- Must be 18 years of age or older
- Must be able to enter into legal agreements
- Only one family member per circle
- Must reside in Community Futures Westman Region
- Members can only belong to one lending circle at a time.
- All members must complete an application form and be approved by the group.
- Members must consent to Credit check and agree to submissions to credit bureaus.
- Members should demonstrate a commitment to the goals of the lending circle.
- Members should be able to provide proof of ability to make financial contributions on a monthly basis.
- Members are expected to attend regular meetings (e.g., monthly) to discuss finances, contributions, and any issues.
- If a member cannot attend, they should notify the group in advance.
- Members must take all training offered for the lending circles.
- Members must contribute a set amount of money each meeting, as agreed upon by the group.
- Contributions should be made on time to maintain group trust and financial stability.
- Members can borrow funds based on pre-established guidelines (e.g., borrowing limit, repayment terms).
- All loans must be approved by a majority vote of the members.
- Borrowers must repay loans according to the agreed schedule.
- Failure to repay on time may result in penalties, such as increased interest or temporary suspension from borrowing.
- All financial transactions must be transparent, including contributions, loans, and repayments.
- Regular financial reports should be shared with all members.
- Members should communicate openly to resolve any disputes or issues.
- If conflicts arise, the group may appoint a mediator to facilitate discussions.
- Members must respect the privacy of each other's financial situations and personal information.
- Discussions within the circle should remain confidential.
- Members should treat each other with respect and kindness.
- Discriminatory behavior or harassment will not be tolerated.
- Members may leave the lending circle voluntarily but must communicate their intention.
- Any outstanding loans must be resolved departure.
- If the lending circle as a whole wishes to discontinue It must be in writing with every member agreeing on its dissolution with financial obligations met and an agreed upon date for ending.