At Virgin Money our company ethos is Everyone Better Off, or ”EBO” for short. You may have already heard of it; it means that we want our bank to be more than just fantastic products and looking after your money. One of the ways that we “bring EBO to life” is by giving back to our communities, something we do in many different ways. Our “Make £5 Grow” programme is one of the great ways in which we make this happen.
So how does it work?
Make £5 Grow gives young people aged between 9 and 11 years old the opportunity to take a loan of £5 each from Virgin Money to start their own ‘mini’ business. This can be done through schools, youth groups, judo clubs, Scouts, Brownies… you get the picture.
Designed to help give young people the experience of starting a small business using just a £5 loan, Make £5 Grow offers them great insight into how business works and helps to build skills for the future, such as team working, problem solving, leadership, money management and creativity. It’s engaging, educational and great fun, plus it delivers key elements of the National Curriculum. Like our own business, it’s not all about making a profit!
The children keep every penny they make in profit and all we ask is that the groups pay back their loan of £5 a head, after all it’s a bank we are running. In some cases, groups have spent the money on parties, equipment for their school or youth group while others have donated their profit to a great cause or charity.
Now in its 6th Year, we have had over 39,000 children taking part with so many different business ideas taking place, from bake sales to calendar making, from piggy banks to car washing. We have heard so many great ideas, stories, quotes and feedback from Make £5 Grow that we have decided to share them with you over the coming months. In one school, a child asked us
“Can I buy my friends business if they are not making a good profit?”
Sounds like someone to watch out for in the future.
If you would like more information or would like to run the programme with in a school, youth group why not pop in to your local Virgin Money Store or one of our Lounges for more information.
You can also find out more on our Make £5 Grow website or to register and run the programme. There is also this great video which is not only informative but also very entertaining.