Kiva Hub loans are generated through a crowdfunding model—with some twists. Anca works directly with small business owners, entrepreneurs and diverse startups to pitch their concept to local individual lenders to help them contribute to raising the funds. Like a traditional bank loan, a borrower needs to complete an application to qualify for the private fundraising program. Unlike a traditional loan, however, Kiva loans don’t require a minimum credit score, years of cash flow documents or collateral.

For the public funding component, the Kiva Hub uses social underwriting to determine qualification.

“Borrowers need to show their community impact or have friends, community members or customers contribute to the campaign—essentially a down payment,” Anca says. “To make it easily accessible and equitable for less financially viable communities, we use those individual contributions to qualify. For example, a business might need to raise the minimum of $25 from six different people and at that point, their loan can be seen on the website by the public.”

Phoenix Kiva Hub also facilitates loan match funds from organizations, corporations and financial institutions that want to contribute to underserved borrowers. For example, during Black History Month and Women’s History Month, qualified Hub businesses received one-to-one matches.

GoDaddy came on board as the original funding partner, while the City of Phoenix serves as their premier partner on the administrative side, making connections to other organizations in the Valley.

“We know that businesses succeed when there’s the right mix of capital, technical assistance and network resources,” says Stacy Cline, senior director of corporate social responsibility for GoDaddy. “We’re excited to expand our partnership with BBB Phoenix and the launch of the Phoenix Kiva Hub to get much-needed capital into the hands of local businesses who need it now more than ever.”

To Anca, Phoenix Kiva Hub considers it a powerhouse partnership. “It’s what brings the Hub to life,” he says. “GoDaddy has been a longstanding accredited business with the BBB, and they’re helping us become the epicenter to ignite business growth. Together, we offer educational programming, mentorship and online products for entrepreneurs through their social impact program, Empower by GoDaddy.”

The Phoenix Kiva Hub also aligns with the City of Phoenix’s pro-business advocacy. “The economic development director, program managers, and city council members have all been extremely supportive in our efforts to bring this to small business owners and entrepreneurs,” Anca says.

In addition to guiding borrowers through the process, Anca serves as a hub on a personal level, using his experience with NB|AZ’s multicultural banking department to expand the Hub’s reach. His mission includes attracting community partners to provide funding and technical assistance to small businesses, as well as identifying organizations that might benefit from offering

Kiva as a resource to their members.

“Phoenix Kiva Hub gives me a unique ability to support the community that I grew up in with a product and service model that allows us to make an impact,” Anca says. “Based on the number of applications we’ve received, there’s a huge need—and we’re doing everything we can to get in front of that.”