UMBC and Loyola University Maryland’s Sellinger School of Business and Management are establishing Kiva U microfinance programs, made possible by grants from OneMain Financial, that will offer loans to local and global communities in need.
The $25,000 grants will make UMBC and Loyola’s Sellinger School the first two formally designated Kiva U chapters in Maryland. Kiva U seeks to engage students and educators in a global effort to expand financial inclusion, foster community, and have a tangible positive impact on issues that matter to them.
UMBC is quickly building a national reputation as a hub for scholars committed to making a difference as socially engaged community leaders and global citizens. Under the auspices of BreakingGround, UMBC’s civic engagement initiative, and UMBC’s Shriver Center, students will work with faculty and staff to develop a management team that will create marketing strategies and engage campus partners to support local, national and international communities. Planning began this summer, with the goal of awarding the first round of up to 10 loans in spring 2015.
David Hoffman, assistant director of student life for civic agency, says, “The Kiva project matches the spirit of BreakingGround, as well as the mission of UMBC, perfectly. It will put our students in a position to take real responsibility for nurturing entrepreneurial efforts that can help transform lives and communities.”
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