Credit Products
The basic unit of the organization is a Lapo Group of 30 clients. 2-6 groups federate to form a LAPO Union at the Community level. These groups are self-selecting and have leaders, deputy leaders and secreatries. Leaders of groups under a branch constitute a branch council made up of elected group leaders and a branch manager as the secreatary. The branch council meets quarterly. Lapo provides the following credit products:
Regular loan (RL)
This is obtained by members through their groups to meet working capital needs for income generating purpose. Final approval for loan proposals for Regular loan is given by the Branch Manager (BM). Loan tenor is 32 weeks and repayments are of equal sizes with interest paid weekly at group meetings. Festival Business Loan (FBL)
Festival Business Loan enables clients to benefit from high business activities associated with festivite periods. Disbursement is made in October/November with repayment due in January of the succeeding year. The average loan size of Festival Business loan is USD200. Clients have reported very high returns on Festival Business loan investments. Farming Loan
Funding agriculture poses challenges of poor repayment to conventional banks and inappropriate disbursement and repayment schedule benefiting farmers. Also disbursement and repayment schedules of regular loans do not suit food crop farming which the poor are engaged in. LAPO therefore developed farming loan exclusively for food crop farmers. Disbursement and repayment schedules reflect pattern of activities in farming cycle. In South Nigeria, disbursement is at farming season (preparation and planting) in February/March and at the period for weeding in June/July. Repayment of 30% of principal with interest is made by installment during the farming period from non-farm income while the final 70% is made at harvest. Credit-for-shares
This product is designed to assist poor people acquire shares/stocks in profitable companies and manage them… Asset loan
Asset loan is disbursed to clients for investment in acquisition of income generating assets as micro power generating set, sewing machines and motorcycles for commercial transportation.
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