OMOSIMUA FOUNDATION

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ABOUT THE SEED LOAN
Seed Loan is a loan for a group of minimum of 20 people
Each takes a loan between N30 - N100k
It is Zero per cent (0%) interest rate

After having a complete group, the waiting period between the submission of group details and disbursement is two weeks


The approved loan is what you pay, no extra amount.
It runs for a maximum of four months repayment plan
You pay back weekly
Registration is N2000
Loan Form is N6000
One Guarantor required
No collateral
We give those who are doing businesses.

A question from an Admin:

Does d foundation usually reduce d amount applied for by members? I ask bcos I have bn seeing 80k approved, or is it 80k they applied for?

Answer:

We do not approve above N80k for the first time, it is your compliance to payment that determines whether we will give you N100k in the next loan or repeat the N80k or less. All Admin please take note.

To apply for Seed Loan, you buy form and register, we send you the form to fill, we work on the application for two weeks and you will be assigned to an admin that will monitor your loan when we give you loan.

 

EVERY BUSINESS NEEDS THE SEED LOAN
This SEED LOAN shall be given to all works and businesses for a divine growth, even if your business is a multi million dollar investment just start and keep taking the SEED LOAN at a regular turnover for a divine insurance for your business. It is a mandate from God not from man.
SEED LOAN is 0% interest rate to grow your business.

 

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

 

 

GROUP MONTHLY MEETING

The group shall be having a monthly meeting to familiarize themselves with one another and to discuss updates of the foundation, the loan, events and general matters.

The members will pay monthly dues between N200 - N500 while absentees will be charged N500 fine. Defaulters of this will clear their outstanding before next loan is given to them.

 

PERIODIC REVIEW OF SEED LOAN CATEGORIES

In OMOSIMUA FOUNDATION, when it comes to SEED LOAN we have the upper and lower categories; The upper loan category is the loan of N61,000 - N100,000 while The lower category is a loan of N30,000- N60,000.

The periodic review of SEED LOAN is based on the assessment of repayment of the previous loan and this determines whether a borrower will remain at the upper category or come down to lower category. To get to the upper category a borrower must maintain payment without defaulting and same is applied to keep you up there. a downward review is made when a borrower defaults within the time frame of repayment. for example; If you are to pay your loan between Monday and Friday this week and you allowed it to cross this week to next week is a default of repayment. There is no extra charges for this particular default of repayment but it will affect your next borrowing.

 



 

 

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.

 

 

EASY WAY TO GET YOUR GROUP. 20 MEMBERS
AS a leader of the SEED LOAN group you do not have to get the 20 members all alone, you just need to get four people a task those four people you got to go and get four people each for your group, this is called SNOWBALL METHOD .
With this method you won't find it difficult to get your group member, with this method you will be surprised you get more than 20 within a very short period . The group will continue growing as more people join you during your monthly meetings. Happy Sunday.

 

AMOUNT ACCESSIBLE PER YEAR IN EACH PLAN OF N100,000.00 SEED LOAN OF OMOSIMUA FOUNDATION

ANNUAL SEED LOAN TURNOVER

ONE MONTH PLAN: --------- N100,000 X 12 = N1,200,000.00/YEAR

TWO MONTHS PLAN: ------ N100,000 X 6 = N600,000.00/YEAR

THREE MONTHS PLAN: --- N100,000 X 4 = N400,000/YEAR

FOUR MONTHS PLAN: ------ N100,000 X 3 = N300,000/YEAR

 

STEPS OF GETTING ZERO INTEREST LOAN FOR A PIONEERING GROUP

a PIONEERING GROUP is a group of twenty people that has not yet started at all. It is a group which would be started by somebody who is not a member of any existing loan group and this person wants to take a zero interest loan, this loan procedure requires a membership of twenty people and the steps are:

Step One: Register with N2000. (Registration is once)

Step Two: Purchase a zero interest loan form of N6,000.00 and you will be given a group number so that every member in your group will make request for the zero interest loan with their names and that group number.

Step Three: Talk to people who are doing small businesses in your area until you get 20 people who have fully registered and purchased the zero interest loan form from Omosimua Foundation and you will automatically become the leader of this group. See the benefits of the leader in other posts.

 

CHOOSING A BANK FOR SEED LOAN REPAYMENT PLAN
We will provide you with several bank accounts to pay back your SEED LOAN after giving you a loan of which you have to choose only one bank to be making all your payments,you are not to make your weekly loan repayments to different banks in case of any payment issue, you are not to make a repayment of your Seed Loan to anybody in cash not even your admin, you are to pay straight to the bank accounts provovided in this website and in the form you filled for the loan request so that it can be resolved quickly and updated. Please take note of this to help us serve you better in account revoncilliations.

 

 

PERIODICITY OF SEED LOAN REPAYMENT

Three main periods of seed loan.repayments are: main tenure, probation period and termination period. These three period are three full tenures given to a borrower of the seed loan to pay back his loan. Each period proceeds with a form.

The Tenure is the beginning of repayment period. If the tenure is four month, the borrower's weekly payment time ends on the last Friday of the fourth month.

Probation Period: This is a period of payment of the seed loan which the borrower was unable to complete during the main tenure of seed loan repayment and this attract a new form fee of N6000. At this point the borrower can still take the seed loan after the completion of Payment.

Termination period: This is referred to as the third full tenure of repayment period but the sum of the balance left for repayment is added to a form fee divided by 19 and deducted from the member next loan. At this time the borrower cannot take the seed loan anymore.

It is after the termination period the group is empowered to arrest the defaulter to collect the balance, N600 form fee and N20,000 demurrage for their loss. This money is shared among the 19 member or more based on the number of members in that group.

 

 

 


 

 

 

 

 

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.
 

DISBURSEMENT FORM
This is the form to be filled by the applicant whose SEED LOAN is already Approved and awaiting to be disbursed. These forms will be available with all admin and must be filled and signed by the applicants before the approved amount is transfered to him or her. At the collection of this form the applicant pays N1000 to the admin in charge to fill the form and also collect a repayment plan sheet.

 

 

SEED LOAN DISBURSEMENT ACKNOWLEDGEMENT (S.L..D.A )
this is the act of sending out a message of acknowledgement of disbursed loan to any member by the admin incharge of that very loan group on our various social media groups. S.L.D.A. must be done before the disbursement of next loan under the jurisdiction of that same admin. Admin please take note
Format of SLDA. Full name of applicant.
Name of admin
State and LGA
Amount approved
Date
A comment of thanks to the foundation

REFUND POLICY
The N2000 registration fee is non refundable, the loan form fee is refundable, if the applicant is either disqualified or the reason for not getting the loan is coming from the foundation. Other refundable payments are; overpayments, payments in error etc. A four weeks notice is required from the applicant. Proof of payment is also required.

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, They dont have to give you any money before they get the loan but you will 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.

 

 

KNOWING YOUR GROUP MEMBERS AND THEIR GUARANTORS

All group members are to register their addresses of both home and shops

with the leader of the group and also submit the photocopies of their ID

cards, Passport photographs, and Utility bills for address confirmation and

those of their guarantors also. They are to bring their guarantors to the

leader to append their signatures on the forms as guarantors.

APPLICANT

One guarantor is reguired

One passport photograph

Utility bill

ID Card

GUARANTOR

One passport photograph

Utility bill

ID Card

 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.