• To provide Interest free financial assistance to needy persons in the community of Kachchhi Oswal Jains in North America, and to seek funds to provide this assistance. The fund will be used for (1) Interest free loan to students in North America as well as those who come for study from abroad in accelerated university or college in North America. (2) Interest free loan to Needy people for (a) Business (b) Medical purposes (c) Women upliftment as specified by the donor.

2.0 OBJECTIVE:

• To provide reasonable financial assistance from the collection of funds.
• To collect funds. Keep 3% as the fund for maintaining accountability and processing funds for the program. 1% of the fund for Kojain general fund.

3.0 RESPONSIBILITIES AND AUTHORITIES:

• A committee established will manage this program.
• One member of this program must be the member of the Kojain Board of Director.
• The Kojain Board of Directors selects chairperson. Due to the long-term nature of this program, it is recommended that the chairperson should hold the position for a long period.
• Kojain Board of directors can recommend the members for this committee. The Chairperson makes the selection.
• Application of the potential candidate for the loan is approved by the majority vote of the members of the loan program committee
• KOJAIN Executive Committee will provide the administrative/management support and shall have full discretion in taking critical decisions and also to revise the rules and regulations, if circumstances warrant it.
• The Loan Program Committee shall be responsible for the working needs of this committee like application forms, fund raising methods, pamphlets, telephone drive, and day-to-day affairs of the committee.
• Chairperson shall be responsible for all the records, such as the applications, keeping records of who is given the loans, communication with the applicants.

4.0 POLICIES OF KLP (Kojain Loan Program) COMMITTEE:

• All funds will be maintained by the treasurer of Kojain and must have a separate bank account number.
• Assistance must be given to more people with smaller amount rather than larger amount to few people.
• Only up to 96% of the allowable fund shall be distributed, as a loan while rest 3% of the fund for maintaining accountability and processing funds for the program.  The chairperson of KLP committee will manage the 3% of the funds. The treasurer will release this fund on a written request by e-mail from the chairperson of KLP committee. The chairperson must use this 3% of the fund for maintaing the operation of the KLP committee. Rest 1% for Kojain general fund. This arrangement repeats when turnover of the fund occurs. Disbursement should never exceed the amount collected. The Chairperson of the KLP committee will report awarding of the interest free loan. The treasurer must release the awarded fund on a written e-mail request from the chairperson and inform the Board of Directors.
• Following criteria is to be used in the disbursement of the fund:

i)    (a) Income and expenses of the applicant  (b) Earning member in the family. (c)Total income, expenses and number of members in a family. (3 Points)

ii)    Reason applicant is seeking the assistance:  (2 points)

iii)   Support from the close relatives. (2 Points)

iv)   Overall merit of the application  (3 Points)

v)    Applicants receiving higher points are the one to be awarded assistance.

vi)   The committee must gather enough information about the applicant to make a prudent judgment to award the assistance.

vii)  The Loan Committee in choosing the scholars will use Need vs. Merit as final criteria.

• The committee shall seek the help of the respective regional director, to get more information about the applicants.
• Responsibility of granting the loan shall be the function of the committee managing the program.
• If the allowable funds for the distribution are more than what the demand is, then the fund shall be left for future use and should not be used for any other purpose of the KOJAIN.
• All decisions awarding assistance are binding to all the applicants and are final

5.0  LOAN FOR STUDENTS:

• If donor donates more than $10000, one member from all those who donated this amount, will be selected by the chairperson to be the trustee of this committee. Trustee will have all benefits that lower amount donors have plus will have privileges of a non-voting member of the Kojain Loan Program Committee.
• In this program, if a donor donates more than $5,000 the loan will bear the name of the donor or his relative's name (for example: Shri Ashok Gala Educational Loan Fund) for the first time. Once the sponsored student returns the loan, the funds will be recycled for another student. Whether the student is from North America or student received the admission from India in the university of North America. Donor will have all privileges that lower amount donor has. The donor could be an individual, an institute, Jain Center/Society/Sangh, Private Foundation, Charitable Trust etc.
• Donation of $1000 or more will allow the donor to recommend the student. The Donor shall have no right in the selection of the student. (This is to comply with the IRS Rules and Regulations)
• Donation below $1000 will accumulate in the category donor donated.
• In case of student studying in North America the loan money will be sent to the school the candidate is enrolled in.

6.0  LOAN FOR NEEDY:

• As noted under loan for student, this program also works similarly for needy people. This program can be subdivided in following categories. Loan to Needy people for (a) Business (b) Medical purposes (c) Women upliftment. The KLP committee can develop these divisions and must not mix the funds of one category into another.