The Newtown Ethical Lending Trust provides interest-free loans to people in Wellington, New Zealand, to help them get out of unaffordable debt. The group started with 5 trustees and a part-time administrator.
From the outset, getting the trustees to physically meet to approve loans proved to be difficult. All have busy full-time jobs in different parts of town and some applications required an immediate decision.
One of the Trustees heard about Loomio, and decided to try it out with the Trust. They liked it! For the last 10 months, they’ve been using it to approve loan applications as a group, without having to meet.
How it works
Details of the applications for loans are posted to the Loomio group and a discussion thread is opened.
Each trustee reads the application, makes comments and reads other trustees’ comments, then decides to approve the loan or not.
Everything is recorded in Loomio, so the group has a record of all the decisions they’ve made.
Loomio has even enabled one Trustee to fully participate in decisions while living overseas.
Trustee Ken Allen says: