A micro-credit scheme is helping unemployed women in London’ East End establish their own enterprises. Quaker Social Action’s Street Cred is based on the highly successful Grameen Bank in Bangladesh which has shown the importance of pro-viding small loans to people who are disenfranchised by conventional banks. The East End women form small lending groups to act as mutual guarantees for each other, though their loans and businesses are separate.

‘We are very together, very united,’ said Daisy Ojukwu, who is establishing an enterprise importing children’s clothes which would not have been possible before she found Street Cred. Another woman has bought a sewing machine with her loan, and now makes made to order’ garments for the Bangladeshi com-munity. Others do massage, manicure, translation work and one cooks Malaysian banquets for dinner parties.

The group itself is a wonderful support system: women share contacts, ideas, support and friendship at fortnightly meetings, supported by a facilitator who provides business advice and links with other helpful organisations. The moral collateral generated by the group has proved an effective replacement for the checks and guarantees required by high street banks and Street Cred has a 100% repayment history ñ far higher than the mainstream lenders.

Co-ordinator Claire Caffrey says ‘It’s a slow process, just 27 loans have***image1:right*** been made so far, but it creates a wonderful ripple effect in the community, as the groups grow in number, network and support each other. Often the process of starting these enterprises and the empower-ment that this brings to individual lives is as important as the financial gains that are made.‘
FURTHER INFORMATION : Claire Caffrey, Project Co-ordinator Street Cred, 45–57 Blythe Street, London E2 6LN, Tel/Fax: 020 7729 9267
EMAIL: streetcred.​qsa@​dial.​pipex.​com