Peer Loans

Washington C.A.S.H.’s peer loans are specifically designed for startups or new (in business less than one year) self-employment ventures. To be eligible for a peer loan through our program, participants must be a certified member of a Washington C.A.S.H. Business Group (peer lending group).

Certified group members have access to peer loans up to $5,000, with an initial loan up to $1,000. Loans can be used for any business purpose, including purchasing equipment, launching an e-commerce Web site, advertising, or obtaining raw materials.

The following requirements must be met to apply for a peer loan:

• Graduate from the Washington C.A.S.H. business training program
• Join a peer support group and get certified
• Have a business plan and financial statements
• Open up a business checking account
• Obtain any necessary state and city business licenses
• Clearly identify the need for the loan and your plan for repayment

The loan interest rate is fixed, prime + 4, set at the time of funds disbursement. Interest rates may be substituted by a commensurate flat fee in the event that payment of interest conflicts with borrower’s religious or moral beliefs. Loan payments are due biweekly (every meeting). The group treasurer collects all loan payments and submits funds to the loan manager.