FAQ

Cooperatives differ in ownership structure; they are owned and controlled by members who have an equal say in decision-making, whereas traditional businesses are typically owned by shareholders or a single entity.

To become a member of our cooperative, you typically need to meet membership requirements and will be required to pay membership fees. You can apply to become a member via our website or contact us for further inquiries.

Benefits include access to our services (savings, loans and meetings), profit-sharing, democratic control, social support, and the opportunity to contribute to a community or cause.

Cooperative members usually make decisions through a democratic process, with each member having one vote. Major decisions may be made at general meetings, with smaller decisions handled by elected boards or committees.

We often contribute to community development by creating jobs, providing essential services, and supporting local economies. We also address social and environmental concerns within their communities.

We often contribute to community development by creating jobs, providing essential services, and supporting local economies. We also address social and environmental concerns within their communities.

Yes, we are subject to various regulations and laws, by the state and federal governments. These regulations typically govern our formation, operation, and reporting requirements.

Yes, members can usually leave if they follow the cooperative’s bylaws and procedures for withdrawing or transferring their membership. The process of leaving involve requesting for account closure, wait for approval by the committee and assets will be released for the member after 6 months.

Loan requests can only be made after 6(six) months of membership

The loan interest rate is 1.5% of the total loan balance. This will be paid monthly and will be calculated based on the remaining loan balance.

The loan repayment plan has a maximum term of 10 months.