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This is the 13th CYCLE of the Black Communities Action Committee Susu. Cycle payee is Sista Renee Green. All members must make a $22 contribution starting May 22nd, 2016 and ending July 5th, 2016, a total of 45 days.
What is a susu? Today it might be referred to as a micro-lending
group. In rural communities, susu 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.
At this time we have lent out funds in excess of $3,000 to
twelve members, we have five loans paid off completely and our susu
recently celebrated it's first one year anniversary. We are the
possibility of 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.
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
Please take the time to view this video..
https://www.youtube.com/watch?t=74&v=Qlb2lHx3W_Q.
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