OMOSIMUA FOUNDATION

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CATEGORIES OF SEED LOAN REPAYMENT TENURE
We have Four months, Three months, Two months and One month loan repayment term.
With One month term you wil have access to a loan of N100,000.00 Twelve times a year, this also means that all your group members are on the same term. You can only move from a longer term to a shorter term if previous payment was well paid.

 

 

One of our objectives is to support small businesses by giving them access to soft loans for their businesses.

FAQ:
What is the procedure for seed loans to be approved and disbursed?

Option one

1. Submit your name here

2. Reg with N2000
3. Buy loan form of N6000
4. Fill and submit form

5. Wait until the person gathering the group gets up to 20 members as a group including people each person will bring.
6. Disbursement of loan.


Option Two

1. Submit your name here

2. Reg with N2000
3. Buy loan form of N6000, fill form and submit
4. Get 3 people that also need small loan to do the same.
5. Disbursement of loan.

 

THE MEANING OF BRING THREE PEOPLE TO GET LOAN.
This is the second method of grouping for SEED LOAN, it simply means that the person who brings three people gets the loan alone while each person of those three people he brought should also bring three people to get his own loan, it goes round as a network. It does not mean you should get three people that will all get loan without their own three people, if it is done that way we cannot get the twenty people that will form the group. I quickly made this clarification based on the inquiry phone call I got from a woman who said she is coming to the office with two other women to vet loan together after last week inquiries in the office.

 

NOTE: IF YOU CHOOSE:

ONE MONTH

It means you will pay and request for loan within the space of one month and your group will always be given loan monthly which means you will have access to the loan 12 times a year which amounts to a total of N1,200,000.00 a year without interest rate.
TWO MONTHS, It means you will pay and request for loan within the space of Two months and your group will always be given loan every two months which means you will have access to the loan 6 times a year which amounts to a total of N600,000.00 a year without interest rate.
THREE MONTHS, It means you will pay and request for loan within the space of Three months and your group will always be given loan every Three months which means you will have access to the loan 4 times a year which amounts to a total of N400,000.00 a year without interest rate.
FOUR MONTHS, It means you will pay and request for loan within the space of Four months and your group will always be given loan every Four months which means you will have access to the loan 3 times a year which amounts to a total of N300,000.00 a year without interest rate.

 

RATIO 4:8:8+ DISBURSEMENT FORMULA
This is the formula used in the disbursement of maiden edition of SEED LOAN to members of OMOSIMUA FOUNDATION. The formula is used to checkmate the eventuality of unforseen activities such as mass defaulting of SEED LOAN repayment of any group of members taking SEED LOAN for the first time. The formula implies that Four members' SEED LOAN DISBURSEMENT is made on first day of disbursement followed by Eight members after a period of Two weeks of disbusing loan to the first four and finally the remaining Eight or above after Two weeks of the previous disbursement. This formula is also applicable to a group with mass defaulters at termination period but not applicable to a group with good track record of payment.

 

BRANDING AND DECORATION OF THE GROUP MEETING VENUE
Roll up Banner
3x6 Flex Banner
Branded Tshirts and caps
Phone camera for meeting recording and posting

 

ANNUAL CEREMONIES OF OMOSIMUA FOUNDATION
1. Omosimua Foundation Anniversary
2. Chairman of the Foundation's Birthday
3. Group leaders' birthdays
4. End of The Year party at Cooperative zonal levels
5. Thankgiving Services at the end of the year.
6. Weddings and other ceremonies of members.
7. Business seminars


HOW TO PAY BACK OUR LOAN
Repayment of our loan is very flexible, you have a whole four months to pay a loan you are not paying interest rate at all. There are 16 weeks in four months and the total amount is divided by 16 with a token of N100 per payment for bank charges support so that the money will still be complete for us to lend to another person.

Make payment latest every Friday of the week till the money is complete, you can actually pay in any of the day but Friday is the last day.

If you take a loan of N60,000 from us on Monday 18th May 2020 you pay as follow:
When you divide N60,000 by 16 you will get N3,750.00 add N100 charges.

