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Economic Upliftment Project: Disbursement of Loans: 2008 Print E-mail

 ECONOMIC UPLIFTMENT PROJECT 

DISBURSEMENT OF LOAN
IN CHENGONI AND MACKINNON ROAD RURAL CENTRES
ON 20TH AND 21ST NOVEMBER 2008
 

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The first round for disbursement of loan was successfully completed in Chengoni and Mackinon Road Rural Centres of Bilal Muslim Mission of Kenya.

The sessions were conducted on 20th - 21st November 2008 and 28th November 2008 for Chengoni and Mackinnon Road respectively

 
 

The following activities were undertaken :

  • * Introducing all the members the relevant loan related forms and how the forms should be filled in.
  • * Naming the short listed applicants and the amount of loan granted for each one of them in both the centers.
    * Presentation of the banking slips to the officials for the loan funds deposited in the groups’ respective bank accounts.
    * Teaching the credit committees all the procedures required of them during repayment process.
    * Signing of the loan agreement forms
    * Distribution of the funds for the respective loanees.

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The members were taken through the loan forms to give them a better understanding before accepting the loans:


• Loan conditions and guidelines, which were read, understood and signed by all granted loans.
• Loan agreement forms, was signed by all taking loans.
• Form to be filled by the credit committee when handing loan repayment monies to the Imam of the centre to forward to BMMK office.
• Serialization of EUP forms
• Assigning reference numbers to passbooks.

 The loans amount approved ranges from minimum Ksh.3,500/- to a maximum of Ksh.10,000/- based on the baseline data collected earlier. 

To start with five applications from each centre have been granted loans. These loans will enable the applicant to start up / strengthen their businesses such as Selling Vegetable, Grocery Shop, Tailoring, Horticulture, Selling Charcoal, Blacksmith and Food Kiosk. 

The selected applicants are expected to repay the loan amount in one year’s time.

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December 2008 

 
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