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Quaker Social Action's NOW funded Street Cred scheme is helping women in
Walthamstow learn about business and set up their own companies.
Street Cred enables women to access loans, mutual support and know-how to set
up their own businesses, via lending circles. Based on the micro credit model
of the Grameen Bank, Bangladesh, lending circles provide peer support and
encouragement, develop cross-community ties and stimulate local enterprise.
Quaker Social Action (QSA) started Street Cred in 1999 and the scheme is active
in Newham, Tower Hamlets, and Hackney. NOW funding, of £87,800 enabled Street
Cred to start in Walthamstow and the NOW Area in January 2002. The NOW funding
enabled QSA to level £88,000 in match funding and continue its work in the
area.
Since then, Street Cred has helped over 40 women start their own business as
well as helping another 40 begin to plan and develop business ideas. The women
involved work hard to build local contacts, provide mutual help and assistance
as well as playing important roles in the local economy.
Street Cred groups meet initially every
two weeks, each member's business idea is
discussed and, individually, each woman
works through their plan with a Street Cred
Development Worker. Ideas have to be discussed
within the group for three months. This
enables those proposing the business idea
to really benefit from other local business
women's advice whilst also having the time
to fully plan and explore their business
idea.
The group itself then approves each loan and re-payment has to start on the
first two loans before the next two can be taken out. Loans start at £500 and
go up to £1,500, but not everyone decides to take out a loan; for some the
support and training is enough to get their business started.
Street Cred continues in the NOW area and is actively seeking local women to
form new lending circles and get involved in other QSA led social initiative
programmes such as HomeStore, which collects furniture for re-use and
recycling.
QSA was founded by Quakers in 1867, to work within the East End of London
community promoting social justice and breaking down the barriers of exclusion.
QSA, and the projects it runs, aims to identify gaps in existing provision for
social inclusion and - by creating practical projects with clear concrete
benefits - bridge those gaps.
QSA is a registered charity, number 1069157
Download
Street Cred leaflet
or email
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