LIFE*SPIN - Peer Lending Circles

investing in people who are determined to put their talents to work but who cannot access traditional sources of credit

Click on the links below to find out more about the Peer Lending Circles

What is a Peer Lending Circle?	What are the Advantages?
What are the responsibilities?	Loan Approvals
Mission Statement	CCME Venture Selection Criteria

PEER LENDING CIRCLES

Peer lending is commitment and ability based. You will work together with four or five other individuals to learn about each other, construct a business plan for your business and work through any legislated or administrative issues that your business will face. This requires time, enthusiasm and a willingness to work.

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ADVANTAGES

Build a solid foundation of business skills and knowledge
Advance an idea into successful business
Access an increasing line of credit
Start and improve credit rating
Create a network of supportive business peers

Circles self select members, develop group bylaws, choose a name and select a chair.

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RESPONSIBILITIES OF GROUP MEMBERS

Provide support, advice and feedback on peer business plans
Properly assesses member's applications and approve these loans on a consensus basis only
Make timely payments on current loans
Ensure the timely repayment of every group member's loan
Inform all other group members of any impending repayment problems
Meet monthly with their group
Abide by the group's bylaws
Fulfil his or her commitment to the group

If you are interested you should;

Call LIFE*SPIN at (519) 438-8676
You will be provided with further information and referred to an open circle. If there is not a circle open, you will be put on a list to wait for a minimum of four to seven participants for a new circle.

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LOAN APPROVALS

You are your own bankers. A sub-committee of the loan fund will meet with you, when you feel you are ready, to ask you to present each others' business plan and feasibility research. We may suggest more work be done, however loan approvals are the responsibility of the circle members.

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