At the inception of the New Testament Church, it was obvious that these early Christians were saddled with financial challenges. The leadership established an economic empowerment system to tackle this problem. They created a pool from which distribution was made to those who were in need.
“Now the multitude of those who believed were of one heart and one soul; neither did anyone say that any of the things he possessed was his own, but they had all things in common. And with great power the apostles gave witness to the resurrection of the Lord Jesus. And great grace was upon them all. Nor was there anyone among them who lacked; for all who were possessors of lands or houses sold them and brought the proceeds of the things that were sold and laid them at the apostles’ feet; and they distributed to each as anyone had need. And Joses, who was also named Barnabas by the apostles (which is translated Son of Encouragement), a Levite of the country of Cyprus, having land, sold it, and brought the money and laid it at the apostles’ feet. (Acts 4:32-37)
The New Testament Church today is made up of many small-size Churches, followed by lesser mid-size Churches and fewer large-size Churches. Harnessing a significant pool of resources to furnish the needs of entrepreneurs within a small local Church may be impractical. Favor Alliance is an initiative of the Network of Churches with the task of bridging the gap. Christians from various local Churches can join so they can benefit from a large cash nest, greater pool of shared resources and opportunities.
There are three ways by Christians can benefit from funding through the auspices of Favor Alliance –
Below is a synopsis of how the Favor Alliance Economic Empowerment Fund operates:
GOAL:
To facilitate members to build a cash nest for entrepreneurial support
CONTRIBUTIONS:
Members contribute any amount monthly
CREDIT INDEX:
The ratio of total amount of your contribution to number of months of contribution is your credit index.
For instance if you have contributed $1,200 in 12 months then your Credit Index = 1200:12
FUNDING:
Funds would be raised for only legitimate entrepreneurial needs
BASIC REQUIREMENTS FOR FUNDING:
METHOD OF FUNDING:
Members of the fund would listen and quiz applicant based upon their Strategic Plan presentation.
Members would vote funds either from their account or alternative funds.
REPAYMENT OF LOANS:
All Funding are loans and would be paid back to the Favor Alliance Economic Empowerment Fund monthly.
WITHDRAWAL:
Members cannot withdraw funds arbitrarily from Economic Empowerment Fund except through the funding process stipulated.
CONTRIBUTIONS AND REPAYMENTS:
Members would make their contributions and funding repayments to the Economic Empowerment Fund at the online portal:
