Songa Public Benefit Corporation
The Songa Loan
Whereas, the SONGA STUDIOS Public Benefit Corporation (“Songa Studios”) is dedicated to the public benefit cause of enhancing the wellbeing of our Creators and their families. By providing low-interest loans, we aim to:
- Support Financial Stability: Help Creators manage unexpected expenses, reduce debt, and achieve financial stability.
- Promote Wellbeing: Reduce financial stress, allowing Creators to focus on their personal and professional growth.
- Foster a Supportive Community: Create a supportive environment where Creators feel valued and empowered to contribute to Songa PBC's mission.
- Purpose
The Songa Loan Program “(the Songa Loan”) was established by Songa Studios to support the financial wellbeing of our Creators and their families. As part of our commitment to our mission to serve the Creators of wealth, this Program aims to provide Creators and their families with access to affordable financial resources, enabling them to meet personal and professional needs, reduce financial stress, and enhance their overall quality of life.
- Eligibility
All Creators who have been engaged with Songa Studios for a minimum of three [3] months and are in good standing are eligible to apply for the Songa Loan.
- Loan Terms
- Principal Amount: Loans will be provided up to a maximum of fifty thousand dollars [$50,000]
- Interest Rate: Loans will be offered at a low interest rate of 7% or other applicable rate.
- Term: The loan term will be [Number] months.
- Repayment Terms: Repayments of Principal and Accrued Interest will be made through a monthly deduction of Total Compensation, as defined in the Retained Artist and Creator Agreement, in the form of Cash, Incentive Compensation, or vested Earned Equity Units (EEUs). For each month during the loan term, the Borrower will have [Monthly Payment Amount] deducted from their monthly compensation or equivalent EEUs deducted until the principal balance is repaid in full. Borrowers may repay some or all of the principal amount without penalty at any time, reducing the number of months during which payments are deducted.
- Application Process
Creators interested in applying for a low-interest loan are invited to complete the Loan Application Form and submit it to the [email box].
- Loan Agreement and Promissory Note
Upon approval, the Creator will enter into a Loan Agreement and Promissory Note with SONGA STUDIOS PBC, outlining the terms and conditions of the loan. The agreement will include the following key terms:
- Principal Amount: $[Amount]