A Microfinance Program for Woman

Peer Lending Circles are small groups of like-minded women who meet regularly to share their experiences, offer advice to each other and expand their individual networks of contacts and share them. The Circles are small groups of 4 to 7 women, aged over 18, and who all run their own business, want to start one, or who believe that women can help women. PARO Lending Circles help women connect and network with other women of companies. Today, PARO is one of the strongest lenders among peers, aimed at small businesses, in North America (Impact- A Social Enterprise Strategy for Ontario, 2013).

There are many benefits to being member of a PARO Circle, including but not limited to:

·    To access and share business knowledge

·    Peer mentoring, support and encouragement

·    Access loans from Peers ranging from $1,000 to $5,000

·    With matching grants of $500 to $1,000 (if you meet the criteria)

·     Access a range of perspectives and experiences

·    Reduce PARO event costs and equipment rental

One of the key elements of a Lending Circle is that members also provide access to loans and support ranging from $500 to $5,000. Lending Circle members are involved in reviewing and approving loan applications from PARO members prior to even if they are validated. Peer loans have helped many members of Circles to grow their businesses and set new goals for the future.

Why apply for a Peer Loan?

A Peer loan is much more than a loan given to a small business. This comes with the support of Peers, the training and increased control, to name a few benefits. A Pair loan could be the solution for you if:

·    You have a poor or no credit history

·    The loan amount you are aiming for is too low to be considered by a bank

·    You don’t trust typical financial institutions

·    You want to avoid credit card debt

·    You want to take advantage of additional funds.

PARO was created on the strength and participation of PARO Circle members. PARO is governed by a board directors drawn from elected members. Additionally, a number of members of Circles participate in each annual strategic plan.

Circle memberships are self-selecting, but cannot include immediate family members. It means that members have the opportunity to choose one another. The members of Circles meet regularly to provide support and advice to businesses of its members, as well as reviewing and ultimately approving the peer loan requests. Before approval of the loan process by the Board of Directors, the members of Circles review and approve the loan applications. The Circle Coordinator or Loans Officer, under the supervision and support of senior management, provides assistance to the member of Circle concerning his candidacy or the cash statements before to present it to the Circle for approval. The CFDC of the region of the borrower provides the loan after Circle approval.

 Women from diverse backgrounds and with varied expertise are encouraged to create their own Circle of Peers. Connect in your community with like-minded women you, and ask us how to create your own Circle today.

Click on the SADC in your region to pay or renew your member of Circle PARO. For assistance, please contact circles@paro.ca or call 807 625-0328.