Theory
- A mutual (open) credit system where credit exists between agencies
- Used to facilitate exchanges between organisations for mutual benefit and enhance use of scarce or under utilised resources
Practice
- Time bank can be established within an existing 'hub' or to set up a new network of organisations (may be based around a geographical area or a specific skill/activity)
- When an organisation joins the bank they list the resources and servies they have available and the type of help they would like to receive
- Exchanges are recorded by a 'broker' or network co-ordinator
- Type of exhanges are governed by what is available within the membership but likely to be both resources (e.g. an underused minibus) and skills (e.g. help with writing a funding proposal)
Factors for Success
- Supportive network of organisations with understanding of time banking
- Funding for a time bank co-ordinator, or lead organisation
- Particularly useful when organisations have underused resources
- Core group of local orgainsations with a variety of resources and needs
- Strong local community sector with a history of working together previously
Potential Problems
- Requires membership to be a range of organisations and resources in order to meet a variety of needs
- All organisations need to give and receive
Examples from London
Potentially: VAL's Health & Social Care Network
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