The Initiative Will Provide Funding to Jumpstart Kiva Crowdfunding Campaigns for Business Owners With Annual Revenue Under $250K
NEWARK, N.J., Nov. 29, 2022 /PRNewswire/ — The Institute For Entrepreneurial Leadership (IFEL) today announced the creation of its Capital Catalyst initiative. The initiative is designed to encourage giving that has a multiplier effect. Building on a pilot started in 2021 to support Newark, NJ area businesses with $1,000 crowdfunding match loans, the IFEL Capital Catalyst initiative is seeking funders who will make charitable contributions that IFEL can use to catalyze funding for small businesses. Entrepreneur and veteran Diedre Windsor, is the first to answer the call with a $25,000 Capital Catalyst donation.
Windsor, founder of Windsor Group LLC, a professional services company based in Chevy Chase, MD, cites her most important goals as giving back to the community and supporting women of color and veterans. “It’s true what they say that you almost need to already have money to start a business. I recognize how important it is to get that early capital.”
The message of taking individual responsibility for opening doors for others resonated at IFEL’s Women of Color Connecting (WOCCON) 2022 Summit where Windsor was a panelist. She decided that helping to address access to capital is a way that she could help. Her contribution will be used to support crowdfunding loans through the Kiva platform for women of color- and veteran-owned businesses.
“Despite starting businesses at a rate three times the national average, Women of Color experience less financial success than anyone else,” shared IFEL CEO and Co-Founder Jill Johnson. “Diedre’s contribution will enable up to 10 businesses to get much needed capital through a platform that creates greater exposure for the business. This model has huge potential to demonstrate how philanthropy can affect systemic change with respect to capital access.”
IFEL will make initial loans on Kiva to begin the online crowdfunded campaigns. Once the loan has been repaid by the business owner, the funds will be used for another entrepreneur.
“Kiva is proud to continue our partnership with IFEL,” said Natalia Ibarra, Kiva US Partnerships Manager. “We celebrate the launch of this new initiative, which will unlock much-needed capital for women and veteran business owners, and share gratitude to both Diedre Windsor and IFEL for bringing this innovative idea to life.”
For more information about IFEL and the Capital Catalyst Initiative, please visit weareifel.org/capital-catalyst-program.
The Institute for Entrepreneurial Leadership (IFEL) is an independent, nonprofit organization that leverages the power of relationship capital to create pathways to success for Black and Latinx founders, entrepreneurs and small business owners. Founded in 2002, IFEL’s mission is to eradicate the systemic barriers that prevent people from historically excluded populations from being able to access the knowledge, networks, and capital required for entrepreneurial success and wealth creation. Learn more at www.weareifel.org.
For additional information, please contact:
Lori Anne Oliwa, firstname.lastname@example.org
SOURCE Institute for Entrepreneurial Leadership