OBDC Small Business Finance is thrilled to partner with Mission Asset Fund to offer lending circles to small business owners in our program areas. When banks are not available, people across the globe lend each other money. LendingCircles.org has taken this to a new level by incorporating credit reporting. Now, in addition to accessing funds, a participant’s credit score can improve through positive credit activity.
Lending Circles provide a zero-interest social loan. Six to ten people come together in-person to form their circle and decide on the amount for their group loan. Each person can have her or his own reason or goal for the money, and, in OBDC’s program, participants are not required to use the loan for their small business.
Each month, participants contribute the same monthly payment of $50 to $200, and each month a different participant receives the loan. In addition, all members of the circle complete a series of financial education webinars, ensuring that participants have more tools available to them during and after the Lending Circle process.
For more information about OBDC’s Lending Circle’s program, please email lendingcircles@mainstreetlaunch.org or call 510-830-3292.
Follow Mission Asset Fund on Twitter to learn more about their amazing work and clients @MAFpajarito.
