Question 1

Can I do both, saving and 'investment'?

Accepted Answer

Yes. At the end of the twelve-month saving cycle, you can choose any 1, 2 or all 3 of the options you would like to go with;
1. Withdraw your savings with no penalty. 
2. Invest in a selected and vetted black business.
3. Donate time, skills, and resources to UUKC’s philanthropic work.

Question 2

Can you split how you 'share’ your savings?

Accepted Answer

Yes. See above.

Question 3

Is the monthly amount fixed?

Accepted Answer

Yes. The current monthly stake is £30. However, if you would like to do a single lump sum equal to 12-monthly payments of £360, this is also an option.

Question 4

Can you save a lump sum i.e., one amount at the start?

Accepted Answer

Yes. See above.

Question 5

Can you have more than one stake?

Accepted Answer

No. One stake per member

Question 6

Will interest be paid?

Accepted Answer

Yes. Interest earned on the bank account holding members saving funds will be split evenly amongst all the members participating in the cycle

Question 7

Can you explain the vetting process of applicants?

Accepted Answer

All applicants/prospective members will be invited to a meeting, virtual or face-to-face to verify eligibility. We will ask you to provide, for review and not capture, one of the following ID and UK address verification options;
·        Valid passport and council tax bill or utility bill (no more than 3 months old)
·        Or a valid UK driving licence

Question 8

How will the Board decide how to invest, for a financial return or charitable investment?

Accepted Answer

Suggestions will be invited from the Membership and the Board. The Board will then collate a shortlist of the options suggested and open a ballot. Voting by the Membership will take place and the majority vote be the deciding factor, subject to satisfactory credit reference and due diligence checks.

Question 9

Can investors' vote influence what businesses are endorsed for funding?

Accepted Answer

Any business that could be a potential investment will be vetted and reviewed before entry into the ballot for a vote by all the members participating in the investment option.

Question 10

How would businesses come to Ujamaa UK Collective?

Accepted Answer

Initially business would come to us by word of mouth, suggested by the Membership or the Board.

Question 11

Can I share the Ujamaa UK Collective link?

Accepted Answer

Yes.

Question 12

How will Ujamaa UK Collective collect and store data?

Accepted Answer

All data we collect, and store is currently via industry-standard 256-bit AES encrypted General Data Protection Regulation (GDPR) compliant forms and storage using HTTPS connections 100% of the time for all users.

Question 13

Is there an approximate APR per annum - Would there be an interest increase?

Accepted Answer

The current APR on savings held with Ujamaa UK Collectives’ chosen bank is 0.95%. Interest rate increases are determined by the Bank of England increasing the “Base Rate” which sets the level of interest all other banks charge or apply to borrowers (charge) or savers (apply).

Question 14

How long would the investment period be in a chosen business?

Accepted Answer

It would depend on what is presented to us in the business plan and what the "ask" is by the prospective business.

Question 15

Will due diligence be applied to the philanthropic/charitable division?

Accepted Answer

Yes. All appropriate due diligence checks will be made to ensure legitimacy.

Question 16

Will there be an independent adjudicator for voting processes to maintain transparency?

Accepted Answer

Our first option would be to hold an open Membership vote via Zoom, where at least 2/3 of the Members are in attendance. Individual votes will be cast using voting buttons or raising ones hand. An independent adjudicator could be a considered option.

Question 17

Is there a ‘family’ saving option?

Accepted Answer

No. Membership saving is per individual.

Question 18

Will there be an Ujamaa app?

Accepted Answer

Not currently, however, we are on social media platforms Instagram, TikTok, Twitter, YouTube and the World Wide Web.

Question 19

Will you have a customer service division?

Accepted Answer

No. Ujamaa UK Collective is run by volunteers, at this time there is no capacity to accommodate this service.

Question 20

Will the presentation be available for others to catch up on the Ujamaa launch meeting?

Accepted Answer

Yes. This is available on the Ujamaa UK Collective website home page and all other social media platforms.

Frequently Asked Questions