š„ Assign Your Accountability Partner
Value: Encouragement, structure, and shared journey.
No entrepreneur builds alone. Your accountability partner is someone who helps keep you focused, encouraged, and on track during your loan and business journey.
š” Whatās an Accountability Partner?
Someone who supports your journeyānot financially, but emotionally and motivationally. They are notified of your loan journey milestones and act as a cheerleader and support system.
Why this matters:
While traditional lenders only focus on your credit file, we recognize the power of relationships. A trusted partnerābe it a mentor, friend, or family memberāserves as your sounding board, emotional anchor, and motivator.
š§š¾āš« Example Partners:
Mentor: A retired entrepreneur who checks in monthly on your growth.
Friend: A fellow small business owner who will remind you of your loan repayment schedule.
Family Member: A sibling or parent who believes in your mission and wants to see you succeed.
Key Facts About Being an Accountability Partner:
No Financial Liability: You are not financially responsible for the borrowerās 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.
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 Graceās 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.
š Action Items:
ā¢ Think of someone reliable and committed.
ā¢ Enter their full name and correct email address when prompted.
ā¢ Send the invitation via the Woveo Accountability Partner Portal.
ā¢ Follow up with them personally to confirm theyāve accepted.
š§ They will receive an email with next steps and must accept the invite before you move forward.
Now for you as the loan applicant, your loan process and details will now change to reflect the inclusion of your accountability partner to the loan process. In summary, you will be able to view your confirmed accountability partner and the respective changes to your loan overview to reflect the addition of your accountability partner.
Once you have confirmed your accountability partner and sent out the Accountability partner request, the stage for accountability partner will be shown as pending/ in progress:
While the loan overview will change to reflect the change in your loan overview: Please note the inclusion of your named accountability partner.
Why Invite an Accountability Partner?
You are not alone on this journey.
At Woveo, we believe that business is a community act. Behind every successful entrepreneur is a group of peopleācheering them on, offering advice, checking in, or simply reminding them theyāre capable.
Thatās what an Accountability Partner (AP) is. Someone you already know. Someone you trust. Someone who sees your dream and wants to see you win.
Inviting an AP: A New Way to Build Confidence
We understand that sharing your business story or asking someone to stand with you financially might feel scary.
But hereās what inviting an Accountability Partner really says:
āIām building something, and I believe in it. Iād love for you to walk with me on this journey.ā
Itās not about asking for help.
Itās about offering them a front-row seat to your success.
And the best part? They benefit too.
ā This Is Bigger Than a Loan
This is about normalizing business conversations in our communities.
ā¢ Itās okay to talk about your dream.
ā¢ Itās okay to invite someone in.
ā¢ Itās okay to say āI need support to build thisāand Iām building it right.ā
Your voice matters. Your business matters. And with Woveo, you donāt build alone.