Kiva Zip brought its crowdfunded loan program popular in Kenya to Portland and other U.S. cities.
Kiva Zip loans are microfinancing loans that allow people to crowdfund loans directly to small businesses and entrepreneurs. People around the world can lend small amounts of money to be pooled into a larger, interest-free loan.
The loan program was a good fit in Portland, where many small, socially minded businesses are located. Approximately 20 Portland businesses have applied for a loan so far.
Read more at KGW.