ICOCN Business and Professionals Ministry (ICOCN BPM) – Counterpart Credit Scheme

Overview:

This scheme was created to promote access to credit for economically active disciples, to fund the business operations and expansion of qualifying Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Objective: 

1. Fast-track the development of the Micro, Small and Medium Enterprises (MSMEs) owned and managed by members of ICOCN by providing counterpart credit for loans by financial institutions like Surujet (Surulere) Cooperative Multipurpose Society Limited aka Surujet CMS
2. Set the pace for economic development through provision of credit and capacity building through training and access to market.
3. Increase the access to credit by promoters of MSMEs in ICOCN member churches.
4. Increase output, generate employment, diversify the revenue base, and provide inputs for the entrepreneurial sector of the Church on a sustainable basis.

Benefits of the scheme to Disciples (Applicants)

1. Help the Applicant to save and develop a savings habit.
2. Facilitate the Applicant’s membership of Surujet CMS (if not already one) and ICOCN BPM’s membership with its attendant benefits.
   1. Training
   1. Mentorship
   1. Easy access to finance for their businesses
3. Earn dividend (new source of income) as a member of Surujet CMS
4. Easy access to funding for own business and projects
5. Access to Interest-Free Counterpart Loan of up to 50% of loan amount provided by Surujet CMS
6. With the Counterpart Credit provided by ICOCN BPM, the loan is thus created like a Self-Guaranteed Loan

Activities to be covered under the Scheme:

1. General Commerce and Trading
2. Agricultural Value Chain
3. Transportation (Keke, Uber, Bus etc)
4. ICT and Technology
5. Manufacturing and Cottage Industries
6. Services (professional services)
7. Educational Institutions
8. Vocation (Handiwork – Craft, Artisans etc)
9. Any other legal activity for income generation

ICOCN BPM CCS Definitions:

Economically Active Disciple:

• An economically active person includes both employed (employees and self-employed)
• This definition does not include the unemployed people nor economically inactive, such as pre-school children, school children, students, and pensioners.
• Only economically active persons are eligible for credit.
• Non-economically active persons require benevolence, NOT Credit as they lack the ability to repay credit since they are not economically engaged.
• Non-economically active persons will be transitioned to being economically active through training and mentoring.

Micro Small and Medium Scale Enterprise (MSME):

For the purpose of this Scheme, a Micro Small and Medium Scale Enterprise (MSME) is an enterprise that has:

• An asset base (excluding land) of between ₦5,000 to ₦500m and
• A labour force of between 1 and 250
• In Nigeria, the definitions of micro, small and medium enterprises are as follows:
  • Micro Enterprises: between 1 and 9 employees
  • Small Enterprises: between 10 and 49 employees
  • Medium Enterprises: between 50 and 249 employees

ICOCN BPM CCS Eligibility

S/N	Checklist	Applicant	ICOCN BPM	Surujet
1	Has been a disciple for 6 months	Yes
2	Is above 21 years	Yes
3	Has been a member of Surujet CMS for at least 6 months	Yes
4	Has registered as ICOCN BPM Accredited Participant	Yes
5	Has been in the business for which funding is required for at least 2 years	Yes
6	The Business to be funded is performing as evident by last 6 months bank statement	Yes
7	Has saved at least ₦50,000 which should be at least 50% of the loan amount required	Yes
8	Has paid loan processing fee of ₦4,000	Yes	2,000	2,000
9	Has paid 1% of Overall Loan Amount as Insurance Premium	Yes
10	Loan Equity (Savings)	50%	50%	0
11	Service Fee (the entire fee goes to Surujet)	Yes	0%	11%
12	Guarantor	50%	50%
13	ICOCN BPM Maximum Guaranteed Loan Amount.		300,000
14	Applicant enlisted as ICOCN BPM Accredited Participant	Yes	Whatsapp, Instagram, Facebook, Twitter
15	Online Loan Application on Surujet Website: Have a radio button “Apply for ICOCN BPM Guaranteed Loan”		Yes	Yes

Return to BPM Overview