Loans for Food Entrepreneurs Through Kiva Zip

Posted on August 25, 2014 by

We haven't gone into too much detail about fundraising on this blog, but it's an important component of starting any business, especially one as labor and capital intensive as a food business.

As your business grows, you need to hire more staff, purchase equipment and build inventory to save money in the long run. But that's before you make or save any of that money, so it's a bit tricky financially.

Fundraising to Grow Your Business

That's where some form of fundraising comes in - you borrow money now to invest in your business and pay it back after you've realized the return on your investment.

Having tried to raise money a few times for food and non-food businesses, we realize the importance of understanding your fundraising options. There are always credit cards, friends and family, small business loans, crowdfunding programs like Kickstarter, and now there's another option.

0% Loans Through Kiva Zip

This week we had the opportunity to meet with the non profit Kiva Zip. They offer 0% interest loans up to $5,000 for food entrepreneurs around the country.


Kiva Zip

They've managed to eliminate credit scores, collateral, and a lot of the components of underwriting that eliminate the food businesses we see on ReciPal from bank loans. Instead, they focus on the character and reputation of the entrepreneur through their network of Trustees.

Kiva Zip loans can be used for any business purpose, whether it’s investing in new equipment, funding a major project, or hiring staff. This clearly fits the profile of some of our users at ReciPal.

Loans are crowd funded on the Kiva Zip website by people around the world who invest as little as $5 each. These lenders are not only investing in your company, but can also be potential customers, brand ambassadors, and advisors that you can communicate with directly.

If you're interested, you can learn more about their program.

Final Thoughts

Any other fundraising options you've seen for food businesses? Let us know and we'll share them with our community.


About Lev Berlin

Lev Berlin is the founder & CEO of ReciPal. Having previously been a founder of SlantShack Jerky, he needed nutrition labels and simple tools to start and run the business. He's read the FDA food labeling code countless times in the process of creating ReciPal and helping small food businesses with their labels. He's reviewed and created thousands of food labels, and been a mentor and guest speaker at food incubators, food business courses, and regulatory conferences, like Brooklyn Foodworks and ICE.

After graduating from Princeton with an engineering degree, Lev was a management consultant, then founder or early employee at half a dozen startups. He loves nothing more than helping other small businesses get off the ground and achieve their goals.

Learn something? Check out similar posts:

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