Micro Loans

One of the key facets that makes GEODE stand out from other business development organizations in Greater Sudbury is our highly successful micro loans program.

GEODE clients who successfully complete the six-week Business Training component of the Stepping Stones program are eligible to apply for a low-interest micro loan of up to $2000, which can be put towards their business in any way they see fit.

Micro loans are an ideal way to raise capital to start or enhace a business, particularly if you are an individual with poor or no credit, since your credit history is not taken into account when a micro loan application is being considered.

Peer Lending Circles

Once an entrepreneur is approved for a micro loan with GEODE, he / she enters into a 'Peer Lending Circle,' usually consisting of other successful applicants from the same Business Training cohort. Individuals are eligible for two more micro loans -- $2000 for the second and $3000 for the third -- but only after all members of the Peer Lending Circle have paid back their initial loans to GEODE.

Peer Lending Circles are the cornerstone of what makes micro loan programs work because they encourage members to provide continuous support to each other.

We encourage you to read a more in-depth explanation of Peer Lending Circles by clicking the appropriate link in the Micro Loans drop down menu or by clicking here. As always, GEODE staff are available to answer any question that is not provided on this website.