Accessing traditional bank funding can prove to be a significant challenge for small businesses, especially for individuals looking to re-enter the workforce following incarceration. Stephanie Blaco faced this exact struggle after spending ten years in prison. Initially, finding a traditional job was tough for her. However, a turning point came in 2020 when her father acquired The Mixing Bowl, a restaurant in Kansas City, Missouri, where they worked together until her father fell ill with a brain tumor. Following the closure of the physical restaurant, Blaco ventured into operating a mobile catering service named Mixing Bowl on the Go on her own.
Securing the necessary funds to upgrade her equipment and food cart posed a new challenge for Blaco. Thankfully, she discovered Kiva Kansas City, a crowdfunded microloan initiative operated by nonprofit organization Kiva, in collaboration with the City of Kansas City, Missouri’s KC BizCare Office, and the Economic Development Corporation of Kansas City. Through this program, Blaco obtained a zero-percent interest loan of $4,000 to enhance her food cart. The funds will be used to address regulatory compliance issues and allow her to expand her services to various events throughout Kansas City.
Expressing her gratitude, Blaco shared with Startland News, “It means a lot that they have some trust in me to be able to give me the chance to get some things done and show them that I can pay it back.” Many business owners encounter obstacles when seeking funding, such as a lack of collateral, unproven business concepts, or personal background challenges. Initiatives like Kiva’s microloan program play a crucial role in leveling the playing field for small businesses, offering them a much-needed opportunity for growth and success.
While similar programs may not be available in every locality, exploring alternative funding sources and engaging with local nonprofits can present viable options for aspiring entrepreneurs. Although the journey may be challenging, there are existing programs willing to support businesses that do not fit conventional loan criteria. By availing themselves of such opportunities, driven individuals with innovative ideas can receive the financial boost required to kickstart their ventures and showcase their capabilities.
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This article, titled “Crowdfunded Loan Helps Entrepreneur Get Second Chance After Incarceration,” was originally featured on Small Business Trends.
