The cooperative plans to give cheap loans to members, invest in their businesses/ideas, own some ventures and invest in corporations.
Individual members save periodically towards their projects, pushed into a faster success by a collective effort.
Every member is an equity holder who gets profits from the success of the venture.
You are encourged to buy as many membership units (shares/equity) monthly as you can to profit from the success of the organsiation.
You can join and exit anytime. Your equity/membership interest will be returned to you when you separate.
There will be a monthly report to all members during the monthly meetings.
Ajo/Esusu
The Esusu/Ajo runs periodically in these cycles - three (3), six (6), nine (9) or twelve (12) months cycles.
Steps
Determine the amount based on your capacity.
Determine the duration - 3, 6, 9 or 12 months.
You can only get your contribution on the last day of the month of the Ajo/Esusu period
If you want to get your contribution earlier, you can only do so on the second month with 10% APR deducted from it.
Loan Calculator
Loans
Maximum unsecured 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.
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 they 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 $3.5 must be added to each payment for administrative processing.
Other Services
Credit Building by Consolidating High Interest Credit Cards
We will help you build credits. We can help you consolidate your credit cards. You have to sign an agreement not to use the cards during repayment and a year after repayment.
Mortgage Down payment
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.
Mortgage Interest reducing loan
This will help first time home buyers to buy points for lowering interest rates.
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.
Money Transfer
We can help you send money back to any African 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.
Downpayment Assistance for Home Owneship structured as a gift
We will assist members with downpayment so that they don't carry Premium Mortgage Insurance (PMI).
Foreclosure Redemption
We will help members facing foreclosure to get their homes back.
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.
