In 2018, the Annual General Meeting agreed to roll out a financial scheme for the primary cooperative members to facilitate and support the UMPCU member cooperative societies that need operating, working or investment capital.
What is The Financial Facility?
The financial facility is a formal financial assistance program offered by UMPCU to help, support or facilitate UMPCU member cooperative societies that require capital. Types of facilities include payment advances, deferred payment plans, lines of capital, revolving funds, term loans. A facility is essentially another name for a capital taken out by a UMPCU member cooperative society.
How does it work?
A facility is an agreement between a UMPCU member cooperative society and UMPCU that allows the cooperative society to access a particular amount of funds/ capital for different purposes for a short period of time. The facility is for a set amount and does not require collateral with exceptional instances. The recipient/ benefitting primary cooperative society, can at application, make monthly or quarterly or single payments, with ALL administrative costs, until the full is paid. The primary cooperative society can decide to instead supply slaughter animals equivalent to the amount outstanding at a pricing rate determined by UMPCU marketing unit.