The $302 million ASI Federal Credit Union, a community development credit union that serves the greater New Orleans area, has begun administering loans on behalf of Kiva.org.
The effort is part of Kiva New Orleans, a project that the noted micro-lender said should bring $500,000 in loans to residents looking to rebuild or build businesses in the troubled region still feeling the effects of Hurricane Katrina in 2005.
"ASI Federal Credit Union has over 75,000 members, drawn to our mission to strengthen the financial health of underserved communities through financial services and education," said Mignhon Tourne, CEO of ASI Federal Credit Union, in a Kiva statement about the effort.
"Kiva New Orleans is an ideal platform through which we can work together with our partners to help our fellow small businesses and local communities," Tourne said.
So far, ASI is administering four loans on behalf of the initiative, including to two construction companies, a secretarial services company and a party goods provider.
The Good Work Network, a New Orleans area non-profit that works with entrepreneurs, refers potential borrowers to ASI, which then analyzes, underwrites and administers the loans, Kiva said.