> ## Documentation Index
> Fetch the complete documentation index at: https://guide.geyser.fund/llms.txt
> Use this file to discover all available pages before exploring further.

# Circular Grants

> How locally stewarded Circular Grants support entrepreneurs without creating debt.

## One grant can help more than one entrepreneur

A **Circular Grant** gives an approved local business capital today. If and when the recipient is able, they may voluntarily forward money into their community's Community Fund so it can support another business.

Circularity means capital can serve a community more than once. It does **not** mean that Geyser or a Field Partner has a financial claim against the recipient.

## A pledge, not a debt

A Circular Grant is not a loan, microloan or repayment obligation.

* No outstanding balance to collect
* No interest
* No required payment schedule
* No penalty for not forwarding
* No pressure, shame or loss of access

A recipient may suggest a non-binding estimate of when or how much they hope to forward. That estimate is not a commitment. The needs and stability of the business come first.

## The Circular Grant journey

<Steps>
  <Step title="Contributors fund a grant">
    A vetted Field Partner identifies a credible local business and helps Geyser prepare an approved, controlled all-or-nothing campaign. Circular Grants are currently introduced through pilots, not as a general self-serve fundraising product.
  </Step>

  <Step title="Capital goes directly">
    Geyser locks the payout address to the verified beneficiary wallet. Once the campaign succeeds and the withdrawal is authorised, the Field Partner cannot redirect the funds.
  </Step>

  <Step title="The business puts the grant to work">
    The beneficiary controls and uses the grant for the approved purpose. The Field Partner provides local support and helps share progress and consented evidence.
  </Step>

  <Step title="Forwarding is voluntary">
    If and when the recipient is able, they may contribute to the Community Fund. There is no collection process and no negative consequence if they cannot contribute.
  </Step>

  <Step title="The Community Fund supports the next business">
    The Field Partner can propose another local entrepreneur for support. The next beneficiary must still meet the programme's criteria and receive Geyser approval.
  </Step>
</Steps>

## Trust and safeguards

Field Partners make local operating decisions because they understand the people and context. Geyser protects beneficiaries and the integrity of the programme.

Geyser may pause a campaign or remove a Field Partner if there is:

* coercion, pressure or public shaming;
* behaviour that treats a voluntary pledge as money owed;
* misuse of grant funds; or
* another breach of Geyser's terms.

Beneficiaries must have a direct route to raise concerns with Geyser without going through the Field Partner.

## Why Circular Grants exist

Many small businesses cannot access bank capital on workable terms. Informal lenders and high-cost microfinance can create financial pressure, stigma and exclusion.

Circular Grants offer a different path: direct Bitcoin capital, local stewardship and voluntary reciprocity without debt-based coercion.

<Card title="Learn about Field Partners" icon="people-group" href="/the-new-geyser/field-partners">
  See how trusted local operators identify, verify and support Circular Grant beneficiaries.
</Card>