Wells Fargo Foundation grants $40,000 to expand Kiva Iowa microlending through NewBoCo

A $40,000 grant from the Wells Fargo Foundation will expand the Kiva Iowa microlending program operated by NewBoCo, the Cedar Rapids-based nonprofit that serves as the state's Kiva U.S. Hub.

Since becoming the statewide Hub partner in 2021, NewBoCo has helped more than 80 Iowa businesses secure over $575,000 in loans through Kiva Iowa. The loans range from $1,000 to $15,000, carry zero interest and zero fees, and are repaid within three years. Lenders contribute in increments of $25 or more through Kiva's crowdsourced model.

"Wells Fargo is proud to support NewBoCo, which has been hugely beneficial for small businesses in Cedar Rapids," said Jenny Johnson, senior regional banking district manager for Wells Fargo.

Kiva Iowa specifically targets businesses that are often underserved by traditional lending, including Black-owned, LGBTQ+-owned, veteran-owned, and woman-owned ventures. Kiva, the international nonprofit founded in San Francisco in 2005, connects people through lending to alleviate poverty.

Kaitlin Byers, Capital Access Manager for Kiva Iowa, said the Hub model extends NewBoCo's decade of work by centralizing access to resources, tools, and guidance for local entrepreneurs.

The grant was reported by the Corridor Business Journal on September 18, 2024. As of January 2025, the program continued to add borrowers, including a Tiffin business owner who received a $6,500 loan to grow a vending machine and ATM operation.