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Nonprofits bring hope to small businesses

Nonprofits bring hope to small businesses

Entrepreneurs are still struggling as a consequence for the BP oil spill. To support them in their quest to regain strength non-profits are supporting them with financial aid. After Hurricane Katrina, the BP oil spill gave many businesses the rest. Mary Metoyer’s New Orleans flooring company generated only one-third of her annual revenue when her customer base of landlords and homeowners finally started to return. Even though this is a positive trend these companies were still financially hurt by the oil spill, which did not put a brighter light on Metoyer’s business, as it was also not able to get loans from any banks.

All this changed when she applied for a loan with a non-profit. She was able to get a $10,000 loan, and after paying it off another one for $6,000 to improve her show room and increase customer awareness. “Even though these are little loans, they have been a big, big help with financing some larger jobs I’m doing,” says Metoyer, 64. Kiva.org, a micro loan lender that has facilitated more than $1 million in loans to American small businesses, enabled all of this. Globally, Kiva says, more than 487,000 individuals have gone through the site to extend credit to some 428,000 entrepreneurs in 54 countries.

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