Chattanooga launches Kiva city loan program

Co.Lab Executive Director Marcus Shaw poses at the Co.Lab, in the Edeny Building, on Wednesday, July 26, in Chattanooga, Tenn.
photo Marcus Shaw, CEO of CO.LAB

Chattanooga kicked off the 2018 Startup Week Monday by launching a local version of an interest-free, kickstarter-style lending program that has already aided more than 3 million borrowers around the world.

Backed by the city of Chattanooga and four local foundations - Lyndhurst, Footprint, Benwood and the Community Foundation - the Company Lab (CO.LAB) is opening a local office of the Kiva loan program. Since its start in 2005 in San Francisco, Kiva has helped lenders provide as little as $25 to business projects they like to help fund loans of up to $10,000 to help entrepreneurs get their businesses started.

"This gives us another chance as a community to give support, encouragement and dollars to entrepreneurs who are just getting started," CO.LAB