African Community Emergency Fund (ACEF)
The African Community Emergency Fund- ACEF aims
To provide no-interest financial allowance to enable eligible members of ACICC in times of emergencies such as:
A situation is caused by unforeseeable circumstances beyond our control and it presents a severe health risk and you cannot wait until the next income payment and cannot access other services. These includes and not limited to
Death and funeral expenses
Emergency car breakdown
Loose of jobs
One-time utilities/bills arrears
One-time Eviction payment
Down payment for home ownership
To help members’ avoid high interest loans that would further deep them into debts
You can apply for the emergency allowance if:
You are an active contributing member of the African Community Investment Cooperative for a minimum of 6 years residing in Nov Scotia or the Maritimes
The amount requested is lower than the accumulated credit or with a co-signer/ers who is/are an active member of ACICC having a combined credit equal to the amount requested.
You do not have enough money to cover a one-time, short-term emergency that will not last longer than 1yr and can afford an additional amount plus your monthly contribution.
If you meet the membership requirement of ACICC and have document to prove emergency situation.
Determined to be eligible by the Emergency Fund Committee
Members’ credits would be debited from member’s ACICC account if allowance is not repaid as agreed within 5 years depending on the amount and on-case-by-case.
Escalation of non-repayment issues to elders of the community
Possible ex-communication from ACICC membership if member refuses to pay