Member Meetings
Member Meetings
We believe in the value of community support. Twice monthly we have Member Meetings for all our Business Group Members. To apply to be member, you have to be a graduate of our Business Development Training course. The meetings allow members to network and access business resources. We bring in speakers from outside businesses and organizations to share information on small business related topics, including health insurance, sales strategies, taxes, goal setting, risk management, on-line marketing, and more. These vary and are often in response to the requests of our members. If you are interested in making a presentation at our Member Meeting, please see our volunteer page.
Business Groups and Peer Loans
During the later part of our Member Meetings, our Business Groups meet. Business Groups are one of the most powerful aspects of Washington CASH. Being self-employed can be very challenging, difficult, and sometimes lonely. Business groups provide a tremendous support system for our business owners. Group members give feedback, support, accountability, and most importantly, they are dedicated to the success of each member.
Washington CASH was built on the concept of the Grameen Bank (founded by the Nobel Peace Prize winner, Muhammad Yunus). In the mid 1990’s Peter Rose traveled to Bangladesh to personally learn about microfinance and the peer lending model. When he returned he began Washington Community Alliance for Self-Help. We continue to use this model as it provides access to capital to people who are considered unbankable or underbanked. Traditional banks make lending decisions based on character, credit history, collateral, capacity, a personal guarantee, and at least 2 years of being in business with a positive cash flow. That leaves our clients with no access to capital through the traditional avenues.
At CASH, we use something completely different to judge the viability of a loan: SOCIAL COLLATERAL. The majority of our clients are low-income women who are just starting their own businesses. In many cases, they have no credit or poor credit history, no collateral, and no track record as a business owner. In our peer loan groups, a member can apply for a small loan (starting at $1,000 going up to $5,000). Business Groups consist of 5 to 10 members each. They meet regularly and assist each other in building their businesses. When a member is ready to apply for a loan, the other group members review the business plan, listen to how the loan will be used and repaid, and make the final decision about this borrower receiving the loan. The group informs Washington CASH staff that a loan has been approved and the check is issued. If the borrower gets behind in a payment, the peer group is “frozen” and cannot apply for any future loans until the other loan becomes current or repaid. This social pressure keeps loan borrowers accountable to building a successful businesses so that loans can stay current.
One tremendous advantage of our peer loans is that we do report payment history to the Credit Bureau. That means that borrowers with on-time payments are rebuilding their credit by borrowing from Washington CASH. Many of our clients have gotten back on track with their credit through this opportunity.
Business Groups have some general guidelines they are asked to follow, but they primarily run their own meetings, elect a leader, treasurer, secretary, create their own agenda, and set rules that work for their group. To inquire about joining a Business Group or getting a Peer Loan, please contact us at info@washingtoncash.org.
Group Mentors
Each Business Group has an experienced mentor. Mentors are volunteers who have owned or currently own their own business, or have expertise in different areas of business ownership. Group Mentors act as support and a ‘go-to’ person for help and advice. If you are interested in becoming a mentor, please see our volunteer page for more information.
Legal Clinic
We offer a free legal clinic once a month where our Members can sign up to consult with a volunteer attorney. If you are a current Business Group Member and are interested in signing up, please contact Mary@washingtoncash.org.
