Wells Fargo Foundation grants $40,000 to expand Kiva Iowa microlending

NewBoCo has secured a $40,000 grant from the Wells Fargo Foundation to deepen the reach of Kiva Iowa, the statewide microlending hub the organization has operated since 2021. The money will support additional capital access, business mentorship and entrepreneurial education for Iowa small-business owners.

Since its launch, Kiva Iowa has helped more than 80 businesses secure over $575,000 in crowdfunded, zero-interest loans ranging from $1,000 to $15,000. Lenders contribute in increments of $25 or more through the San Francisco-based nonprofit Kiva, founded in 2005.

"Wells Fargo is proud to support NewBoCo, which has been hugely beneficial for small businesses in Cedar Rapids," said Jenny Johnson, senior regional banking district manager for Wells Fargo.

The program specifically targets entrepreneurs from underserved backgrounds, including Black-owned, LGBTQ+-owned, veteran-owned and woman-owned ventures. Kaitlin Byers, Capital Access Manager for Kiva Iowa, called the hub model "a needed extension of the work NewBoCo has been engaged in over the past ten years."

Kiva Iowa began with funding from the Iowa Economic Development Authority, GoDaddy and the City of Cedar Rapids. In 2022, Cedar Rapids Bank and Trust added a matching-fund partnership. The Wells Fargo grant marks the first major national bank foundation to join the coalition.

For Cedar Rapids founders, the infusion means more loan capacity and more hands-on guidance at a stage where traditional bank financing often remains out of reach.