Impukan, what
is it?
This is a proposal for the formation
of a lending cooperative through “impukan”.
This is similar to the local “paluwagan”
wherein a member gives cash contribution for a fixed amount of time. The
difference between “paluwagan” and “impukan” is that individual
contribution is disbursed all at the same time with interest earnings. It will
earn interest because each member contribution is recycled as a byproduct of a
loan that earns interest. This is how the term “impukan” which traditionally is like “Impok ng pera sa bangko” is
coined
Advantages:
1. Member contribution is
your savings.
2. Allow your money to earn
for you.
3. Borrow money at a smaller
interest rate.
How much is
the contribution?
Minimum amount is Php 500.00 per cut
off. The member has the option to
contribute a bigger amount. Sample Computation below:
Php 500.00 x 2 = Php 1,000 per month
Php 1000.00 x 10 months = Php
10,000.00 + interest earnings.
There is also an option to give a one-time
contribution.
How does it
earn interest?
A member is entitled to get a loan at
a discounted rate of 20% for 3 months to pay. A non-member needs to pay 10% per
month for 3 months.
How to
become a member?
This proposal is only offered to clients
with an existing credit history. For interested parties, please send an email, text
or call to advice of the intention to be part of the group. To refer interested
but non existing clients, send an email to , , with basic
information such as complete name, address, landline, mobile number, email
address, and DOB.
Membership
Fee:
The commitment is the Membership Fee
Php 500.00 and it is non-refundable. It will be used as seed money to cover some
capital expenditures (CAPEX) and/or operational expenditures (OPEX) brought
about by this venture.
Committee
The organizer, , will be the
Head of the Committee. The goal is to
have an administration that is as transparent as possible and have at least 2
members (minimum of 3 max of 5) to sit on the committee to handle sales (loan
approving officer) and audit. Control of funds and disbursement and counter
balance will be handled by the Head of the Committee. The books are open and
any member may raise questions at any time. Quarterly Earnings will be reported
to the members via email.
The committee will be compensated 5%
commission on quarterly earnings to ensure transparency and interest of the
group is accounted as accurately as possible.
Duration
Contribution will begin from December
15, 2014 until October 30 2014. This is the cut off to close the books by
December 2014.
FAQs:
Q: Can I withdraw membership at any
time?
A: Yes, interest earnings will also be
pro-rated. Release of funds will depend on availability and timing,
Q: Can I offset my existing loan against
my contribution and earnings?
A: Yes
Q: Is there a passbook?
A: No. A Statement of Account (SOA) for
your contributions will be emailed every 15th and 30th of
the month. If a member is remiting by cash to any of the committee members you
must request for a receipt or check against the SOA which is emailed every 15th
and 30th of the month.
Q: Is the membership fee separate from
the contribution?
A: Yes. Membership is a one time
non-refundable fee.
Q: How do I become an officer?
A: An ideal candidate is one who has no
outstanding loan, or is towards the end of their loan, or due for loan re-newal.
An oath needs to be taken and signed by the committee members to ensure that
the interest of the group is prioritized over personal interest/s.
Q: Will Client –Confidentially Privilege
be maintained?
A: This group is like a partnership that
is jointly owned through membership, so the answer is no. The group will know
everybody and payment history will be dutifully disclosed as needed in order to
assist in prioritizing loan release.
Q: Can a non-member acquire a loan?
A: Yes but the rate is 10% per month
only members get the discounted rate and must have a member co-maker that will
vouch for the borrower and be the fall back in the event of non-payment.
Q: What is the penalty for extended
loans?
A: For members add on 6.67% per month
and non-members 10% per month.
Q: Will committee members continue to be
a lender outside of the group?
A: Yes, only if the group funds will not
be enough to accommodate the loan and that the rate maintains at 10% per month
and not discounted.
