A'l6 THE FREE PRESS BUSINESS FEBRUARY 20, 2000 Lending circle comes to town Local aboriginal business people can now participate in a self-administered loan program that will provide them with money and experience with bank loans. The Business Development Bank, the Royal Bank and the Aboriginal Business Development Centre have recently approved two native “lending circles” in Prince George. A maximum of six people participate in each circle, which has a financial base of $10,000 provided by the banks. Each of those participants can then apply for a small loan from the other five participants who manage the funds. The idea behind the lending circle is to help people who are intimidated by banks develop an understanding of how loans work. The circle will also help business people with bad credit ratings develop a better credit history There is a recognized need in the aboriginal community for small business funding,” says Vince Prince, small business administrator for the Aboriginal Business Development Centre. “This is also educational. They get to learn about loans from both sides.” The loans start out small - about $1,000 for an initial loan. Mr. Prince says it’s just enough to increase inventory or do some advertising. Once the applicant has paid that loan back they can apply for progressively larger loans. Although many of the lending circle participants may not have a great credit rating, the circle gives them a chance to prove they can handle the responsibility of a loan. Applicants are encouraged to be honest about their credit history and 9dearye! Odearyie! ye are welcome to ^ ^ 'The (BelCanto Children's Choir # (Britain ^ Dinner/Dance & ^ Silent Auction ^ February 26,2000 S From left, Joe Gosnell Jr., Brenda Peacock, Eric Jamieson, Philip White, Ray Gerow and Vince Prince celebrate the lending circle. Michelle Lang/Free Press how it came to be that way. “A bank looks at a credit rating and personal history With the lending circle, it’s a factor but it doesn’t have to be the only factor,” explains Mr Prince. That is part of the reason the members of the circle must guarantee 25 per cent of any loan they approve. The Business Development Bank and the Royal Bank guarantee the other 75 per cent. The philosophy behind the 25 per cent guarantee is that lending circle members then have a personal stake that pressures them to do their due diligence when handing out loans. Ye Cocktails served at 6:30 p.m. ^ ^ Ye Feast served at 7:00 p.m. ^ $25.00/person $45.00/couple Columbus Hall - College Heights Mosquito Books Books & Company Dean Mason, CA Tickets available Get $35 rvalue!’ at Tastebuds!! For a limited time, bring in your old mug and exchange it for a shiny new Tastebuds Stainless Steel Mug for only $19"! $29" without trade in. Plus: • Large drink at medium price • 2 FREE specialty drinks with purchase • Permanent discounts • Funky new double wall stainless steel Open daily 7:30am-11pm Parkwood Place • 614-9223 % $ ^ nt’- For more info 564-2660 ^ BC Open University Open to you \OJ BCOU \ S A Division of the Open Learning Agency Thinking of starting, completing, or adding to your university degree? Looking for credit courses and programs available year-round, delivered where you live? BC Open University combines the flexibility you need with the recognized credentials you want. Phone: (604) 431-3300 (BC Lower Mainland) 1-800-663-9711 (Toll-free) Email: student@ola.bc.ca Website: www.ola.bc.ca/bcou BCOU is a fully accredited BC public university and a member of the Association of Universities and Colleges of Canada. PCI1IIMIE £§!>lt>l>l>IEIU» umNTEP ass PROVINCE WIDE WARRANT WILLIGAR, Allen Robert 1967-Aug-24 183 cm or 6' 75 kg or 166 lbs Crime Stoppers is asking the publics assistance in locating the iollowing male who is wanted on a B.C. wide unendorsed warrant. As of 8:35 am the 17th day of February 2000, Allen Robert WILLIGAR (BD: 1967-Aug-24) is wanted on unendorsed warrants for Assault, Fail to Comply with a Recognizance, Fail to Comply with a Probation Order and Failing to Attend Court x2. WILLIGAR is described as a Caucasian male, 183 cm or 6' tall and weighs 75 kg or 166 lbs. He has short receding brown hair, blue eyes and full mustache. He has a tattoo of a naked lady in the middle of his back. WILLIGAR should be considered Violent. Receding Brown Hair Anyone with information as to Full Mustache where WILLIGAR can be located _. c is asked to call Crime Stoppers uiue tyes al 1.800-222-TIPS (8477). 564-TIPS (8477) 1-800-222-TIPS (8477) You may be eligible for a cash reward and you will remain anonymous. SPONSORED BY ~Sf= and Sunday WNCE GEO rnCC PRESS