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Sofia Vergara Partners With Kiva to Raise $50M to Support Small Businesses Amid COVID-19

This is how the "Modern Family" actress and Kiva plan on raising $50M to support small businesses and entrepreneurs amid COVID-19.

Sofía Vergara and microfinance non-profit Kiva announced a global response to address the immediate needs to support SMBs, entrepreneurs, farmers, and families globally who urgently need financial assistance due to COVID-19. The global response fund supported by actress Sofia Vergara will focus on providing direct funds to marginalized populations and the most vulnerable, including minorities, women, and those in isolated areas.

According to the information stated in the press release, with Sofia’s contribution and crowdfunding on Kiva.org, the response has secured commitments from corporate partners like Hitachi and Hiscox Foundation and already totals over $5M. Today’s launch aims to increase awareness with the goal of raising $50M from corporations and public contributions to crowdfund support for over 1 million organizations and individuals impacted by COVID-19. To participate, individuals can contribute as little as $5* here!

 For the past 15 years, Kiva has been working to create a financially inclusive world, where all people have the opportunity to improve their lives; currently, 1.7 billion adults worldwide do not have access to formal financial services. With COVID-19, access is even harder, and — crowdfunding is the ideal solution to help bridge this gap. The fund will aim to bridge this significant financial gap, disbursing funds contributed at speed around the world.

“We are incredibly proud to be launching this response with the support of partners like Sofia Vergara. It is through this response that we are able to accelerate the necessary loans required to support all people when they need it the most. Currently, we are seeing a financial support gap, the most vulnerable are being left behind and we need to provide our support to them. Our vision has always been financial inclusivity and now it is more important than ever. We are asking for the support of the community to help people in need here at home in the US and around the world,” said Kiva’s CEO Neville Crawley.

Sofia Vergara will support Kiva’s global impact, raising awareness of the fund and how people can support those in need of urgent assistance to get through the crisis and to help rebuild beyond. Sofia has personally donated into the fund, believing in the importance of financial inclusion - particularly for minority women.

Vergara commented on the announcement, “I am honored to partner with Kiva on this very important and timely initiative. Microfinance not only provides people with the resources to make their lives immediately better, but it also fuels local economies, creates jobs, and helps inspire new business endeavors. From small shop owners in my home country of Colombia to artists in LA, entrepreneurs and small businesses around the world need our help to survive and recover from this devastating pandemic.”

How the response works: 

Individuals can contribute as little as $5* to the fund with 100% of the crowdfunded money disbursed to borrowers around the world who apply for a loan. The money will be deployed both directly by Kiva and through Kiva’s global network of partners.

For those who want to contribute to the global fund, simply visit here!

Work in the U.S.: 

Since March, Kiva has been crowdfunding loans for U.S small businesses and entrepreneurs directly affected by COVID-19. Kiva has already supported over 200 U.S. small businesses with $1.5M in community support, and other U.S. small businesses can now benefit from this new fund.

Read their stories!

How to apply for Kiva Loan:

If you are a small business or entrepreneur in the US who would like to apply for a Kiva loan, you can start your application now!

If you are a small business or entrepreneur outside of the US, you can find a list of Kiva's partners here! Contact them to find out if you are eligible.

For more information, interviews, or assets, please contact:

kivaus@hotwireglobal.com and/or media@kiva.org

Organizations can learn more about how to contribute by emailing partnership@kiva.org.

*Individuals can also donate $5 if opting for monthly contributions. For one-off payments, the smallest amount to donate is $25.