August 26, 2014

Contact:

Dinah Winnick
UMBC
410-455-8117

Andrew Aldrich
Loyola’s Sellinger School of Business
410-654-0000, ext. 7

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.

OneMain Financial Community Relations Director Sheldon Caplis says, “OneMain Financial wants to help young people learn about the impact of microfinance and give them new tools to help shape their philanthropic values. These campus lending chapters will empower students to be responsible for important funding decisions and bring their entrepreneurial energy to low and moderate income communities.”

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. The University is launching the UMBC-Kiva Lending Chapter in conjunction with BreakingGround, UMBC’s civic engagement initiative. BreakingGround combines faculty-led course redesign, community-based action research, and civic engagement opportunities to demonstrate the power of individuals and collaborative groups as agents of meaningful change and renewal.

Under the auspices of BreakingGround 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.”

Loyola’s Kiva U chapter will funnel loans internationally as well as to organizations along the York Road corridor in Baltimore as part of the school’s commitment to the area. Loyola’s York Road Initiative, which began in 2008, aims to improve the quality of life for people living, working and learning in the York Road corridor.

“Kiva micro loans, facilitated by our students, give someone a chance to grow a small idea a little bigger. It also tells them that someone believes in their idea and is willing to invest in them,” says Karyl B. Leggio, professor of finance, Loyola’s Sellinger School of Business.

About OneMain Financial
OneMain Financial is based in Baltimore and provides personal loans and one-on-one, local service from more than 1,100 branches nationwide. Since 1912, OneMain Financial has worked with customers to find the loan solutions that best fit their needs and budget. The company and its employees are proud to support the communities where they live and work. Additional information may be found at OneMainFinancial.com.

About UMBC
The University of Maryland, Baltimore County (UMBC) offers the intimacy of a liberal arts college within the setting of a major research institution. UMBC's 14,000 students come from nearly 150 countries and take full advantage of the educational, business, cultural and recreational resources of Baltimore and Washington, D.C. At UMBC you’ll find students working alongside faculty who are leaders in their fields, thinking about the hard questions of society, science and creative expression, and then moving beyond the classroom to make a difference.

About Loyola University Maryland’s Sellinger School of Business and Management
The Sellinger School provides business education rooted in the Jesuit tradition of emphasizing strong ethical leadership, commitment to social responsibility and a global perspective. With more than 60 faculty members and 2,000 students, the Sellinger School offers undergraduate and graduate degrees. Part-time, weekend and full-time MBAs, specialized master’s degrees as well as certificate programs are delivered on campuses in Baltimore, Columbia and Timonium, Md. Additional information may be found at www.loyola.edu/sellinger.