Peer Loan
Grow your business
Small business loans up to $3,500
The Peer Loan Program draws recent graduates of the Ventures’ Business Basic Course together to form Peer Loan Cohorts. The Peer Loan does not require physical collateral or a good credit score to apply.
Participants in the cohorts present their loan request to the group of their peers for approval. In place of traditional collateral (pledging money, equipment, or assets to secure a loan), the Peer Loan Program relies on the engagement of the Peer Loan Cohorts to achieve successful loan repayment. Members of Peer Loan Cohorts attend regular meetings, support each other to set business goals, and providing feedback to other group members. To make the program a success, it is vital that peer loan members remain engaged in the peer loan community.
We provide Peer Loans for:
- Start-up expenses
- Marketing materials
- Supply and inventory
- Equipment
- Other approved expenses
Loan Description
- Amount: $500 – $3,500
- Interest Rate: Interest rates on all of our loans start at 7.25% for a first-time loan. If a loan is paid in full and on time, interest rates for subsequent loans decrease by .25%
- Terms: Terms depend on the size of the loan
- Eligible Uses: All loans must be used for business purposes only. You must work with a Ventures Business Coach to complete the loan process and determine the eligibility of your proposed use of funds
- Limits: For the Peer Loan, startup small businesses can apply for up to $2,000, while small businesses that have been in business and making sales for at least a year can apply for up to $3,500
Participation Requirements
- Graduated from the Business Basics Course
- Have a business license and are making sales
Loan Requirements
- At least 18 years of age
- Reside in Washington State
- Possess all required city and state business licenses
- Do not owe any back child support
- Not delinquent on any federal loans or taxes (without a repayment plan in place)
- Do not presently have an active bankruptcy
- Have a business checking account
Apply for a Peer Loan
Make sure you meet the prerequisites, then:
- Step 1: Attend the Peer Loan Orientation following your graduation for the Business Basics Course.
- Step 2: Join the Peer Loan Cohort
- Step 3: Prepare your Loan Application
- Step 4: Meet with a Ventures Business Coach
- Step 5: Present Your Loan Application to the cohort
- Step 6: Attend Peer Loan meetings to support others in your cohort
Cost
$15 at the time of application