A Micro-Finance Program for Women
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 and shared contact networks. Circles are small groups of 4 to 7 women, who are over the age of 18, each of whom currently operates their own business, wishes to start their own business, or believes in women helping women. PARO Peer Circles help women to connect and network with other enterprising women. Today PARO is one of the strongest peer lenders of small business loans in North America (Impact- A Social Enterprise Strategy for Ontario, 2013).
There are a great number of benefits of being a PARO Circle member, including but not limited to:
One of the key elements of a Peer Circle is that members also provide access to lending support of between $500.00 and $5,000.00. Members of the Peer Circle are involved in the review and approval of a member’s PARO loan application before it is approved. Peer lending has helped many Circle members to grow their businesses and set new goals for the future.
Why Apply for a Peer Loan?
A Peer Loan is so much more than a small business loan. It comes with peer support, training and increased control, to name just a few benefits. A Peer Loan may be the right for solution for you if:
PARO is built upon the strength and participation of women who are Circle members. PARO is led by a Board of Directors that is made up of elected Circle Members. In addition, a number of Circle members participate in each year’s strategic planning.
The membership of the circles is self-selecting, but cannot include immediate family members. This means that members have the opportunity to choose one another. Circle members meet on a regular basis to provide support and advice for one another’s businesses, as well as to examine and ultimately approve one another’s peer loans. Prior to the Board of Director’s approval of the loan process, the circle members review and approve the circle loan applications. The Circle Coordinator or Loans Officer, with the supervision and support of the Executive Director, provides assistance to the circle member with the loan applications and cash flow statements before presenting to the circle for approval. The CFDC in the borrower’s area provides the loan upon circle approval.
Women from diverse backgrounds and with mixed expertise are encouraged to form their own Peer Circles. Connect with like-minded women in your community and ask us about starting a new Peer Circle today.
Contact us today to learn more about joining a Circle of dedicated, motivated women who can support you in making the changes you want to make in your life.
Click here to pay or re-new your PARO Circle Membership. For assistance, please contact or call 807-625-0328.