5 Benefits of a Rotating Savings and Credit Association for Small Businesses
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n informal saving club or Rotating Savings and Credit Association for small businesses allows each contributing Member of the ROSCA group to benefit from loans and disbursement.
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Reports by the Federal Reserve Bank of Philadelphia show that Rotational Savings and Credit Associations (ROSCA) have been around in the United States since the early 1960s.
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It is still very much active today amidst the ravaging coronavirus pandemic. More people are joining these groups and the reasons are not farfetched.
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Benefits of joining a Rotating Savings and Credit Association for Small Businesses.
1 Saving
It takes some level of commitment to save money and leave it untouched for many months. A Rotational Savings and Credit Association make it easy for small business owners because they do so along with other business owners, knowing that a huge amount awaits them.
2 Investment
Sums of Money contributed in a Rotational Savings and Credit Association are often invested in profitable ventures. This brings in more profit and a greater amount is available for disbursement.
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3 Loans
Members will each benefit from loans and they will pay back through their monthly contributions. Loans are often high because of the many monthly contributions derived from the ROSCA
4 Simple processes
The processes of registration and participation are simple in Rotating Savings and Credit Associations for Small Businesses.
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