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Financing for an Established Investment Group (Chama)
The optimist
#1 Posted : Thursday, May 23, 2013 10:49:32 AM
Rank: Member


Joined: 6/14/2010
Posts: 520
Location: Nairobi
We have an established investment group of about 20 members. The group is also registered as as an investment company.
Having made contributions and made some investments on land we would now like to expand further by financing our projects from Loans.

Which bank or any other financial institution can extend the best loan facility to our a group and what are the terms and conditions.
heri
#2 Posted : Thursday, May 23, 2013 10:53:02 AM
Rank: Member


Joined: 9/14/2011
Posts: 776
Location: nairobi
Our Chama (registered as a company) is in a similar situation where we need some money to buy some offices for renting out

I would be interested to know which financial institution is best

we got a loan previuosly and the bank we borrowed from has retained its rates at 21% even as other banks have slightly lowered their rates
The optimist
#3 Posted : Thursday, May 23, 2013 11:14:08 AM
Rank: Member


Joined: 6/14/2010
Posts: 520
Location: Nairobi
heri wrote:
Our Chama (registered as a company) is in a similar situation where we need some money to buy some offices for renting out

I would be interested to know which financial institution is best

we got a loan previously and the bank we borrowed from has retained its rates at 21% even as other banks have slightly lowered their rates


@heri, Which bank and what are their terms? Do they accept Titles as collateral? do they require individual members as guarantors? What % of the members monthly deposits do they take for loan repayment?
webish
#4 Posted : Thursday, July 04, 2013 12:23:52 PM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
The optimist wrote:


Which bank or any other financial institution can extend the best loan facility to our a group and what are the terms and conditions.


You can try Kuscco. They have a product for Investments Groups.

You just need to save for a while, like saccos. Rates, if I remember well are btn 10-14.

My grp has had an account there for a while now. No loan taken yet.

And as a policy in our Group, we are avoiding Banks at all costs.

If you are interested, send me email below. Can give connect you to one of the manager there.

jabrasets at gmail dot com

Life is joy, death is peace, but the transition is very difficult.
webish
#5 Posted : Thursday, July 04, 2013 12:29:17 PM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
The optimist wrote:
heri wrote:
Our Chama (registered as a company) is in a similar situation where we need some money to buy some offices for renting out

I would be interested to know which financial institution is best

we got a loan previously and the bank we borrowed from has retained its rates at 21% even as other banks have slightly lowered their rates


@heri, Which bank and what are their terms? Do they accept Titles as collateral? do they require individual members as guarantors? What % of the members monthly deposits do they take for loan repayment?


Hey @Optimist,

I thought the %age of monthly contributions on repayment amount is decided by the group. So that, depending on your power, and the loan period, you decide what amount you want to go towards repaying the loan.

What majority would do is probably cut their monthly contribution to minimum allowed, then the rest goes to Loan repayment. For example.

If you always contribute 50K per month, yet minimum for groups is 5K a month. When you take a loan you can use 45K to repay and still be able to contribute the 5K.

Life is joy, death is peace, but the transition is very difficult.
its2013
#6 Posted : Sunday, April 13, 2014 8:09:02 AM
Rank: Member


Joined: 1/4/2013
Posts: 255
I would quit my investment group if they voted to take a loan. One purpose of forming an investment group should be to avoid bank loans. Afadhali ata the group joins Unaitas or something like that to access much cheaper loans... if the loan is really required.
Pretty hurts
Fetero
#7 Posted : Thursday, February 12, 2015 7:19:08 AM
Rank: New-farer


Joined: 1/21/2015
Posts: 31
@optimist, try kusco or chase bank. They have some products tailored for groups.
Ask & it'll be given to you,seek & you shall find..Mathew:7:7
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