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Peer Loan Group Meeting #1 of 3
January 26, 2017 @ 6:30 pm - 9:00 pm
Peer Loans are designed to provide access to capital for individuals who are unable to access loans at banks or other financial institutions due to lack of collateral, credit, banking experience, or other obstacles.
Are you interested in applying for a Peer Loan? Make sure you meet the following requirements:
- Graduate of the Ventures Business Development Training and member of Advanced Services
- Participate in monthly Peer Loan Groups in either English or Spanish
- Have a business plan and financial statements
- Open a business checking account
- Obtain any necessary state and city business licenses
- Clearly identify the need for the loan and your plan for repayment
Peer Loan Group members have access to peer loans up to $5,000, with an initial loan up to $2,000. Loans can be used for eligible business purposes, including purchasing equipment, launching an e-commerce Web site, advertising, or obtaining raw materials. Our experienced team of staff and volunteer financial advisers work closely with applicants to solidify their business plans and financial statements, and meet all application requirements.
The loan interest rate for Peer Loans is fixed, currently at 7.25%, set at the time of funds disbursement. Interest rates may be substituted by a commensurate flat service charge in the event that payment of interest conflicts with borrower’s religious or moral beliefs. Peer Loans rely on “social collateral” through peer loan group attendance rather than physical collateral to secure repayment.
If you meet these requirements and are interested in a Peer Loan, please contact firstname.lastname@example.org to learn more