Comments and
Suggestions:
Please send an email to , ,
Sample Cash Forecast
Sample Cash Forecast
| 1 | Begining Balance | - | - | - | 200.00 | 200.00 | 800.00 | Total Sales (20%) | 34,800.00 | 33,060.00 | 1 | Begining Balance | - | 37,066.67 | 63,133.33 | 86,000.00 | 105,066.67 | 119,533.33 | Total Sales (20%) | - | - | 1 | Begining Balance | - | - | 11,000.00 | 25,200.00 | 43,200.00 | 65,800.00 | Total Sales (20%) | - | - | |||
| 5% Fee | (1,740.00) | 5% Fee | - | 5% Fee | - | ||||||||||||||||||||||||||||||
| (+) Contribution | 15-Dec-13 | 30-Dec-13 | 15-Jan-14 | 30-Jan-14 | 15-Feb-14 | 28-Feb-14 | Total | % | Profit Earnings | ROI | (+) Contribution | 15-Mar-14 | 30-Mar-14 | 15-Apr-14 | 30-Apr-14 | 15-May-14 | 30-May-14 | Total | % | Profit Earnings | ROI | (+) Contribution | 15-Jun-14 | 30-Jun-14 | 15-Jul-14 | 30-Jul-14 | 15-Aug-14 | 30-Aug-14 | Total | % | Profit Earnings | ROI | |||
| Mia | 50,000.00 | - | - | - | - | - | 50,000.00 | 63% | 20,662.50 | 41% | Mia | #DIV/0! | #DIV/0! | ### | Mia | - | - | - | - | - | - | #DIV/0! | #DIV/0! | ### | |||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| Member | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 3,000.00 | 4% | 1,239.75 | 41% | Member | #DIV/0! | #DIV/0! | ### | Member | - | #DIV/0! | #DIV/0! | ### | ||||||||||||||||
| 2 | Total Contribution | 55,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 80,000.00 | 100% | 33,060.00 | 2 | Total Contribution | - | - | - | - | - | - | - | #DIV/0! | #DIV/0! | 2 | Total Contribution | - | - | - | - | - | - | - | #DIV/0! | #DIV/0! | |||
| (-) Loan | (-) Loan | (-) Loan | |||||||||||||||||||||||||||||||||
| Loan 1 | (40,000.00) | (40,000.00) | Loan 1 | - | Loan 1 | - | |||||||||||||||||||||||||||||
| Loan 2 | (15,000.00) | (15,000.00) | Loan 2 | - | Loan 2 | - | |||||||||||||||||||||||||||||
| Loan 3 | (16,000.00) | (16,000.00) | Loan 3 | - | Loan 3 | - | |||||||||||||||||||||||||||||
| Loan 4 | (19,000.00) | (19,000.00) | Loan 4 | - | Loan 4 | - | |||||||||||||||||||||||||||||
| Loan 5 | (23,000.00) | (23,000.00) | Loan 5 | - | Loan 5 | - | |||||||||||||||||||||||||||||
| Loan 6 | (27,000.00) | (27,000.00) | Loan 6 | - | Loan 6 | - | |||||||||||||||||||||||||||||
| Loan 7 | (34,000.00) | (34,000.00) | Loan 7 | - | Loan 7 | - | |||||||||||||||||||||||||||||
| Loan 8 | - | Loan 8 | - | Loan 8 | - | ||||||||||||||||||||||||||||||
| Loan 9 | - | Loan 9 | - | Loan 9 | - | ||||||||||||||||||||||||||||||
| Loan 10 | - | Loan 10 | - | Loan 10 | - | ||||||||||||||||||||||||||||||
| Loan 11 | - | Loan 11 | - | Loan 11 | - | ||||||||||||||||||||||||||||||
| Loan 12 | - | Loan 12 | - | Loan 12 | - | ||||||||||||||||||||||||||||||
| Loan 13 | - | Loan 13 | - | Loan 13 | - | ||||||||||||||||||||||||||||||
| Loan 14 | - | Loan 14 | - | Loan 14 | - | ||||||||||||||||||||||||||||||
| Loan 15 | - | Loan 15 | - | Loan 15 | - | ||||||||||||||||||||||||||||||
