WW-FLAG Micro Loan Fund
In association with the Weavers Way Cooperative and the Germantown United Community Development Corporation, the FLAG has established a revolving Micro-Loan Fund to provide no-interest, no-fees loans to small businesses and entrepreneurial individuals.
Funding
The Micro-Loan Fund has been seeded by Weavers Way and will operate through the Weavers Way New Economy Incubator Committee.
Donations to the Micro-Loan Fund are tax-deductible through GUCDC and may be sent to GUCDC payable to "FLAG."
Eligibility and Application Process
Anybody in the Weavers Way community may apply for a Micro-Loan for any business purpose.
The Application Form may be obtained online at this website or the websites of Weavers Way and GUCDC.
Applications may be submitted to GUCDC or to any member of the WW New Economy Incubator.
Applicants engage with their WW-NEI Loan Management Committee to determine loan amount and repayment schedule.
Participation
Members of Weavers Way and the Northwest Philadelphia community are encouraged to participate in the Micr-Loan program.
Social Collateral
Like other FLAG programs, the Micro-Loan does not require traditional forms of collateral to secure a loan. Instead, social collateral in the form of guarantees from friends, neighbors, customers, congregants, and/or others within the community provide social collateral.
In association with the Weavers Way Cooperative and the Germantown United Community Development Corporation, the FLAG has established a revolving Micro-Loan Fund to provide no-interest, no-fees loans to small businesses and entrepreneurial individuals.
Funding
The Micro-Loan Fund has been seeded by Weavers Way and will operate through the Weavers Way New Economy Incubator Committee.
Donations to the Micro-Loan Fund are tax-deductible through GUCDC and may be sent to GUCDC payable to "FLAG."
Eligibility and Application Process
Anybody in the Weavers Way community may apply for a Micro-Loan for any business purpose.
The Application Form may be obtained online at this website or the websites of Weavers Way and GUCDC.
Applications may be submitted to GUCDC or to any member of the WW New Economy Incubator.
Applicants engage with their WW-NEI Loan Management Committee to determine loan amount and repayment schedule.
Participation
Members of Weavers Way and the Northwest Philadelphia community are encouraged to participate in the Micr-Loan program.
- Publicize the Micro-Loan program.
- Recruit applicants for Micro-Loans.
- Contribute to the Micro-Loan Fund by making a tax-deductible donation.
- Guarantee a Micro-Loan and/or the program, thereby providing credit enhancement through social collateral.
- Join the WW-NEI Loan Management Committee that operates the Micro-Loan program.
Social Collateral
Like other FLAG programs, the Micro-Loan does not require traditional forms of collateral to secure a loan. Instead, social collateral in the form of guarantees from friends, neighbors, customers, congregants, and/or others within the community provide social collateral.