Note: The following Statement of Mission, Objective and Principles will be finalized on March 8, 2010. This is just a draft. You have until then to submit any changes or suggest and feedback as deemed necessary. Thank you.
Statement of Mission, Objective and Principles
Tanay Association of Southern California, an organization duly registered under the laws of the State of California, U.S.A. solicited funds for Tanay victims of typhoon Ondoy.
The donors decided that the funds be used for livelihood projects patterned after the micro-finance practices of Grameen Bank.
The vision is that beneficiaries will not just be “given fish” but will be provided the initial capital to “catch fish”. And, that the repayment from the initial beneficiaries will be used to provide capital to more Tanayans thus expanding the program to more deserving beneficiaries.
Implementing Guidelines
1. The funds will be administered by Daisy Porciuncula, Lorna Penalver and Rommer Cautiverio in behalf and in trust for Tanay Association of Sourthern California. The administrators will open an account with Tanay Rural Bank with any two signatories for withdrawal of funds.
2. The administrators will be provided P600 in allowances to provide for transportation reimbursements for travel, collecting, disbursing and banking activities.
3. Each nine (9) Tanay baranggays will allocated a fund of P20,000 each for initial minimum four (4) members each.
4. Member-loan beneficiaries shall:
a. Be a bona-fide resident of the baranggay as certified by the Baranggay Captain.
b. Agree to attend the weekly meeting. Meetings shall focus on livelihood or business update, request for advice from fellow members, cross-learnings from experiences, tips on success and/or collections.
c. Have an on-going livelihood business that was affected by Typhoon Ondoy, an existing business that needs capital to expand business or intended to have a livelihood project that needs capital.
d. Agree to be “jointly, severally and solidarily” liable for the repayment of each other members’ loans. If a member is unable or unwilling to pay their amortization, the collection must be remitted intact and other members shall shoulder equally the shortfall in repayment.
5. Each member will be granted maximum of P5,000 interest-free loan payable within six (6) months subject only to P200 in add-on administrative and processing fees.
6. Repayment shall start 30 days from the day the loan was granted in equal Daily or Weekly payments, example:
Date loan granted: April 1, 2010 – P5,000
Amount required to be repaid: P5,000 + P200 administrative fee = P5,200
Start of payment: May 1, 2010
Weekly payment: P5,200 divided by (5 months times 4 weeks) = P260 per week
Daily payment: P5,200 divided by (5 months times 30 days) = P35 per day
7. Each baranggay shall designate a reliable funds or collection custodian among the member who shall be tasked to remit or hand over intact their collections to Rommel Cautivo, on in his absence, to any of the Administrators on a weekly basis.
8. Members shall recommend acceptance of new members/loan beneficiary via consensus based on criteria outlined on No. 3 above. Granting of new loans shall be on first-come first-served basis. Previous beneficiaries shall be entitled to new loans once their old loan has been paid in full.
