SAN FRANCISCO (KCBS)— A statewide collaboration is underway to increase microlending in California. With self-employment as a noted labor market trend, supporting smaller businesses is seen as a way to lower the unemployment rate.
Rebekah Rachel capped out working for a massage therapist chain, but acquired the lending and the advising to go out on her own with some help from the nonprofit organization, Working Solutions.READ MORE: Suspect Arrested On DUI Charges In Fatal Fairfield Hit-And-Run
“It allowed me and encouraged me to go ahead and…I can do it,” Rachel said.
She now has R and R Therapeutic Massage in Pleasant Hill.
“What is so true is that the world runs on people believing in each other,” said Premal Shah, co founder of internet micro-finance site Kiva.
Kiva, based in San Francisco, is partnering to reach more entrepreneurs in California.READ MORE: Outrage Grows Over Racist Social Media Attack Targeting KPIX 5 Reporter Betty Yu
“And now you can actually invest in people in a business partnership; not donate to them, but actually invest and really be a part of their business success,” Shah said.
The website facilitates zero percent interest loans and has a 99 percent payback rate.