Peer Lending Circles

Peer Loans  

Peer Lending Circles

A peer circle is a self-selected group of 4 – 7 women who meet to provide support, knowledge, networking, and encouragement.   Circles are important to PARO as members participate in strategic planning and our Board of Directors is made up of circle members.   By being collectively accountable and knowing the borrower, circle members approve small business loans.

Circle Member Benefits

• Opportunity to access/share business knowledge
• Access to a variety of perspectives and experiences
• Entitled to discounts and reduced rates for PARO events and rentals
• Reciprocal business marketing opportunities from other members
• Peer pressure becomes peer support

How do I find circle members?

• Networking events & PARO programs
• Friends
• Colleagues
• Associations or Clubs
• Women in whom you trust

How do I start a circle or join a circle?

Contact PARO to inquire if existing circles are looking for new members or to receive further information on the circle formation process.   

Peer Loans

By relying on our peer circles to approve members’ loans, PARO is able to use different lending criteria than that of a traditional financial institution. 

As a circle member, a peer loan is right for you if you have

• a need for training, coaching, and support in addition to credit
• no or poor credit history
• no collateral or cash equity
• a loan amount that is too small for a bank to consider
• apprehension about approaching a traditional financial institution

Loans must be used solely for business purposes, for example to purchase equipment, inventory, marketing, and working capital.

PARO Peer Loans

• increase in four stages
• are term loans paid on a declining balance, meaning borrowers have a fixed competitive interest rate and are sure of their monthly payment.
• unlike banks, we don’t charge a penalty for early repayment.
  

Access credit and build your assets!  Please contact the Loans Officer <link to jsharkey@paro.ca> for more information on the loan process and to obtain a loan application. 

Browse some Frequently Asked Questions below and click for the answer.