Women entrepreneurs have shown remarkable resilience despite facing significant challenges in securing business funding. Persistent barriers to capital and the daunting task of managing finances without the right tools and knowledge have not deterred their determination to thrive and expand. However, without proper support, many microenterprises have faltered. As a CDFI, we aim to help women entrepreneurs in Tucson overcome these barriers and reach their full potential, ensuring their businesses survive and flourish.
In collaboration with Groundswell Capital, we are tackling these challenges head-on with the ‘Rise & Thrive with Kiva: Women’s Business Finance Empowerment Program.’ This transformative initiative is designed to provide women entrepreneurs who have been in business for at least one year and seek to expand with the resources and training needed to overcome financial barriers. Participants are awarded grant funding to hire accountants and enhance their operational capabilities, providing crucial support for their growth. This funding also included a one-year subscription to QuickBooks, complete with detailed training, to help them manage their finances effectively.
A cornerstone of the program was empowering participants to secure the funding they needed to grow their businesses. This was achieved by providing participants with training on storytelling and the Kiva application process, enabling them to secure zero-interest loans of up to $15,000. Over the last three years, the Tucson Kiva Hub, with the support of community lenders, has facilitated over $800,000 in loans to small businesses, with more than 75% going to women-owned businesses. By fostering collaboration and providing essential capital for business expansion, the Kiva program helps connect community lenders to entrepreneurs ready to take their businesses to the next level. This comprehensive support system empowered women entrepreneurs to overcome financial barriers, placing them on the path toward long-term success.
The success of ‘Rise & Thrive’ is a testament to the power of collaboration. Growth Partners Arizona, Groundswell Capital, and the Tucson Kiva Hub have united to ensure that women-owned businesses receive the support they need. This partnership underscores our commitment to nurturing a vibrant, inclusive business community where women can flourish.
The journey of these remarkable women culminated in a joyous celebration at our FORGE office in Tucson, AZ, on May 23, 2024. The ‘Celebrating our Rise & Thrive with Kiva Financial Empowerment Cohort’ event was a testament to the incredible achievements of the participating entrepreneurs. To continue nurturing their growth, we invite you to support these ten businesses in reaching their fundraising goals. You can make a significant impact by contributing to their Kiva campaigns. Visit our Kiva Landing Page, selecting the business you wish to support, and lend $25 or more to help drive their success. By contributing to their Kiva campaigns, you are crucial in empowering women entrepreneurs and fostering a diverse and inclusive economic landscape in Tucson.
Together, we can make a lasting impact on Tucson’s economic future.
