5 Trusted Kiva Competitors Perfect for Small Businesses
As a small business owner, finding funding can seem like a huge challenge. What method should you use to secure the capital you need to thrive? Maybe you’ve considered Kiva but aren’t sure it’s right for your business.
We’ve compiled the top five Kiva competitors that are perfect for small businesses. Read on to learn about alternative options for access to small business capital.
What is Kiva?
Kiva is a nonprofit organization that gives small, affordable loans to entrepreneurs and students in 77 countries. This free platform allows people to lend money to small businesses and entrepreneurs via the internet.
This nonprofit was founded in 2005 in San Francisco, California. Kiva now has headquarters in Bangkok, Nairobi, and Portland.
How Does Kiva Work?
So how does Kiva actually work? A borrower applies for a loan, then the loan goes through Kiva’s underwriting and approval process. Then, the loan is posted to Kiva and lenders can crowdfund the loan in increments of $25 or more.
5 Kiva Competitors for Small Businesses
When looking for small business financing, it can be difficult to determine which organizations are trustworthy and have low-interest rates. Here are five Kiva alternatives that give out small loans at reasonable rates while maintaining a high level of transparency and accountability.
These Kiva competitors can help you to secure the funding your small business needs with favorable terms.
1. LendThrive
LendThrive is an online lender that provides small business owners with fixed rate business loans up to $150K. The company’s mission is to enable entrepreneurs to overcome financing challenges to achieve growth and success. The team at LendThrive understands that small business owners face challenges when seeking capital and wants to alleviate stress.
LendThrive makes getting a small business loan simple. This Kiva competitor offers great rates and a fast approval process. LendThrive wants to see your small business succeed. Apply for a loan from LendThrive today!
BBB Rating: LendThrive is a sister company of the Arizona-based AVANA Capital which has an A+ rating.
2. Fundbox
Fundbox is a Kiva competitor that provides small businesses with access to a line of credit up to $150K. This flexible small business financing option allows entrepreneurs to invest in growth and manage their cash flows.
Founded in 2013, Fundbox has helped entrepreneurs grow their businesses with access to capital. Like LendThrive, this Kiva competitor also does not have a prepayment penalty. The line of credit can be prepared over 12 or 24 weeks and your credit amount goes back up as you pay it off.
BBB Rating: A+
3. Kickstarter
Kickstarter is a crowdfunding platform that has been in operation since 2009. The company’s mission is to help people bring their ideas to life through the support of others.
Small business owners can use Kickstarter to raise funds by offering rewards and experiences in exchange for pledges. This Kiva competitor doesn’t provide funding directly, but it does offer a way for entrepreneurs and small business owners to get the seed money they need.
This platform is a good option if you want to raise funds while testing your product or idea; however, keep in mind that any funds raised on Kickstarter must go towards creating and distributing your product.
BBB Rating: Kickstarter is not currently accredited by the BBB.
4. CAN Capital
CAN Capital is a nationwide lender for small business owners and entrepreneurs that provides loans from $2,500 to $250K with flexible terms. The company has been in business since 1998 and has provided over $7 billion in funds.
This Kiva competitor does not charge any prepayment fees or penalties if your business needs to pay off a loan early. When you apply for a loan with CAN Capital, the application process can take just a few minutes and your funds are typically deposited into your account in less than 48 hours!
BBB Rating: A+
5. OnDeck
OnDeck is another Kiva competitor that gives out small business loans up to $250K. This online solution provides term loans for business investments such as expansion or large purchases. Small business owners who are approved for a loan with OnDeck have the flexibility to use their funds in many different ways.
This Kiva competitor offers a fast and convenient process so you can get the funds your business needs. OnDeck’s repayment terms go up to 24 months and can be set to automatic daily or weekly payments. Like LendThrive, OnDeck awards entrepreneurs with loyalty and referral discounts for positive payment and behavior history.
BBB Rating: A+
Now you know about several great Kiva competitors for your small business. If you want a flexible business loan with a fixed rate, look no further than LendThrive.
Fund Your Business With LendThrive
The team at LendThrive wants to help your business grow. We offer small businesses in many industries the funds they need to succeed. LendThrive is the best Kiva alternative because it offers reliable service and flexible terms.
You can use our loan calculator to see your estimated monthly payment. Apply for a loan today and get approved in as little as 24 hours! Contact us for more information.
