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Business Boost Fund application

Member application and participation agreement. Ikobo Heritage Multi-Purpose Cooperative Society Limited.

All fields are required. Complete every section and submit. Your application is then sent by email to the cooperative at [email protected]. Your details are not stored on this website.

Part A: Member information
Part B: Business information
Part C: Programme terms
At the 4% charge is and the standard net allocation is .

I, , hereby apply to participate in the Cooperative Business Boost Fund. I understand and agree that:

  1. VOLUNTARY PARTICIPATION: Participation in the Business Boost Fund is voluntary.
  2. SEPARATE FROM NORMAL THRIFT: My normal thrift savings remain separate from my Business Boost contributions. My normal thrift savings will continue according to my existing thrift arrangement.
  3. WEEKLY CONTRIBUTION: I agree to contribute every week for the duration of the cycle.
  4. PROGRAMME DURATION: The standard programme cycle is 52 weeks.
  5. ALLOCATION: The standard gross Business Boost allocation is subject to the programme’s approved terms.
  6. PROGRAMME CHARGE: I understand that a 4% programme administration/service charge is applicable to the Business Boost allocation. At , the charge is and the standard net allocation is .
  7. CONTINUING CONTRIBUTION: I understand that receiving my Business Boost allocation does not end my participation. If I receive my allocation early in the cycle, I must continue paying every week until the end of the cycle.
  8. ALLOCATION ORDER: I accept the allocation order approved and published by the cooperative.
  9. BUSINESS PURPOSE: I confirm that I intend to use the allocation primarily for the productive business purpose stated in my application.
  10. NO GUARANTEED PROFIT: I understand that the cooperative does not guarantee that my business will make a particular amount of profit as a result of receiving the funds.
  11. DEFAULT: I understand that failure to make required contributions may affect my participation and may result in consequences provided under the programme rules and applicable cooperative bye-laws.
  12. EARLY EXIT: I understand that withdrawing from the programme before completion may affect the programme and therefore any exit must follow the approved exit procedure which will be at the end of the programme cycle.
  13. ACCURATE INFORMATION: I confirm that the information supplied by me is accurate to the best of my knowledge.
  14. RECORDS: I consent to the cooperative maintaining records necessary to administer my participation in the programme.
  15. FUND SEPARATION: I understand that the Business Boost Fund is separate from my normal thrift savings.
  16. NO PERSONAL GUARANTEE BY OFFICER: I understand that the programme is operated by the cooperative and not by an individual officer personally.
Member declaration

I have read and understood the Business Boost Fund terms. I have had the opportunity to ask questions before joining. I voluntarily agree to participate.

Business Boost member acknowledgement

I acknowledge that I have received an explanation of:

Part D: Guarantors’ information
Guarantors’ undertaking

I/We confirm that I/we know the member named above and that the information given about me is true and correct. I/We agree to stand as guarantor for the member’s weekly contributions of ₦10,000 under the Business Boost Fund and, in the event of default, I/we will assist the cooperative in ensuring that the member meets the outstanding obligation, in line with the programme rules and applicable cooperative bye-laws. I/We consent to the cooperative keeping records of my/our information for this purpose and contacting me/us where necessary.