Brickfish Cooperative is bringing more benefits to members by launching a new investment product; “Team Produce Storage (TPS) Account”. TPS Account targets the members with opportunity to grow finances through produce storage. Some of the produce the Cooperative will support its members to store include; Palm oil, rice, beans, garri, melon, groundnut and other cereals. Usually, these produce can be bought at a cheaper price during their pick season of production, when stored over a period, their market price appreciate over 100% giving the those who engage in their storage good profit. Farmers usually want to sell during harvest season, which makes the produce typically scarce in just few months down the line.
To access a Loan through TPS Account, members must first:
- Form themselves into Produce Team (PT), a minimum number of Three (3) persons per PT.
- At least a member of each Produce Team must be one who already has a business of selling their chosen produce or has a market share.
- The Team must have a designated and secure place where the produce is stored (Storage House).
- The PT must also have the needed facilities like bags, Containers; gallons etc, which, enable them, pack the produce.
- When the PT complies with all conditions above, the PT will open a Produce Account with the Cooperative, which will receive funds whenever their TPS proposal for a produce storage loan gets approval.
A Produce Storage Loan application gets approval when an assessment of the proposal by the Cooperative Produce Officer (CPO) is favorable. The CPO works with the Produce Team to ensure that the capital disbursed is fully used for the purchase of the produce in the right quantity, quality and time. Note that the CPO must be physically present during the purchase.
The produce Officer carries out schedule and unscheduled monitoring visits to the various Teams Produce Stores, He/She also performs market price surveillance. Once the selling price of the produce has reached its peak or it is reasonable to sell at prevailing circumstance, the Produce Officer will advise the Team to sell the produce
During the season for resell, the Loan amount, which was used for purchasing the produce, is refunded to the cooperative in addition; the Cooperative receives 40% of the profit from the sales of the produce. The Produce Team will decide to share their portion of the profit or reinvest.
The Team Produce Storage (TPS) Account will benefit members in a number of ways; it will promote ingenuity, productivity and Industry among members. Members of the Cooperative will have access to capital for conditional investment and pay from the profit and not as interest upon the loan amount, which usually is a problem for most borrowers. TPS Accounts lending comes with it a high level of security for investors’ money, as the produce will always sell.
Regularly monitors with the required amount for the assessed quantity of storage. Can only apply for the facility as a Team. On selling the produce, rather than pay interest on the capital, members remit 40% of the profit to the cooperative and keep the rest to themselves. This initiative of the Cooperative is a turning point for most members.
To know more about the product and how you may start benefiting, Contact Mrs. Mary Andorshieye, The Cooperative Produce Officer Phone: 08093833647
