If you’re a woman and a New York City resident — and you have a dream entrepreneurial vision — New York City wants to help you.
The city has partnered with WE Fund: Crowd and Kiva, a crowdfunding site geared towards funding female entrepreneurs, to offer 500 small loans to women-owned businesses in the next three years. Already, more than $280,000 has been given in zero-interest loans to 40 women since November, with those loans being partially city funds and partially private contributors.
Another cool thing: In the breakdown of loans given, 80 percent have gone to minorities and 35 percent to immigrants. According to the mayor’s office, a WE Fund loan is about $5,500. Any New York City woman can apply for a loan of up to $10,000 on the Kiva crowdfunding page.
The Cut reported on someone the program has already helped: Alexis Krase, owner of Williamsburg plus-size boutique Plus Bklyn. She had a hard time finding a loan through a bank, but on We Fund: Crowd was able to raise $10,000 in two weeks in order to start designing her own clothing line. Mayor Bill de Blasio said, “This is about increasing the earning power of women and making sure that women are leading the next generation of home-grown companies.”