Cowrica is a cooperative of people who own the business and share the profits made.
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.
We help members in times of difficulties, during major purchases, and when going through life's events.
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.
SERVICES
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.
The collection time is the last month of the Ajo/Esusu period for first timers (You must have been a member for six months to get a loan).
Subsequent subscribers will get their payments within the first month less 10% monthly APR. They may also elect to wait till the end of the Ajo/Esusu period.
Loan Calculator
Loans
Maximum unsecured loan is $6, 000, for twelve (12) months. This maximum amount will be determined from time to time by the Board.
Should you need a bigger loan than the above amount, two members of the cooperative, in good standing, need to sign to your loan request as sureties, or you can provide a viable collateral. 10% APR will be charged and removed upfront.
You cannot be a surety if you have an outstanding loan or you are already a surety 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.
Loans for your present Business
We will help your with loans to be successful in your business.
See membership tab for more benefits.
