Background
Woveo’s Accountability Partners fosters a supportive environment where entrepreneurs can thrive without systemic barriers. Accountability Partners benefit from incentivized savings, promoting financial literacy, and strengthening community ties, and entrepreneurs gain access to credit, championed at an affordable rate.
Further, the community support in accountability partners provides a strong testimonial base for community businesses as a foundation for sustainable customers, growth, and success.
What is a Woveo Accountability Partner?
An Accountability Partner is a trusted peer, mentor, or colleague who supports a Woveo SMB loan applicant in achieving their business goals by:
Providing moral and financial accountability support.
Encouraging repayment accountability by participating in a shared loan group.
Reinforcing on-time repayments through positive reinforcement.
Growing their own financial literacy, independence, and security.
Example: Meet Grace and John
Grace is an entrepreneur who needs funds to expand her business. She applies for a Woveo SMB Loan and invites her colleague, John, and her long-time friend, Carol, to be her Accountability Partners.
John and Carol:
Commit to saving $100 per month and earn 3% interest on their savings for every on-time repayment by Grace.
Monitors Grace’s repayment progress through the Woveo app.
Act as mentors and a support system, encouraging Grace to stay on track with her business and loan.
Grace successfully grows her business, hires two employees, and pays off her loan. John and Carol benefit from earning interest on their savings, reinforcing their relationship and bond with a bonus of actively and economically supporting their community.
What is a Woveo Accountability Partner?
An Accountability Partner is a trusted peer, mentor, or colleague who supports a Woveo SMB loan applicant in achieving their business goals by:
Providing moral and financial accountability support.
Encouraging repayment accountability by participating in a shared loan group.
Reinforcing on-time repayments through positive reinforcement.
Growing their own financial literacy, independence, and security.
Key Facts About Being an Accountability Partner:
No Financial Liability: You are not financially responsible for the borrower’s loan.
Performance Incentive: You earn a 3% interest incentive on your savings for every successful monthly borrower repayment of their Woveo SMB Loan.
Savings Participation: You are encouraged to save $100 per month during the loan term.
Savings Lock-in Period: Your pooled savings will be locked in for the loan term of the Woveo SMB Loan you are an accountability partner for.
Collaborative Ecosystem: This program replaces traditional credit scores with a community-supported accountability model.
Eligibility Criteria:
Agree to program terms and conditions and demonstrate financial stability.
Make an initial deposit during onboarding.
Cannot also be a borrower in the program.