SOUTHFIELD, Mich. (WJBK) - There's a new, unique way to get a loan for your small business that is geared toward metro Detroiters called Kiva Detroit.
Several groups are teaming up for the effort.
Kiva is a website designed to help small business owners connect with individual investors. Anyone can offer a microloan starting in $25 increments.
"The types of things we often see funded through this program are facade improvements, equipment purchases, operating capital, marketing and website development. Those things that either get a business going or say ... I'm doing well, but I know I could do so much better if I had just a little capital," said Anuja Jaitly.
Loan amounts are capped at $50,000.
So far, five local businesses have already been approved for micro-loans through Kiva Detroit.
If you want to check it out, visit http://www.kiva.org/detroit
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