Mona, UChicago’s Polsky Center, and Kiva connect local entrepreneurs to $200k in zero-interest loans, primarily in Chicago’s South Side

Lisa Marsh, founder of Ms. P’s Gluten Free and a Mona Entrepreneur.

PRESS RELEASE 

May 2025 // For Immediate Release 

Chicago, IL – Today, Mona, the Polsky Center for Entrepreneurship and Innovation at the University of Chicago, and the global crowdlending non-profit Kiva announced that its new collaboration has distributed $200,000 of zero-interest loans to local small businesses, mostly in Chicago’s South Side.

Mona, an award-winning social venture co-founded at Stanford University by entrepreneurs Anny Dow and Andrew Leon Hanna, is a platform that connects underserved small business entrepreneurs to affordable capital. A professor at the UChicago Booth School of Business, Hanna connected with Isra Omar – who runs the Polsky Center’s Small Business Growth and Small Business Financial Fundamentals programs – about launching the Chicago Access to Capital Initiative last spring. Hanna and Dow saw it as a natural fit from the beginning.

 “We’re very honored to spearhead this partnership and support inspiring small business entrepreneurs who are fueling community, economic growth, and togetherness throughout Chicago, especially in the South Side,” said Hanna. “And this is just the beginning, as we continue working to expand capital access by connecting more aspiring entrepreneurs across the city to the resources they deserve to grow their businesses.”

As part of the partnership, Omar and the Polsky Center reached out to its community of small-business entrepreneurs about the opportunity to secure a zero-interest loan of up to $15,000. There was overwhelming interest, and candidates completed a simple application on Mona’s site. Hanna, Dow, and the Mona team then vetted the applications, provided one-on-one support to help applicants refine their business stories and loan plans, offered technical and language support in applying on the Kiva platform, and endorsed their applications. Finally, these entrepreneurs’ loans were posted to Kiva.org, where their network, Mona’s partners, and Kiva’s wide community of lenders and institutional supporters contributed to the loans. 

Ultimately, 22 Chicago-area small businesses have received zero-interest loans to support their businesses. One of the entrepreneurs is Lisa Marsh, founder of Ms. P’s Gluten Free, a healthy snack brand now found in stores like Mariano's and South Town Health Foods. She received a $10,500 loan to invest in ingredients and packaging, among other purposes. As Marsh noted, “We are so appreciative to Mona, Kiva, and UChicago for assisting us. We will be fully utilizing the funds to scale into additional retail opportunities!”

Martha and Leecox Omollo, co-founders of Kikwetu Coffee Company in Woodlawn, received a loan of $12,000 to scale their coffee business. Born and raised in Nairobi, Kenya, the Omollos seek to bring people together across cultures over coffee, ethically sourcing their beans from farmers back home. “Thanks to Mona, the Polsky Center, and Kiva, we are able to buy the first set of equipment that will help make our team more efficient,” the couple shared. “We are on a journey to build something that Chicago and Kenya will be proud of for generations to come, and I can definitely say that Mona was a very important part of that journey.”

Meanwhile, Narineh Gharashor received an $11,000 loan to expand her education venture, WholisticEdu. A National Board-Certified educator and a former Chicago Public Schools principal who wanted to provide support to her colleagues, Gharashor and her team provide online courses to education leaders to help support their overall wellness. “This loan marks a turning point for the leaders we serve, as it will allow them to access the tools needed to foster resilience and wellness within their teams, families, and broader communities,” Gharashor said.

For the Polsky Center, this is part of a broader effort to support South Side entrepreneurs. As Omar put it, “The Polsky Center is proud to be part of this initiative. Mona’s dedication to supporting under-supported entrepreneurs aligns perfectly with our mission. Together with this program, we can continue to provide the financial resources and mentorship needed to drive economic development in the South Side of Chicago.” The application will remain open on Mona's website, and Mona is now partnering with more mission-driven lenders and grant providers to offer a wider variety of capital options to entrepreneurs. 

This Chicago-born collaboration marks a significant step towards creating equitable opportunities for all entrepreneurs in the city, regardless of their background or financial status.

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