T. Rowe Price is committed to ensuring entrepreneurs and small businesses in the Baltimore area have access to resources that can take them from where they are now to heights they haven’t even realized. T. Rowe Price is dedicated to this work by participating in the BLocal program, a three-year initiative to support small businesses in Baltimore.
By engaging with more than 20 other companies, the goal of the BLocal program is to build capabilities within the community and facilitate long-term economic development in some of Baltimore City’s most disadvantaged neighborhoods.
One of the ways T. Rowe Price is bringing this to life is its specific partnership with Kiva, a crowdsourcing platform that provides funding opportunities to small businesses in underrepresented communities. The T. Rowe Price Foundation, in collaboration with other funders, is providing a two-year $215,000 grant with Kiva to launch Kiva Baltimore and establish a local presence.
The loans provided by Kiva Baltimore will have 0% interest, and while Kiva Baltimore is only in its early stages, its impact has already been felt in the community. With funding support for small businesses that represent Black, Latinx and women entrepreneurs, it’s been a valuable asset to companies in terms of growth and economic stability — specifically during COVID-19. In the last year, Kiva has been able to provide and support the following:
- 18 funded borrowers
- $113.5k in small business loans (avg. loan size $6,300)
- 94% of loans to minority/BIPOC-owned business
- 83% of loans specifically to Black-owned businesses
- 78% of loans specifically to women-owned businesses
The partnership between T. Rowe Price and Kiva Baltimore seek to help alleviate the barriers to access for small businesses by providing the necessary tools and resources that advance growth and sustainability. By offering this level of engagement through the T. Rowe Price Foundation, the hope is to propel the local economy of the City of Baltimore and be a catalyst for job and wealth creation.
To learn more about T. Rowe Price, its commitment to the City of Baltimore and the partnership with Kiva, click here.