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.
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.
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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