Take the wheel of your financial future

Q: Am I eligible to apply?

Anyone who meets Kiva’s minimum eligibility requirements can apply, but the initial funds of this program will be prioritized for traditionally underserved, especially Black, entrepreneurs in the following cities, with the vision to expand to more markets. • Atlanta • Boston • Chicago • Dallas • Houston • Las Vegas • Los Angeles • Miami • Northern New Jersey • Orlando • Philadelphia • San Diego • San Francisco • Tampa • Washington DC Per Kiva’s rules on US-based loans, successful applicants will need to either start or already own a limited liability company (LLC) to prove the loan is for business (rather than personal) use, meaning you’ll be starting your own business venture. If you’re an aspiring entrepreneur of color looking for an investment opportunity in the rapidly growing car sharing industry, please apply!

Q: What if I’m not Black?

Anyone, regardless of race or gender, is eligible to participate. The goal of this initiative, however, is to empower underserved communities, and to provide access to loan and business-building opportunities that systemic racism has historically stifled, so we strongly encourage Black entrepreneurs to apply.

Q: What type of car do I need to buy to participate?

Since the Kiva loan ceiling is $15,000 (including up to $7,500 crowdfunded and up to $7,500 matched by Turo), we strongly recommend considering an affordable, daily driver-type car to get started. Your Turo Account Executive will coach you on the top-performing cars with the highest potential ROI in your area. As you start sharing it on Turo and learning about the trends and nuances of your local market, you can then scale your business plan to suit your market’s needs.

Q: How is crowdfunding on Kiva different?

Kiva isn’t like other crowdfunding sites you may be familiar with. It’s a lending program, where a passionate community of 1.7 million lenders help fund the interest-free loans, putting less pressure on you to raise the whole loan yourself.

Q: How much interest is charged on the loan?

The Kiva loan is interest-free, so you won’t need to worry about bloating interest payments.

Q: How long do I have to pay back the loan?

After your loan gets disbursed into your bank account, borrowers have a 1-month grace period before loan repayments begin. In total, borrowers have three and a half years (42 months) to repay the Kiva loan after the grace period ends.

Apply to become a Turo Seed Host

Turo is proud to introduce the Turo Seed Initiative, a program providing up to $1 million in funding to help address wealth inequality in the United States, especially in traditionally underserved Black communities.

The initiative is designed to empower historically disenfranchised entrepreneurs with access to wealth-building opportunities, so anyone, regardless of color, gender, or creed, can start building a small business and pave their own path towards financial wellness.

Apply now for an interest-free loan to help you jumpstart your Turo car sharing business and take control of your financial future.

The application form is currently only available in English, and the program itself is initially available to US residents in select markets.

In partnership with

Empowering underserved entrepreneurs to unlock new business opportunities

Turo, the world’s largest car sharing marketplace, is proud to partner with Kiva, a nonprofit that expands financial access to underserved communities, on this first-of-its-kind initiative aiming to narrow the wealth gap in minority communities.

The Turo Seed Initiative provides aspiring entrepreneurs across the US with access to an interest-free investment opportunity to build a small car sharing business on the Turo marketplace. Qualifying applicants will be featured on the Kiva platform to crowdfund up to $15,000 through this initiative (with up to $7,500 crowdfunded from the Kiva community and a dollar-for-dollar match from Turo up to $7,500).

Successful applicants will receive one-on-one coaching on how to crowdfund successfully on Kiva, and how to set up their Turo car sharing business for success. Learn more about how crowdfunding on Kiva is different.

How it works

Fill out the application form to be connected with a Turo Account Executive to discuss your business goals and the qualification process
If you’re a good fit for the program, meet Kiva’s qualifications, and are ready to get started, you’ll be provided with resources on how to set up an LLC to become eligible to become a Kiva Borrower
Start shopping around for the car you’d like to purchase to share on Turo
Apply for an interest-free loan from Kiva
If you qualify, start crowdfunding on Kiva
Turo will match all crowdfunded money dollar for dollar, up to $7,500
Once you’re fully funded, buy your car and start sharing it on Turo, learning the ropes and consulting with an Account Executive to get set up for success

Why the focus on the Black community, and why now?

Diversity has always been a cornerstone of the Turo community — Turo was founded on the principle of creating economic opportunity for all, regardless of background, ethnicity, gender, age, or any other factors that could make someone feel disenfranchised.

Invigorated by the energy of today’s social justice movement and fired up to help drive change where we can, we wanted to focus on providing economic opportunity to underserved communities, especially aspiring Black entrepreneurs, and leveraging the Turo marketplace to help dismantle systemic racism through economic empowerment.

Minority-owned small businesses have limited access to credit.

Large banks approve around 60% of loans sought by white small business owners, 50% by Hispanic or Latinx small business owners, and just 29% by Black small business owners.₁

On average, Black-owned businesses start out with far less capital than white-owned businesses.

Only 1% of Black business owners get a bank loan in their first year of business, compared to 7% of white business owners.₂

Minority-owned small businesses have been disproportionately impacted by COVID-19.

Compared to an overall decline of 22% of small businesses between February and April of 2020, there was a 41% decline in Black-owned businesses.₃

Turo is committed to providing economic opportunity for all.

Based on a 2019 survey,₄ the Turo community is diverse:

49%

White

13%

Latinx

13%

Black

11%

Asian

From multiple ethnicities

Native American, Native Alaskan, Native Hawaiian, or other Pacific Islander

10%

self-identified as an immigrant or refugee

16%

Labor union / teacher / educator

12%

Active-duty military or veteran

10%

AARP

Law enforcement / firefighter / emergency responder

The nuts & bolts

At a glance

Am I eligible to apply?

What if I’m not Black?

What type of car do I need to buy to participate?

How is crowdfunding on Kiva different?

How much interest is charged on the loan?

How long do I have to pay back the loan?

Have more questions?

Take a deeper dive into the nitty-gritty in this detailed FAQ article.

About Turo

Turo is the world’s largest peer-to-peer car sharing marketplace where car owners can earn extra money to offset the costs of car ownership, forging their path towards financial empowerment.

A pioneer of the sharing economy and travel industry, Turo is a safe, supportive community over 14 million strong with more than 400,000 vehicles listed worldwide and over 850 unique makes and models available. Whether you share your extra car to make ends meet or are looking to start a small car sharing business, hosts can share virtually any car to get their entrepreneurial wheels turning.

About Kiva

Kiva is an international nonprofit focused on expanding financial access to help all underserved communities thrive. Combined with the power of technology, Kiva has enabled $1.5 billion in risk tolerant capital to support over three and a half million borrowers in 90+ countries.

In the United States, Kiva advances financial inclusion and brings capital to fuel small businesses across the country. Since 2011, more than $40 million has been lent to over 6,500 American small business owners including:

• 63% women-owned businesses

• 68% to entrepreneurs of color

• 33% Black-owned businesses

• 36% to businesses in their first year of operations

• 71% to business owners who either have a credit score below 650 or that don’t know their score

Unlock your financial future

Become a Turo Seed Host and start charting your course to small business ownership today.

The Brookings Institution, reported by McKinsey on May 27, 2020.
According to the same May 2020 McKinsey article.
The National Law Review, August 7, 2020.
Based on a survey of 4,400 American Turo community members from the Fall of 2019.