Wells Fargo Foundation grants $40,000 to expand Kiva Iowa microlending through NewBoCo
The grant backs a program that has already delivered more than $575,000 in zero-interest loans to Iowa small businesses since 2021.
A $40,000 grant from the Wells Fargo Foundation will expand the Kiva Iowa microlending program operated by NewBoCo, the Cedar Rapids-based nonprofit that serves as the state's Kiva U.S. Hub.
Since becoming the statewide Hub partner in 2021, NewBoCo has helped more than 80 Iowa businesses secure over $575,000 in loans through Kiva Iowa. The loans range from $1,000 to $15,000, carry zero interest and zero fees, and are repaid within three years. Lenders contribute in increments of $25 or more through Kiva's crowdsourced model.
"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.
Kiva Iowa specifically targets businesses that are often underserved by traditional lending, including Black-owned, LGBTQ+-owned, veteran-owned, and woman-owned ventures. Kiva, the international nonprofit founded in San Francisco in 2005, connects people through lending to alleviate poverty.
Kaitlin Byers, Capital Access Manager for Kiva Iowa, said the Hub model extends NewBoCo's decade of work by centralizing access to resources, tools, and guidance for local entrepreneurs.
The grant was reported by the Corridor Business Journal on September 18, 2024. As of January 2025, the program continued to add borrowers, including a Tiffin business owner who received a $6,500 loan to grow a vending machine and ATM operation.
Sources
- 1.NewBoCo receives Wells Fargo grant to further impact of Kiva Iowa — Corridor Business Journal
- 2.Business Assistance | Iowa City, IA — City of Iowa City
- 3.Kiva Iowa: Tiffin man growing vending machine, ATM business — The Gazette
- 4.KIVA Iowa: For Amanda Dee, client connections are everything — The Gazette
- 5.Kiva US Information Hub — Kiva
This story was researched, drafted, and fact-checked with AI assistance, then published automatically after passing TheCRPulse source, safety, visual, and editorial-readiness controls. Read our Editorial Standards & AI Disclosure. Spot an error? Request a correction.
Cedar Rapids data center project advances with $576 million investment, 31 jobs
City and state incentives approved for Google-linked project at Big Cedar Industrial Center; a reported May 30 announcement remains unconfirmed.
Inside the rapid expansion of Corridor tech firm Revology
Backed by $15 million in funding, the Iowa City revenue cycle firm climbs to the top of regional growth lists.
NewBoCo lands grants and donations to expand Iowa tech education and founder programs
The Cedar Rapids nonprofit says new funding will grow student coding camps, teacher training and quarterly founder luncheons, though dollar amounts and grant terms remain undisclosed.
First QTS buildings near finish as company makes its case to Corridor leaders
With three data center structures topped out and a $10 billion campus rising, QTS used a local business symposium to argue the project is critical infrastructure for the AI economy.