This is the 44th CYCLE of Black Communities Action Committee Susu. This susu began in December 2014 and we have lent out over $30,000 with only one default. THIS IS OUR 5th ANNIVERSARY!!!!
We are now open and seeking new membership from both individuals and groups. This is what a community savings and loan does. GROW and PRODUCE GOOD FRUIT!
Black Communities Action Committee Susu's power is limitless HOWEVER we can not continue to prosper without INCREASED HANDS ON PARTICIPATION. We have grown from giving out loans under $200 to now raising over $1,000 every 40 days and funding loans to multiple participants. Our success is up to you!
Through conducting the susu, we cooperatively own investment property, have housed one single parent family and put them on the path to home ownership, own a brick and mortar restaurant, our group has had our first year of realized income of $8,000, we have a new 5,000 sq foot real estate project which could yield over $100,000 in income a year to our organization.
This cycle is our crossroads. Our offer this cycle is for us to attract 25 new participants by working with groups and like minded people, and one of the new participants will be chosen at random to get an immediate $500 loan at the end of this cycle.
All members must make a $23 contribution starting on February 14, 2020 and the cycle ends March 25th, 2020, a total of 40 days. (Those expecting a $1,000 payout and those who have received a $1,000 payout make a $50 payment instead of the standard $23 payment) Those making a $23 payment can expect a $500 payout in approximately 5 to 6 cycles or less, your payout is based on the order assigned and member participation. Please share with your friends what the susu has been for you.
What is a susu? Today it might be referred to as a micro-lending group. In rural communities, susus are created when people don't have access to traditional bank loans. Everyone contributes an equal amount and then each round the pot or kitty is lent out to a participant. The success of a susu is contingent on continued participation of it’s members.
Peer Lending WORKS, every loan given out in the first 24 cycles has been paid in full save one which gives a 99% repayment record. We are the possibility of starting a business, bail and burial money, building funds, home rehab and repair funds or whatever you can do with a quick infusion of cash.
All participants are required to participate in every cycle, if
they have an outstanding loan and if they wish to receive a timely
payout. If a participant neglects to make a cycle payment, they
forfeit the money contributed to the SuSu, but always have the
option to return after a skipped payment as long as the susu exists.
Susu withdraws will be less campaign costs.
Susu recipients should propose a payback bonus that at a
minimum should cover campaign costs, at a maximum 20% on top of the
amount loaned.
The susu recipient agrees to continue in the Susu for 12
months after the receipt of the susu proceeds or until the loan
balance is paid in full.
Black Communities Action Committee is a national group of
individuals who are about ACTION to change their communities and
African communities world wide. We understand money works over time
and is a key component of nation building, we ACT locally and
support each other in economic and social justice pursuits. We are
about educating ourselves on true collaboration and team building.
You must be willing to engage in activities that strengthen us as a group.
NEW MEMBERS PLEASE TAKE NOTE-If this is your first
contribution to Black Communities Action Committee susu, please
forward your email address to phillychildcare@aol.com. Request to
join our facebook group by including your facebook address so we can
friend you. Our snail mail contact is Monica Wright, 3125 Reach
Street, Philadelphia PA 19134 or you can call 267-242-6304
Here is a video by one of our founding members and an early payee
https://www.youtube.com/watch?v=B370x4sN10U
and https://www.youtube.com/watch?v=Qlb2lHx3W_Q