The Community Food and Agriculture Coalition announces the opening of applications for our 5th annual Farm Fresh Pitchfest on October 29, 2020. We accept up to 5 farmers, ranchers, or local food business owners for endorsement for a 0% interest, no-fee loan for up to $15,000, for agricultural and food operations.
While any business owner can apply for a Kiva loan on their own, endorsement from CFAC increases the likelihood of getting full funding and gives priority to the application when it is reviewed by Kiva. Furthermore, applicants for this program are automatically enrolled to present in our live fundraising event–Farm Fresh Pitchfest–where businesses have the opportunity to present their Kiva loan projects in front of a live audience of investors, business coaches, and diverse community members who want to support Montana’s local food system. CFAC provides technical support and coaching, and 100% of CFAC endorsed loans have attained full funding.
Kiva does not require businesses to have a certain credit score, so this opportunity is perfect for those who are in the beginning phases of business development and have not yet had the opportunity to access capital. However, businesses of all stages of development are encouraged to apply.
This opportunity requires two different applications:
2) to Kiva for a crowdfunding profile and to access your loan.
The application to CFAC for endorsement covers the needs of Kiva’s application process, so once you attain endorsement you should have the information you need to apply to Kiva without additional requirements.
CFAC has endorsed 19 loans for a total of $144,500 and our borrowers have a 100% repayment rate (remember, it’s 0% interest and has no fees!). To learn more about CFAC’s Kiva loan endorsement process, see successfully funded projects, and to access the CFAC endorsement application, visit https://cfacmontana.org/programs/farmer-support/kiva-loan-program/
To learn more about Kiva, its innovative loan model, and to access the Kiva application, visit www.kiva.org/borrow
Timeline and Requirements
Applications to CFAC are due November 19th. All applications will go through a community review process and final awardees will be announced January 15, 2021. We strongly encourage applicants to join our informational webinar on November 5th at 11am to learn more about CFAC’s funding opportunities and how to apply. Register for the informational webinar here. All applicants attaining CFAC endorsement on Kiva loans will also be required to participate in the 5th annual Farm Fresh Pitchfest in the last week of March. Once CFAC endorsement has been granted (application link here), all applicants must also apply directly to Kiva at www.kiva.org/borrow. Although CFAC endorsement elevates an application to Kiva, Kiva retains the right to refuse applications and loans through their own application and review process.
You can also download CFAC’s Kiva Endorsement Application as a PDF here:
Kiva Timeline for Borrowers
|October 29, 2020||RFA Released|
|November 5, 2020||Applicant Info Webinar|
|November 19, 2020||Applications Due|
|January 15th, 2021||Endorsed Applicants Announced|
|February 2021||Endorsed Applicants Apply to Kiva|
|February 2021||Applicants Loans enter Private Funding Process|
|March 2021||Applicants Loans enter Public Funding Process|
|March 2021||Kiva Pitchfest|
Minimum Eligibility Requirements
- You and your business must be based in the United States (for CFAC endorsement you and your business must be based in Montana).
- You must be over 18 years old.
- You must be using the loan for business purposes.
- Your business must not be engaged in any of the following activities: multi-level marketing / direct sales; illegal activities (e.g. gambling, scams); or pure financial investing (e.g. stocks)
- You cannot currently be in foreclosure, bankruptcy, or under any liens.
- You must be willing to demonstrate your social capital by having a small number of your friends and family make a loan to you before your loan can enter the public funding process.
Contact us if you have more questions: firstname.lastname@example.org or 406-926-1625