Source: Business Wire.
Original press release available here.
SPRING HOUSE, UNITED STATES, April 15 – Advanta and Kiva have launched the KivaB4B Project (www.kivab4b.org), a joint initiative announced today that encourages small business owners and entrepreneurs in the U.S. to support entrepreneurs in developing countries. Through the initiative, Advanta customers can make grants – using an Advanta business credit card – to Kiva for entrepreneurs of their choice, and Advanta will match each grant, dollar for dollar, up to USD 200 per month per account. That’s double the capital, double the impact.
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market, and Kiva is a non-profit organization that created the first peer-to-peer microfinance platform.
“In our years of working with small business owners, we’ve found that many of them remember the moment someone gave them inspiration, some good advice, or a little cash to get things going,” said Ami Kassar, Advanta’s Chief Innovation Officer. “Now, through KivaB4B, American small business owners can offer that same ray of hope to entrepreneurs in developing countries.”
Advanta was started in 1951 with USD 30 in seed money. Jack Alter, a Philadelphia school teacher, wanted to help fellow teachers get access to capital. Advanta learned early on that an entrepreneur with a little bit of money can change the world. Today, Kiva is providing that access to entrepreneurs around the globe. A typical entrepreneur on Kiva is seeking less than USD 1,000 for their business.
“This project presents an incredible opportunity for entrepreneurs in the developing world,” said Premal Shah, President of Kiva. “Advanta’s commitment to use its own matching funds to encourage small business owners in this country to support entrepreneurs in the developing world is a great example of corporate innovation and social responsibility.”
Advanta customer Karil Daniels is a filmmaker in San Francisco who owns her own business and has been providing grants to women-owned businesses in developing countries.
According to Daniels, “A handout lasts for a moment, while a hand up lasts for a lifetime. I have seen poverty in the developing world first hand, and as a small business woman I am grateful for the opportunity to assist my fellow entrepreneurs through the KivaB4B program.”
Certain terms, conditions and limitations apply to participate in the KivaB4B Project. Please visit www.kivab4b.org for details.
Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiate the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. Learn more about Advanta at www.advanta.com.
Kiva.org (www.kiva.org) is the world’s first person-to-person micro-lending website, empowering individuals to lend directly to an entrepreneur in the developing world. Founded in 2005 by Matt and Jessica Flannery, Kiva.org’s mission is to connect people, through lending, to alleviate poverty. Kiva.org currently connects lenders in more than 50 countries with entrepreneurs in 39 developing countries, through 62 microfinance partners. Kiva.org is headquartered in San Francisco.
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