Is your Chama or investment group or club trying to finance a development project whether it is to purchase land, development of property or other viable investment?
When a group of people come together and form a Chama, they always have a goal that they want to achieve. Most of these groups are formed with the intention of venturing into investments.
Members of a Chama will put together all of their resources so as to see that their goal is achieved.
There are investment projects that require a lot of finances to see them through and this may tend to be a challenge to the Chama. Such times when projects have had to be left pending due to financial constrains are a thing of the past since the Co-operative Bank of Kenya (Co-op Bank) has a solution for you with the Co-op Club Special Loan.
The Co-op Club Special Loan is designed to help Chamas reach new heights. Get a maximum loan amount of up to 50 million or five times the group’s savings with a repayment period of up to 72 months.
Features of the Co-op Special Loan include the following:
- Maximum loan amount of up to 50 million or 5 times the group’s savings
- Repayment period of up to 72 months
- 100 percent financing of the project cost
- Affordable interest rate
- The loan is accessible to groups as a corporate body
Requirements include:
- The group must be registered with the concerned registering body e.g. ministry of social services, ministry of gender etc.
- Group account operational for 6 months with Co-op Bank or with other banking institutions
- Open Mshiriki current account and an investment company account with the Co-operative bank
- Group must be making monthly contributions through the Mshiriki account
The securities acceptable to the Bank under this loan product include:
- Cash
- Shares quoted in the Nairobi Securities Exchange.
- Residential Properties
- Commercial Properties
- Land
- Supported Debentures
- Chattels Mortgages on Motor Vehicles, Machinery, etc.
- Guarantees supported by Tangible Securities.
- Approved Overseas Guarantees
- Treasury Bills & Treasury Bonds
- Approved Endowment Insurance Policies.