HOW TO BECOME A MEMBER & HOW TO ACCESS LOAN UNDER THE COMPOUND SUPPORT SCHEME - BTA FOUNDATION

-          HOW TO BECOME A MEMBER & HOW TO ACCESS LOAN UNDER THE COMPOUND SUPPORT SCHEME - BTA FOUNDATION

i.        Make enquiry from a nearby Compound group in your town or city.

ii.       Join an established compound group or organize his/ her own compound group if the group in your area is fully occupied

iii.    Get the pioneer group coordinator in your compound for her signature.

iv.     New compound groups are to make consultation with BTA Foundation to know the current stand of groups in its compound.

v.       There must be at least 20 members in a new group for a start and must not exceed 100 members in a group.

vi.     Group members must select their meeting days and time between Mondays and Sundays.

vii.   They must elect four executive officers; [i] Chairperson [ii] Secretary [iii] Financial Secretary [iv] Chief Whip.

viii. Any new registered group will now spend minimum of [2 – 4] weeks after their Executives’ inauguration before they can have access to first loan.

ix.    The first twenty five (25) members of a group would be granted loan facility, for a maximum period of four (4) months.

x.      The load granted to each member shall be divided into four, and members are expected to make a repayment monthly, on the last Thursday of the month, before 4pm. i.e if a member is granted N20, 000 loan, such member is expected to pay N5000 monthly until the loan is finally liquidated.

xi.    Upon fully repaying the first loan advanced to the group, the next set of Twenty Five verified members will be granted loan.

xii.  If the loan advanced is not fully paid by all the twenty five members, the next set of twenty five members shall not have access to loans and their loan amount accessible shall be reduced by 50% from the stated accessible amount.

xiii.xv.   Upon paragraph completion of xiv and there is no default from ANY member of the group, the group qualification amount would be increased by 30% to 50% depending on the credit history of the group as determined by facts and the BTA Foundation management.

xvi. Members must submitted photocopies of all the necessary requirements before accessing a loan.