(Editor’s note: This article first appeared on the LISC Phoenix website.)
Perodin Bideri, a west Phoenix shop owner who was raised in refugee camps in Tanzania, and Christy Moore, a veteran Valley nonprofit executive who is on a mission to disrupt the landromat industry, are in the same boat.
Both are seeing things — opportunities, specifically. Both have a brand of ambition that’s engaging and inspiring; it invites participation.
And both are navigating waves of success that often come with access to capital made possible through a partnership with nonprofits LISC and Kiva, an online crowdfunding platform. For as little as $25, a lender can join a fund that allows borrowers to receive loans of up to $10,000.
Access to capital is a major hurdle for emerging small-business owners. They don’t qualify for credit from traditional lenders. If they do secure loans, they come with high interest rates and fees.
With a Kiva loan, borrowers pay zero interest and no fees. That got the attention of Bideri, owner of B&R African Styles.
“When I was introduced to Kiva, it was a great opportunity to open doors that grow my business,” Bideri said. “To get a loan with zero interest? I was in.”