Baltimore, MD, July 1, 2024—Baltimore Community Lending (BCL) announced becoming the Capital Access Manager for KIVA’s new hub, which will be located at the new headquarters at 309 N. Calvert St. Baltimore, Maryland 21201, and is due to open in late 2024/early 2025.
M&T Bank, a supporter of BCL, is donating $100,000 to BCL’s Technical Assistance Program. The funds will be used to support KIVA’s online lending platform. The donation will enable the hiring of a capital access manager and cover the Kiva hub fees for the first two years, greatly enhancing the support infrastructure for local entrepreneurs.
“This M&T donation will support our expanded efforts to provide financial literacy training and coaching to budding entrepreneurs,” said Bonnie Crockett, Vice President and Director of Small Business Lending.
The KIVA Hub will allow BCL to assist small businesses in applying for 0% interest loans through the Kiva program. It will provide essential financial support and offer entrepreneurs a platform to engage with crowdfunding and share their unique stories with a broader audience, significantly enhancing the support infrastructure for local entrepreneurs.
“We are proud to partner with M&T Bank on this initiative,” said Watchen Bruce, President and CEO of Baltimore Community Lending. “Their support enables us to further our efforts in empowering entrepreneurs and strengthening the economic fabric of our communities.”
Lyndsae’ Peele, Kiva Entrepreneurial Ecosystem Manager, added, “Kiva is excited to expand our ability to provide zero-interest loans and valuable exposure to countless aspiring business owners, helping them to succeed and thrive in a competitive market.”
About Baltimore Community Lending
Baltimore Community Lending, Inc., is a 501(c)(3) nonprofit Community Development Financial Institution (CDFI) and mission-based lender serving the Baltimore metro area. BCL is 100% dedicated to delivering responsible, affordable lending products to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. BCL makes loans and provides training to small business owners and real estate developers committed to developing underserved neighborhoods.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.
About Kiva Online Lending Platform
Kiva is a global nonprofit, founded in 2005, with a mission to expand financial access and help underserved communities thrive. Kiva unlocks capital for borrowers through crowdfunded loans supported by individuals around the world. Lenders on Kiva can start with as little as $25 to support causes that matter most to them, whether that’s gender equity and support for women, refugees, climate change, small businesses, agriculture, and more. Since our founding, over two million people have invested $1.9 billion in real dreams and real opportunities, spanning more than 90 countries and 4.7 million borrowers.
