager, Martha Londagin.
“I reached out via social media via email, different ways and they respond right away…so that gave me the confidence that the Kiva loan was right for me because it also showed me my community wants me to stay in business,” Rockin’ Baker, Founder Daymara Baker.
The fundraising amount does depend on how much you need to borrow. Baker was able to meet her private loan pledges within two days and get the funding she needs.