ESFI is a saving and loans scheme whose aim is to;
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- Mobilize members to pull resources together through savings and purchase of shares
- Advance microloans to members for productive purpose
- To carry out investments together as a team.
Members join by paying an application fee of 10,000= and moving forward, a member will be required to purchase at least two shares.
A member needs to save a minimum of 10,000= monthly.
Shareholding
We have introduced shares; Members have an opportunity to own this fund now.
- 1 share is equivalent to 5,000=
- Every member will be required to buy at least 48 shares annually i.e 1 share per week, 4 shares per month and 48 shares annually.
- The shares will form part of security to acquire a loan .
- A member will be entitled to dividends as long as you purchase required number of shares (48).
Member benefits
- An opportunity to promote your business on EYIT TV at 50% discount
- Annual dividends sharing
- You earn interest on savings: If you save 500,000= between 6 to 12 months, you will earn 1% interest on the money.
- Access to loans without stringent paper work, collateral security at only 3%.
Starting Loan products
- Emergency loan (Not exceeding 6 months), although the focus is not here and maximum loan amount is 1,000,000=.
- Business improvement and commercial loans (Payable in 12 months)
- Asset acquisition loans (should be money making assets and related to your business somehow), loan period is 12 months.
- ICT and Innovation Loan (fresh on Ugandan market). This is a loan to digitalize your business-like internet installation, hosting your application.
Member support through:
- Continuous training and mentorship
- Linkage to established financing institutions like UDB, MSC, UGEFA etc for funding
- Promotion on EYIT TV at a 50% discount
- Digitalization of your financial records using an AccountantApp and a web-based system. Usually, financial records are required to obtain a loan from a bank.
To join us now; Email:empoweryouthintechnology@gmail.com