The international crowdlending nonprofit Kiva launched a Richmond location yesterday. Senator Warner attended the launch of the new branch, which will be the seventh Kiva location in the U.S.

Kiva City Richmond will focus on loaning capital to local businesses, like Canes for Courages, which is one of five Richmond businesses currently receiving loans. Canes for Courage founder and veteran Steve McAlpin creates handmade canes and walking sticks for a customer base of mostly service-disabled veterans. McAlpin presented Senator Warner with a handmade walking stick to celebrate the launch.

Entrepreneurs interested in Kiva Zip must partner with a trustee nonprofit organization, which provides advice and mentoring, as well as vouches for the entrepreneur. Loans are interest free but must be repaid within two years.

Richmond will be Kiva’s first location in America that is not in a major metropolitan area. Senator Warner suggested the Richmond location during a visit to Kiva’s headquarters in California.

"I wanted them to show the model could work in mid-size cities and rural areas," the Senator said. "I think this idea has a bigger impact in those places. We want entrepreneurs with a great idea to be able to do it in Richmond or Danville or Martinsville without having to move to Northern Virginia or Silicon Valley.”