All members must make a contribution of $22 starting June 21st ending July 21st) a total of 30 days.
What is a susu? Today it might be referred to as a micro-lending group. In rural communities susu are created when people don’t have access to traditional bank loans. Everyone contributes an equal amount and then each round the pot or kitty is lent out to a participant. The success of a susu is contingent on continued participation of it’s members.
This is the Black Communities Action Committee FIFTH round SUSU. There are 11 fully vested members.
All participants are required to have or apply for a paypal account, and agree that if they neglect to make continued payments each cycle, they forfeit the money contributed to the SuSu, but always have the option to return after a skipped payment as long as the susu exists. Susu withdraws will be less campaign costs.
Susu recipients should propose a payback bonus at a minimum should cover campaign costs, at a maximum 20% on top of the amount loaned.
The susu recipient agrees to continue in the Susu for 12 months after the receipt of the susu proceeds at a rate of susu procced+susu costs+payback bonus/12.
New members agree to participate in 7 cycles before a scheduled payout and ONLY members who have participated in the susu for 4 cycles and have a nominated and accepted replacement can request to withdraw Susu contributions to date, withdraw will be less campaign costs.
NEW MEMBERS PLEASE TAKE NOTE-If this is your first contribution to Black Communities Action Committee susu, please forward your email address to firstname.lastname@example.org or Akosua Akoben via e-mail email@example.com. Request to join our facebook group by including your facebook address so we can friend you. Our snail mail contact is Monica Wright, 3125 Reach Street, Philadelphia PA 19134 or you can call 267-242-6304
Black Communities Action Committee Susu Cycle V