RISEmembers
Agreement
The agreement between branches and borrowers contains the below
- Interest: interest will be charged the Organization’s at 10% per year, (7 % if the borrowing time is 6 months, 3% if the borrowing time is one month). The amount to be paid back and the dates of paying back are set as this agreement is signed.
- Period of recovery: …. (1, 6 or 12 months)
- Repayment terms: Weekly, monthly or at the end of the borrowing period. The period to be agreed on and then debited from the borrower’s Account.
- Fees / RISEtalks: The borrower will be attending monthly RISEtalks that are arranged by HR&S branch Uganda, when the progress of the business is reviewed and discussed and when non-financial support is provided. The fees for this arrangement are set at the time of signing this agreement and is dependent on the local situation at the time.
- Pre-payment: The borrower shall be able to save/deposit on the HR&S branch Uganda bank account 10% of the loan prior to the disbursement of this loan.
- Guarantee & guarantors: The loan taker has to offer a guarantee with relevant financial value and/or two guarantors. The guarantors must have a stable income from employment and the loan amount shall be extracted from the guarantor’s salary account by HR&S branch Uganda, if need be.
B CONDITIONS PRECEDENT
Disbursement of the loan facility shall be subject to the following conditions:
- Delivery to the Organization of duly registered copies of the business/ partnership or company.
- Execution of this agreement by the Organization and Borrower and its registration with the relevant Government offices.
- Reimbursement or payment by the borrower of stamp duty, fees, commissions, and all charges required for this loan facility.
- Actively attendings monthly RISEtalks.
- The borrower shall have attended minimum two RISEtalks prior to signing this contract. The borrower shall during these events have provide proof of income; previous profit making and/or promising business plans including marketing research, customer out-reach and customer care.
- RISEtalks are attended by all RISEmembers, and the borrower must show capacity to work in a team, to be able to take and give advice, be active and have intrinsic motivation.
- Pre-payment of 10%.
- Guarantees and/or guarantors made available.