Savings Loan Pool

 

On June 11, 2020, fourteen Earthaven members and neighbors formed the Earthaven Valley Business Savings Loan Pool – the first savings loan pool at Earthaven and the first savings loan pool formed with the mentorship of Co-operate WNC.

In a savings loan pool, a group of people saves money and loans it to other pool members. In our case, the pool intends to support existing and forming businesses in the valley. In addition to providing a source of interest-free loans and a way to invest in our community, members support each other through mentorship and peer review of project plans.

Savings loan pools are a common form of mutual aid, practiced all around the world. In North Carolina, many savings loan pools provided a way for Black people to save and pool their funds when they didn’t have access to commercial credit. Our savings pool project was catalyzed by Co-operate WNC, a non-profit organization dedicated to harnessing cooperative economics and ecological design.