Ansar Ud Deen Secondary School- Connect

Business Partnership Connect Project

Tuesday, 09 January 2018

Guidelines for Partnership Connect Project

The aim of this project is to assist qualified members with convincing business proposal who need financial assistance either to set up a new business or strengthen an existing business. 

Committee:

  1. A committee shall be formed to review member’s request and make decisions as it relates to the financial assistance to be rendered to members.
  2. The committee shall comprise of contributors to the Personal Value Funds Project. As it is their money that will be used for the project.
  3. The committee shall have full control of how funds will be disbursed.
  4. The committee shall have a quarterly performance rating of the loan beneficiary. The rating shall be on a scale of 1-5 with a minimum performance rating of 4 although 5 is the preferred rating.
  5. The rating shall be determined by the committee members based on the performance of the beneficiary.
  6. The committee shall determine the advance initial loan amount.
  7. All other welfare matters will be handled by the AUDSSConnect Welfare Committee.

Members Requirements:

  1. Qualifying members must have paid his/her dues.
  2. Must submit a written request that highlights the purpose of the loan.
  3. Must have two guarantors who are members of any of the Thrift programs.
  4. Must agree to provide a quarterly update on the performance of the loaned funds.
  5. Member’s performance shall be used to determine subsequent loans.

Funds:

  1. The fund shall come from the personal contribution from members who are led to support the project.
  2. Funds shall be held in trust and loaned to qualified members with a 10% interest rate.
  3. All interest from the loan shall be returned back the connect account.
  4. Loan repayment frequency shall be on a case by basis.
  5. Loan amount shall be determined on a case by case basis.
  6. The beneficiary shall receive an advance initial loan of the requested amount and the balance shall be disbursed based on performance.
  7. Loan duration shall be up to 24 months. However, loan duration will be determined on a case by case basis.