SF Etsy - San Francisco Bay Area Etsy Street Team
  • Blog
  • Join
  • FAQ
  • SF Etsy Shows
    • Holiday Shop Tiny
    • Past SF Etsy Shows
  • Team Resources
  • Leadership

How Kyla Used a Kiva Loan to Grow Her Business.

6/19/2019

Comments

 
Kyla O'Neill of IMPRESSED by nature​ discusses her experience with Kiva
​and offers tips to others considering applying for a Kiva loan. 

PictureKyla O'Neill, of IMPRESSED by nature
Taking the leap to invest in your small business is something a lot of us in the SF Etsy community struggle with, so I wanted to talk to a maker who has gone through the entire process of getting a Kiva interest-free loan, from application through repayment.

Some of you may know Kyla O'Neill  from our SF Etsy shows. For the past eight years, Kyla has been creating gorgeous jewelry from pressed flowers, under the business name IMPRESSED by nature.

In this interview, we talk to Kyla about why she decided to apply for a Kiva loan and what she learned from the process. 

- Kaelen Van Cura,
SF Etsy's Kiva Maven, and owner of Darling Marcelle

 

What was your main motivation for applying for a Kiva loan?

I started looking into external funding because I wanted to grow my business. In order to scale up, I knew I needed to streamline my production process and take some of the work off my plate. I felt that raising some capital would give me the freedom to expand my business and still have the money to support myself (my business is my main source of income). Initially, I explored traditional forms of funding, like bank loans, but they required annual revenue levels that I didn't have yet. I was pretty disappointed, but a chat with [SF Etsy Co-Captain] Rebecca Saylor quickly sparked new hope. She was confident that a Kiva loan would be a great fit for what I needed--and she was right!


Were you able to accomplish the goals you had with your loan?

Yes, I was able to accomplish my goals! I raised $10,000 and set out to use half of it for hiring production help and streamlining my process, a quarter of it for marketing, and a quarter of it to pay off business debt. When my loan was first funded, I spent the first quarter to help pay down business debt that I accrued from doing a number of expensive out-of-town wholesale trade shows. The shows were a successful way to launch my business into the wholesale world, which has created a solid foundation for my entire business to stand on. They are, however, very expensive and hard to keep up with, as many shows require commitment for the next show soon after the previous show ends, so much of my profit from the show went to paying for my next booth fee - it's a difficult cycle to get ahead of. The Kiva loan helped me make a dent in these debts, which were quickly accruing interest, unlike my Kiva loan!

The second quarter of the loan was used to fund marketing efforts to continue growing my wholesale business and increase exposure to my wedding offerings. For the latter, I worked with a marketing consultant to pitch my story to blogs and magazines in order to attract more wedding customers to my bouquet preservation package, and I was featured in a few publications!

​The largest chunk of my loan I used gradually to hire ongoing production help. This was something I wanted to do for awhile but never had the extra funds to make it happen. Having the money set aside for this purpose allowed me to dedicate time to examine my process and see where I really needed the help. And once I hired help, not only did I have more inventory in the end, but it also freed me up to focus on other aspects of my business.


What was the hardest part of the whole process between application and repayment?

 I have to say that the whole process was very straightforward and smooth. The hardest part was probably deciding that I was going to do it. I had a mental block about it at first. I was worried that I wouldn't get the support I needed to fund the loan. Rebecca [Saylor] was really encouraging, and I'm so glad because I was fully funded in just over a week. It was so easy with the support of the SFEtsy Team and the Kiva community!

Picture
A set of bridesmaids' earrings with sage, rose, and mint
Before your loan is live, create a game plan. Mine included drafting an email template to my personal network and another one to my business network. Once the private round was live, I shared it out to my networks and then kept updating them with my progress. I also added my loan link to my email signature and shared it out on social media a number of times.
 Is there anything you wish you had known before applying for a Kiva loan?

