FREQUENTLY ASKED QUESTION ABOUT GUILDANCE COMMUNITY DEVELOPMENT FOUNDATION NON INTEREST BEARING LOAN
Question; how does non-interest bearing loan work?
Answer: The model in use is non-profit/interest. You can only borrow from Guildance Community Development Foundation after your membership.
Question: For how long would one have to wait before applying for loan?
Answer: The waiting period varies but it can happen between three to six months (3-6 months) because of documentation, studying of character of member (saving culture) and meeting other requirements.
Question: Since you are not charging interest how do you make your own money?
Answer: Guildance Community Development Foundation is a charity organization registered under part ‘C’ of Corporate Affairs Commission. We are interested in the betterment and good living of the members.
Question: What is the repayment term?
Answer: The standard repayment period is 10 equal instalments though depending on the purpose of loan.
Question: Since you are non-profit making organization, how do you cover you operating expenses?
Answer: Our operating expenses are covered through registration fees (N5,800.00), loan application form (from N2,000.00 ) and monthly development levy of N300.00.
Question: Are you into partnership with any other organization?
Answer: Yes we are into partnership with some international organizations and banks in Nigeria.
Question: Can I organize a group in my community?
Answer: Sure you can organize group provided you are up to 10 (ten) in number.
Question: There are some organizations using similar model/concept like yours, what differentiate you from others.
Answer: Our entrepreneurship development model, business development concept free consultancy services among others are second to none.
Question: I am not interested in borrowing for now, can I save my money with your Organization?
Answer: You are allow to save your money even when there is no intention to borrow now or in future.
Question: Any plan to have endowment account?
Answer: There is provision for endowment and well-wisher can donate to our endowment account.
Question: Do you use volunteers in your organization; can I advertise on behalf of the organization?
Answer: Volunteers are welcome, you can only advertise after the approval of the management. Intention to volunteer can be directed to: guildanceforever@yahoo.com, with copy to adisakabiru@yahoo.co.uk, info@guildance.org
Question: If I need more information about your organization, how would I get it?
Answer: You can visit: www.guildance.org or visit our office at:
Beside Al-Haq Nursery and Primary School,
Mama Ke Street, Academy Bus Stop,
Iwo Road, Ibadan,Oyo State,Nigeria.
or call 08057783260