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This is the 21st CYCLE of Black Communities Action Committee Susu. Cycle 21 payee is Sister Alicia Green. This is a very special cycle , as well as the next two cycles after because we will be funding loans to a family that I consider the FIRST family of Black self empowerment in Philadelphia. Their participation has helped to fund over $12,000 in loans to almost 30 members of this group before them. We have grown from giving out loans under $200 to now raising $2,000 every 40 days and funding loans to multiple participants. Our success is up to you!
All members must make a $23 contribution starting on April 20th, 2017 and the cycle the cycle ends May 29th, 2017, 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, 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 WORK, our members have paid off completely
over 10 loans and in two years we have only experienced one $68
default. 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
Our ExecutiveDirector is Sister Shakti Sterner and she can be reached at Kyes311@gmail.com
Here is a video by one of our founding members and an early payee https://www.youtube.com/watch?v=B370x4sN10U
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