The whole process was transparent and there weren't really any surprises. One of the things I learned as the loan was live was that there were times when Kiva donors would jump on and double your donations for a certain period of time. I think my mom noticed it first. I ended up reaching out to my network again to encourage them to donate during that time to maximize their contribution. It might have been helpful to know about that possibility in advance and ways to take advantage of those moments.


What advice would you give to people considering applying for a Kiva loan?

Be clear about your goals! Your friends and family will probably contribute no matter what, but I think having a business story and clear goals for your loan helps to attract other lenders. Don't worry about not getting funded! Of course, there's no guarantee, but the SF Etsy and Kiva communities are so strong, and they'll both help you prepare to maximize your chances. Tap your personal and business networks to support you! Like any good campaign, you have to do the work to gather support. Before your loan is live, create a game plan. Mine included drafting an email template to my personal network and another one to my business network. Once the private round was live, I shared it out to my networks and then kept updating them with my progress. I also added my loan link to my email signature and shared it out on social media a number of times. I was pleasantly surprised when so many from my network chipped in--they all expressed how excited they were to have a tangible way of supporting my small business. Personally, I found it easier to ask for support by emphasizing that it's a loan and you will get your money back. 

Kiva loans are such a unique opportunity for small businesses to raise capital without the risk of large interest rate loans--I highly recommend considering one for your business!

To learn more about applying for a Kiva loan, contact our SF Etsy team

After hearing what Kyla had to say about her Kiva experience, would you consider applying for a Kiva loan? Why or why not? Let us know in the comments.

Comments
    Picture

    Welcome to SF Etsy

    We're a collective of over 2700 Etsy sellers in the San Francisco Bay Area. 

    The SF Etsy Street Team is 100% in support of the Black Lives Matter movement.

    We condemn the violent acts, murders, crimes, and police brutality inflicted on the BIPOC community. These terrible and senseless acts must come to an end!

    As a team, we will continue to share and raise awareness for our community of artists, specifically, black, indigenous, and people of color.

    We urge you to make a purchase from a BIPOC artist, maker, dreamer and small business owner.

    ---------------------------
    Like the San Francisco Bay Area in which it is located, SF Etsy is a vibrant and diverse community, full of creativity.

    We strive to support and promote local Etsy sellers by sharing expertise and advice, hosting local shows and events, and providing a valuable network of local talent and resources. 



    Archives

    November 2020
    July 2020
    June 2020
    April 2020
    March 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    April 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    December 2017
    November 2017
    October 2017
    September 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015

    Blogger archives: 2007-2015

    Categories

    All
    Accessories
    Administrative
    Allyship
    AmEx
    Art & Collectibles
    Artist Interview
    Autumn
    Bags & Purses
    Bath Beauty
    BIPOC
    BLM
    Civic Center Commons
    Classes
    Clothing
    Coronavirus
    COVID 19
    COVID-19
    Craftcation
    DIY
    Educational Crafts
    Food And Drink
    Friday Feature
    Gifts
    Guest Blogger
    Hair Accessories
    Halloween
    Holiday
    Holiday Show
    Home
    Home Decor
    IHE2015
    IHE2017
    IHESF
    Illustration
    Inktober
    Jewelry
    Kids
    Kids Crafts
    Kiva
    Maker-interview
    North-bay
    Paper-party-supplies
    Pets
    Photography
    Popups
    Pop-ups
    Pottery
    Pride
    Resources
    Sf-etsy-news
    SF Etsy Shows
    Sf-etsy-spring-emporium-2016
    Sf-peninsula
    Shop Small
    ShopTiny
    Sleep-mask
    Small-business
    Social-media
    Stickers-tattoos
    Summer
    Tips-tricks
    Volunteering
    Wine

    RSS Feed

    Just Added on Pinterest

Contact Us

SF Etsy is a collective of Etsy sellers and not an official part of Etsy.com. 
  • Blog
  • Join
  • FAQ
  • SF Etsy Shows
    • Holiday Shop Tiny
    • Past SF Etsy Shows
  • Team Resources
  • Leadership