Business Partnership Connect Project

Sunday, 14 June 2015

Guidelines for the Partnership Connect Project

The Partnership Connect Project is designed to provide financial assistance to qualified members with compelling business proposals. Whether you’re looking to start a new business or strengthen an existing one, this initiative aims to support you.

Committee Structure:

- Formation: A dedicated committee will be established to review requests and make decisions regarding financial assistance for members.
- Composition: The committee will consist of contributors to the Personal Value Funds Project, as their contributions fund this initiative.
- Authority: The committee will have full control over how funds are disbursed.
- Performance Monitoring: The committee will conduct a quarterly performance review of loan beneficiaries, rating them on a scale of 1-5. A minimum rating of 4 is required, though a rating of 5 is preferred.
- Loan Decisions: The committee will determine the initial loan amount and any subsequent disbursements based on the beneficiary’s performance.
- Welfare Matters: All other welfare-related issues will be managed by the AUDSSConnect Welfare Committee.

Member Requirements:

- Dues: Members must be current on their dues to qualify.
- Loan Request: A written request outlining the purpose of the loan must be submitted.
- Guarantors: Members must provide two guarantors who are participants in any of the Thrift programs.
- Performance Updates: Members must agree to provide quarterly updates on how the loaned funds are being utilized. Performance will influence eligibility for future loans.

Funding and Loan Terms:

- Source of Funds: Funds will come from personal contributions by members who wish to support the project.
- Management: These funds will be held in trust and loaned to qualified members at a 10% interest rate.
- Interest Allocation: All interest earned from the loans will be returned to the Connect account.
- Repayment Schedule: Repayment frequency will be determined on a case-by-case basis.
- Loan Amount: The amount of each loan will also be determined individually. Beneficiaries will initially receive a portion of the requested amount, with the balance disbursed based on their performance.
- Loan Duration: The loan term can be up to 24 months, with specific terms decided on a case-by-case basis.

This framework ensures that the Partnership Connect Project operates transparently and effectively, providing the necessary support to help our members succeed in their business ventures.