INDUSTRIAL
CREDIT SOCIETY
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The Group Approach to Fighting Poverty in Sierra Leone |
Our Solutions
MILE
Project: Micro Insurance for Low income Earners (MILE)
The ICS is currently implementing the project MILE (Micro Insurance for Low Income Earners).
PROJECT MILE is a SAVINGS, INVESTMENT AND SMALL INSURANCE SCHEME.
Project MILE encourages members to make uninterrupted low monthly premium payment/ savings of not less than $5 (about SLL 20,000) for the following benefits:
The uninterrupted savings attracts dividend after 12 months based on the current ICS Micro Credit lending interest rate. Members can make short withdrawals from their savings; but must return the whole amount before the next premium payment is due for the savings to be considered uninterrupted.
Every member is entitled to low interest business startup or improvement loan of not more than two times their savings after six months of regular savings; on a first come first serve basis.
Uninterrupted savers will benefit from small insurance cover in case of the member’s death, loss declared income generating assets or job through no fault of theirs.
THE ACCUMULATED PREMIUM SAVINGS BELONGS TO THE AGREEMENT HOLDER AND COULD BE WITHDRAWN AT ANY TIME
IBSS
Project: Inclusive Business and Support Services (IBSS)
The ICS has started implanting the Inclusive Business and Support Services (IBSS).The IBSS is designed to generate income for the operations of the ICS and to improve the income generation capacities of the members. The IBSS is dedicated to providing trading goods; including improves seeds of vegetables, farming and food processing equipment, to registered members of the ICS for trading in and inclusive business partnership.
Cooperatives, small business owners and serious individuals that registered and are up to date with their premium payment will be assisted with a realistic business plan for them to qualify for regular supply of trading goods of their choice to do business in partnership with the ICS.
The rational for the IBSS is simple. The ICS has to invest part of the premium collected in order to fulfill its corporate responsibilities to the members. Key one includes: paying annual dividend, pay insurance claims, providing the revolving loan fund scheme with adequate capital to shortening wait time and serve more beneficiaries. The most trusted partners for such business activities are the members themselves.
JOIN THE FIGHT
Join the Fight
By Membership Registration
There are two categories of registration:
Register as a Low income earner for the full benefits of the ICS
Register as a patron to save only to support the ICS implement its project
Register now
By Funding a Project
Fund a family or group business
Contribute to fund a project
Sample of projects
Hand Grinding of Vegetable and
By Donation
Cash donation
Equipment