| - | - | - | |||||||||||||||||||||||||||||||||
| 3 | Total Loan | (55,000.00) | (16,000.00) | (19,000.00) | (23,000.00) | (27,000.00) | (34,000.00) | (174,000.00) | 3 | Total Loan | - | - | - | - | - | - | - | 3 | Total Loan | - | - | - | - | - | - | - | |||||||||
| (+) Sales | (+) Sales | (+) Sales | |||||||||||||||||||||||||||||||||
| Sales 1 | 8,000.00 | 8,000.00 | 8,000.00 | 8,000.00 | 8,000.00 | 40,000.00 | Sales 1 | 8,000.00 | 8,000.00 | Sales 1 | 8,000.00 | 8,000.00 | 8,000.00 | 8,000.00 | 8,000.00 | 40,000.00 | |||||||||||||||||||
| Sales 2 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 15,000.00 | Sales 2 | 3,000.00 | 3,000.00 | Sales 2 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 3,000.00 | 15,000.00 | |||||||||||||||||||
| Sales 3 | 3,200.00 | 3,200.00 | 3,200.00 | 3,200.00 | 12,800.00 | Sales 3 | 3,200.00 | 3,200.00 | 6,400.00 | Sales 3 | 3,200.00 | 3,200.00 | 3,200.00 | 3,200.00 | 12,800.00 | ||||||||||||||||||||
| Sales 4 | 3,800.00 | 3,800.00 | 3,800.00 | 11,400.00 | Sales 4 | 3,800.00 | 3,800.00 | 3,800.00 | 11,400.00 | Sales 4 | 3,800.00 | 3,800.00 | 3,800.00 | 11,400.00 | |||||||||||||||||||||
| Sales 5 | 4,600.00 | 4,600.00 | 9,200.00 | Sales 5 | 4,600.00 | 4,600.00 | 4,600.00 | 4,600.00 | 18,400.00 | Sales 5 | 4,600.00 | 4,800.00 | 9,400.00 | ||||||||||||||||||||||
| Sales 6 | 5,400.00 | 5,400.00 | Sales 6 | 5,400.00 | 5,400.00 | 5,400.00 | 5,400.00 | 5,400.00 | 27,000.00 | Sales 6 | 5,400.00 | 5,400.00 | |||||||||||||||||||||||
| Sales 7 | - | Sales 7 | 9,066.67 | 9,066.67 | 9,066.67 | 9,066.67 | 9,066.67 | 9,066.67 | 54,400.00 | Sales 7 | - | ||||||||||||||||||||||||
| Sales 8 | - | Sales 8 | - | Sales 8 | - | ||||||||||||||||||||||||||||||
| Sales 9 | - | Sales 9 | - | Sales 9 | - | ||||||||||||||||||||||||||||||
| Sales 10 | - | Sales 10 | - | Sales 10 | - | ||||||||||||||||||||||||||||||
| Sales 11 | - | Sales 11 | - | Sales 11 | - | ||||||||||||||||||||||||||||||
| Sales 12 | - | Sales 12 | - | Sales 12 | - | ||||||||||||||||||||||||||||||
| Sales 13 | - | Sales 13 | - | Sales 13 | - | ||||||||||||||||||||||||||||||
| Sales 14 | - | Sales 14 | - | Sales 14 | - | ||||||||||||||||||||||||||||||
| Sales 15 | - | Sales 15 | - | Sales 15 | - | ||||||||||||||||||||||||||||||
| 4 | Total Sales | - | 11,000.00 | 14,200.00 | 18,000.00 | 22,600.00 | 28,000.00 | 93,800.00 | 4 | Total Sales | 37,066.67 | 26,066.67 | 22,866.67 | 19,066.67 | 14,466.67 | 9,066.67 | 128,600.00 | 4 | Total Sales | - | 11,000.00 | 14,200.00 | 18,000.00 | 22,600.00 | 28,200.00 | 94,000.00 | |||||||||
| 5 | Ending Balance | - | - | 200.00 | 200.00 | 800.00 | (200.00) | 5 | Ending Balance | 37,066.67 | 63,133.33 | 86,000.00 | 105,066.67 | 119,533.33 | 128,600.00 | 5 | Ending Balance | - | 11,000.00 | 25,200.00 | 43,200.00 | 65,800.00 | 94,000.00 | ||||||||||||
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