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Development Model
WEETU's Full Circle does more than teach clients about balance sheets, taxes and marketing. It gives new entrepreneurs access to cash and long-term support.
Called 'Full Circle' in Norwich, the peer-lending scheme is modelled on the Grameen Bank. Since 1999 it has offered business start-ups low-interest loans - without consideration of credit history. Peer-lending circles approve members' loans. The only collateral is social capital. Even with that, Full Circle boasts a 96% loan repayment rate. The other payoff is the ongoing support that business owners get from WEETU and their circles.
Clients participate in a rigorous, but supportive training programme. In just 11 weeks, they develop a business plan capable of passing a bank manager's test.
First, they do Is Enterprise for Me? In that course, clients evaluate their business ideas, do market research and chalks out how to proceed. Then, they do Skills for Business, to learn more advanced concepts and write their business plans.
Two clients described their experiences:
The course is relevant, focused and realistic. It talks about 'my business' and not theory. It takes a holistic approach. It made me do the work but pointed me in the right direction. I know there is always more help available.
Thanks! I have done courses with different agencies but every time I have a meeting with any person at WEETU, or do any course I come away enabled, empowered and inspired. I believe I can do it and I have been given the 'tools' to make it possible.
After training, WEETU continues to support clients as they join lending circles, self-selected small groups business owners who meet regularly to support each other. One client described it this way:
By joining a lending circle with 3 other women I feel I gained 3 more wheels on my wagon of support, friendship and criticism.
The circles also approve loans. First loans are up to £1500. Second loans are up to £2500.
Social Impact Outcomes
When they joined, 58% of Full Circle clients were on benefits, 27% were in low-paid work, 15% were unemployed.
By the end of Full Circle training:
- 94% of survey respondents felt more confident in making decisions for their futures, up from 60%.
- 100% are confident dealing with banks and financial institutions - up from 54%.
- 88% feel in control of their lives - up from 51%.
- 100% believe they have gained valuable skills for employment.
Full Credit is the full package. Its Full Circle model has supported hundreds of clients into successful business.
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