Explore ‘office cooperative’ for mini-project financing

It is obvious that your business idea must have been dashed due to the high bank lending rate which stands at 17 percent or more. Every day, you envision that if you ‘see money, you will go into the business of your dream .

 Sometimes you make attempts at borrowing from relatives to finance your business idea, but the money doesn’t come. Though, experts have suggested other alternatives to financing projects whether big or small. These include savings or grants but in the type of our economy, it could be difficult to make the kind of savings that will start up a business.

 What some people do, especially the working class, is to form an interim friendly group. In this group, they contribute certain percentage of their salaries every month and one of them takes the bulk and this goes in turns until it goes round. Many people have used this method to finance immediate or foreseen financial burdens.

According to experts, more enduring body which could assist in project financing is office cooperative. This is a body of employees who come together and pull certain amount from their salaries monthly.

 Kimberly Zeuli and Robert Cropp who studied cooperatives, Principles and practices in the 21st Century, they said people who organize and belong to cooperatives do so for a variety of economic, social and even political reasons. “Cooperating with others has often proven to be a satisfactory way of achieving one’s own objectives while at the same time assisting others in achieving theirs.

 Under office cooperative, one can borrow money at very minimal interest to finance pressing needs or other projects. If your office does not have employee cooperative, try to move for its establishment as it has assisted others to finance their projects.

Daniel Obi