Knight Foundation seeks to encourage the economic revitalization of Detroit. When they learned of Kiva’s plans to launch “Kiva Detroit” in partnership with Michigan Corps, they recognized an opportunity to reach their goals. By their matching loan funds for Detroit borrowers dollar for dollar, the foundation could empower Detroiters and supporters of Detroit to lend as little $25 to local, small businesses.
Knight Foundation supports Kiva Detroit, an innovative partnership with Michigan Corps and ACCION USA to engage and empower motivated community members to bring microfinance to Detroit and play a role in the economic rebuilding of the city. Kiva Detroit is in some ways a response to these economic conditions, and Detroiters’ desire to contribute directly to the support and success of the small businesses in their neighborhoods. By identifying and demonstrating this market demand, Kiva Detroit is leading the way for other financial institutions and community organizations to follow in the rebuilding of Detroit.