In September, nonprofit organization Kiva announced the launch of Kiva Zip, an extension of the Kiva micro-loan platform that will enable any citizen to nominate a local entrepreneur for support and contribute directly to a crowd-funded, interest-free loan through PayPal. This innovative new loan product will allow entrepreneurs in Detroit and around the country to access start-up capital with far fewer barriers than with traditional lending sources.
Kiva Detroit began 14 months ago and has funded 20% of the projects that applied to them for funding, dispensing about $50,000 in loans.
Puzzle Piece Theatre, based in the North End neighborhood of Detroit, received the inaugural Kiva Zip loan. Puzzle Piece Founder and Producing Artistic Director DB Schroeder is a critically acclaimed producer, director, and actor with theatre credits in St. Louis and Chicago. His bold vision for “reimaging what is possible through live performance” promises to bring perspective to the quickly growing Detroit theatre scene.
According to Schroeder, “Our mode of presentation, grounded in storytelling that magnifies the author’s intent, sets us apart from the current options Detroit theatre-goers have available. This focus affords us the opportunity to continually reinvent the experience we bring to patrons. My belief in Detroit is so strong that I was willing to leave my professional network and reputation in Chicago to help create change here.”
For more information please visit www.puzzlestage.org.