Friday 22nd May 2020 ------------ N3,750.00

Friday 29th May 2020 ------------ N3,750.00

Friday 5th June 2020 ------------ N3,750.00

Friday 12th June 2020 ------------ N3,750.00

Friday 19th June 2020 ------------ N3,750.00

Friday 26th June 2020 ------------ N3,750.00

Friday 3rd July 2020 ------------ N3,750.00

Friday 10th July 2020 ------------ N3,750.00

Friday 17th July 2020 ------------ N3,750.00

Friday 24th July 2020 ------------ N3,750.00

Friday 31st July 2020 ------------ N3,750.00

Friday 7th Aug 2020 ------------ N3,750.00

Friday 14th Aug 2020 ------------ N3,750.00

Friday 21st Aug 2020 ------------ N3,750.00

Friday 28th Aug 2020 ------------ N3,750.00

Friday 4th Sept 2020 ------------ N3,750.00

Friday 11th Sept 2020 ------------ N3,750.00

The payment you are supposed to make this week should not be carried over to the next week because it will be affecting you chances of getting a higher amount in the next request, see analysis below:

These are the Five categories of payment accessments and how they affect the borrower:

Category A: They are qualified to take a N100,000.00 loan straight from their first amount.

These are the people that paid completely without defaulting even in between.

Category B: They are qualified to take a higher amount than their previous loan but not upto N100,000.00
These are the people that did not default more than once before their last date of repayment.

Category C: They are to take the same amount they took previously.
These are people that defaulted more than once and still could not finish payment before the last date of repayment.

Category D: They are to take below their previous loan amount.
These are the people that spend extra month of the last date of repayment and after several times of defaulting.

Category E: They are not eligible for loan again.
Those that could not complete their payment at all.

Extra form fee of N6000 if your loan should cross last date of payment and it is paid in 4 weeks at N1500 from the first week of continued payment
The moment your payment crosses the last date it becomes a new loan that requires a form.

 

 

 

 

WEEKLY REPAYMENT PLAN OF N100,000.00

WEEKLY PAYMENT

ONE MONTH PLAN: ------------------------------- N25,000 weekly


TWO MONTHS PLAN: ---------------------------- N12,500 weekly


THREE MONTHS PLAN: ------------------------ N8,334 weekly


FOUR MONTHS PLAN: --------------------------- N6,250 weekly

 

WHAT WE DON'T ACCEPT IN OMOSIMUA FOUNDATION WHEN IT COMES TO SEED LOAN
No collateral
No next loan without complete payment of the previous one
No loan for single applicant
No loan tenure longer than four months
No Loan for non members of the foundation
No loan above N100,000 per time.
No emergency loan
No joint payment
No cash payment but bank

OMOSIMUA FOUNDATION
We give soft loan to small businesses
We Support people in Education
We give health care support
We give members access to afford economic products at lower cost.
We empower people nationwide as our representatives.
 

PENALTY FOR LOAN REPAYMENT DEFAULTERS

You will lose the opportunity of getting yourself a freelance job of heading a cooperative membership of two groups in each six monthly rotation with a minimum of Two Thousand members each in the city you live in Nigeria, (be it Ibo, Hausa or Yoruba people it is only a weppa wanno indegen that this foundation will give the opportunity to coordinate a cooperative group of other tribes so that it will become a job that will fetch him money) They dont have to give you any money before they get the loan but you willm get N2000 from each person that gets a loan from your cooperative groups and this is a mandate from the head office of the foundation so nobody can deny you of this and it is worth N8m per year. We can only give you this opportunity when you pay. It is a huge job opportunity we are creating for the people of weppa wanno pls appreciate it and support us. Believe me that you can get this number of people but lets start from home first to see the number of people we can trust with this assignment.

Another punishment is that the people who are from the same village with you cannot have access to the loan until you pay or it is unanimously agreed by the group to take another decision. When your immediate people cannot have acces they will be looking at you with a bad eye because we will display your picture when we wait for you for a whole month with seeing your payment you are supposed to make weekly

Bear in mind that there is a huge benefits that follow once you are able to pay your loan, also note that you identify yourself with a name of the village you came from.

We will also device a means of an advance method of repayment when we finally go beyond the weppa wanno communities by January 2021.

Any loan defaulter is an enemy of the group, they might have no face and come from no place, when you allow them to continue refusing to pay back there might be no more money for you to take, do not say I am not from his group or village, do not say I am the Iroko when the bush is burning, do not say I am the Obeche when the bush is burning, when the drum of defaulters sounds let everybody answer.

 Get a small loan for your business, apply now. We give loan between N30k and N100k to boost your business every four months. Apply today.