PEACE AND LOVE CO-OPERATIVE CREDIT UNION

Abstract

This business plan intends to outline GH¢ 10,000.00 investment project in Kumasi, Ghana, West Africa. The project is scheduled to commence operation in November 2011. The aim of this financial institution/Credit union is to help members cultivate the habit of savings in Santasi and its environment within Kumasi metropolis. With the coming of the credit union, there will not be much surplus money lying idle under pillows thus our main services include membership savings, withdrawals, loans and credit purchases. The funding of the union is by membership contribution. The board members consist of five and six management team. We’re here to give our members loan with low interest rate of 2.8% per month at a reducing balance as compared to other industry players (credit unions) of 3% minimum interest rate per month at the prevailing market rate, (while some banks charges as high as between 25% and 30% fixed interest rate per annum) and collateral free loans unlike, other financial institution’s high interest rate, collateral demand and personnel intimidation.