Umpqua Bank Crowdfunding Partnership Accelerates No-Cost Financing for BIPOC, Women Entrepreneurs

Rhea-AI Summary

Umpqua Bank has launched a $1 million Managed Loan Fund in partnership with Kiva, offering 0% interest loans up to $15,000 for eligible BIPOC and women entrepreneurs across Oregon, Washington, California, and Idaho. The program features a triple dollar matching incentive for each dollar contributed by community supporters, effectively quadrupling funds raised for small businesses. This initiative aims to enhance access to capital for underserved entrepreneurs, enabling them to secure essential financing for their businesses.

Positive

• Launch of a $1 million Managed Loan Fund to support BIPOC and women entrepreneurs.
• Offering 0% interest loans up to $15,000 increases access to capital.
• Triple match for every dollar raised from community supporters, boosting funding potential.

Negative

• None.

Bank encourages eligible entrepreneurs needing access to capital to apply for 0% financing up to $15,000

Provides a triple dollar match for businessowners across four states

PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), has officially activated its $1 million Umpqua Bank Managed Loan Fund with Kiva, a nonprofit unlocking capital for historically underserved entrepreneurs and their communities. Through Kiva's innovative crowdfunding microloan platform, Umpqua is providing eligible BIPOC and women entrepreneurs across its footprint accelerated financial support towards a 0% interest loan up to $15,000 to finance their emerging business.

Umpqua is encouraging entrepreneurs in communities it serves to learn more about Kiva and apply for funding.

Leveraging Kiva's crowdfunding platform, qualifying business owners in Oregon, Washington, California, and Idaho will receive a triple match from Umpqua for every dollar raised for their business from family, friends, and supporters in their communities.

Umpqua is encouraging entrepreneurs in communities it serves to learn more about Kiva and apply for funding.

"Our partnership with Kiva makes it possible for more entrepreneurs to turn support from their communities into a source of capital that would otherwise not be available," said Umpqua's Chief Marketing Communications Officer Eve Callahan. "If individuals believe in and are willing to help finance a local BIPOC or women entrepreneur, Umpqua will triple-match the amount of their financial support so enterprises can more easily and quickly access the financing they need."

How Kiva Works

For any business owner in need of funding to start, sustain or grow, the only collateral needed to access capital through Kiva is the support of the people and community they serve. Typical barriers to access are removed from consideration, including those related to credit history, physical assets for collateral, citizenship or verifiable financial track record.

Kiva works hand-in-hand with entrepreneurs to set a financing goal up to $15,000 and raise contributions from friends, family, and community members on its platform. Kiva also offers access to a global network of lenders interested in supporting businesses. Financial commitments raised are then combined into a 0% interest business loan eventually repaid to supporters over three to five years.

Umpqua, through the Umpqua Bank Managed Loan Fund, will help BIPOC and women entrepreneurs reach financing goals more quickly by effectively quadrupling every dollar they raise towards their financing goal.

How to Apply

To apply for Kiva financing and the triple dollar match through the Umpqua Bank Managed Loan Fund, entrepreneurs in Oregon, Washington, California, and Idaho can visit the Umpqua-Kiva partnership page. The initial application process typically takes between 20 and 30 minutes.

The Kiva partnership is part of Umpqua's Small Business Empowerment Program, which brings together the bank's various initiatives to improve access to funding, products/services and expertise under one strategic umbrella. Along with Kiva, the Small Business Empowerment Program includes partnerships with organizations that are often the first step for entrepreneurs interested in accessing Kiva funds, including: Oregon-based MESO (Micro Enterprise Services of Oregon); Washington-based Business Impact NW; and California-based Centro Community Partners.

"We are excited to partner with Umpqua Bank as part of its Small Business Empowerment Program to provide additional loans and unlock capital for under-resourced entrepreneurs," said Sarah Marchal Murray, Chief Strategic Partnerships Officer at Kiva. "Ensuring every business owner has equal access to capital and other resources to succeed is important for creating strong and vibrant communities. Partnering with Umpqua, Kiva is honored to extend our platform's reach to more communities across the West Coast."

About Umpqua Bank

Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the seventeenth consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses.

About Kiva

Kiva is a global nonprofit that brings people together to invest in lasting impact. Kiva connects individuals, institutional investors, and corporations with global opportunities to invest in humanity—when and where it will make the greatest collective impact. With as little as $25, you can help women, refugees and small businesses across the globe build a better future for individuals, their families and communities. Join two million people who have invested $1.7 billion in real dreams and real opportunity around the world. 

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SOURCE Umpqua Bank

FAQ

What is Umpqua Bank's new initiative for entrepreneurs in 2022?

Umpqua Bank has launched a $1 million Managed Loan Fund in partnership with Kiva to provide 0% interest loans up to $15,000 for eligible BIPOC and women entrepreneurs.

How does the funding program work for entrepreneurs at Umpqua Bank?

The program offers a triple dollar match for contributions made by community supporters, effectively quadrupling the funds raised for eligible entrepreneurs.

Which states are included in Umpqua Bank's funding initiative?

The initiative targets entrepreneurs in Oregon, Washington, California, and Idaho.

What is the maximum loan amount available through Umpqua Bank's initiative?

Eligible entrepreneurs can receive loans up to $15,000.

What type of loans does Umpqua Bank offer through Kiva?

Umpqua Bank offers 0% interest loans through its Kiva partnership.