The Cooperative is owend by all members for their benefits.
Members are encourged to buy as many membership units (shares/equity) as they have capacity for to profit from the success of the organsiation.
Anyone can join and exit anytime. The equity/membership interest will be returned when separated.
There will be a monthly report to all members during the monthly meetings.
Social Insurance
You will be automatically enrolled in our Social Insurance Scheme which will help raise money in case of "Death of a member." or close family.
For the social insurance, each member will be asked to contribute any amount but minimum of $5 per event.
Ajo/Esusu
For members who are interested, (nothing is mandatory) the Esusu/Ajo runs for 26 bi-weekly cycles to complete a year.
Steps
Determine the amount based on your capacity.
You can only get your contribution on the last day of the year cycle or
If you chose to get your money anytime before the end of the year, interst will acrue from that point forward because the portion you are yet to contribute is a loan.
For example, if your contribution will be $20k for the whole year but you decided to collect the whole amont in June, the remaing portion you are yet to pay is a loan which will carry 10% APR.
Loan Calculator
Loans
(Not more than x4 of your membership units/equity. There will be no credit check)
Personal Loans - The maximum unsecured (personal) loan is 4x your holdings in the Cooperative. However, you can get as many members to sign in to your loan request, thereby getting the sums of their holdings towards your loan calculation.
For example. If you have holding of $5k. You can get loans up to 20k. If you can bring 4 friends who have no outstanding loans and are worth 30k of holdings in the cooperative, then you are elibigble for a loan of up to 50k. Should you default, we will give you more time. Should you run away or refuse to keep making payments, your holdings and that of your co-signers will be applied towards the outstanding loans.
You cannot be a co-signer if you have an outstanding loan or you are already a co-signer for another oustanding loan.
Repayment for all loans is bi-weekly.
Note $4 must be added to each payment for administrative processing.
Mortgage Down payment Loans
You can get a loan towards the down payment of a primary home structured as a GIFT (to eliminate PMI - Premium Mortgage Insurance), but you must have been a member for at least two years, or as the board may determine. Such loan will not be more than x4 of your worth in the cooperative. The APR will not be more than 3%.
Mortgage Interest reducing loans
This will help first time home buyers to buy points for lowering interest rates. APR is 3%.
Car Loans
You can get a loan to buy a car at not more than 6% APR. The cooperative will hold a lien on the car.
Other Services
Money Transfer
We can help you send money back to any country at the prevailing black market rate with no fee. Rates will be displayed daily when the service commences.
Angel Investment into your Business Ideas
Do you have a bright business idea? The cooperative will partner with you to shoot it off the ground. We can be your major investor.
Loans for your present Business
We will help your with loans to be successful in your business.
See membership tab for more benefits.
No Credit Check for all loans - All loans are without credit check.
Exposure of your business to other members - You can make new customers from members.
A meeting place for Investors and Investments - Pitch your business ideas or ongoing ventures to interested investors.
Business Capital - The Cooperative will provide funding to viable member s' businesses.
Opportunities for Joint Ownership - You automatically become a join owner of the cooperative and whatever entity/business the cooperative decides to acquire or invest in.
Other Membership Benefits
Discounts on cooperative owned businesses and properties.
Investment towards your business and ideas.
Financial, business, family and investment education seminars and workshops.
Various seminars and worksops to help you succeed.
