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| Jan 10th, 19:39 Lindsay Druart |
Business Plan for L&L Corporation Federal Credit Union | |
| I will be posting portions of the business plan as I go. I would like to say thanks to Sully for creating the pro forma template. Lindsay |
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| Jan 10th, 20:06 Lindsay Druart |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| 3. General Company Description L&L Corporation Federal Credit Union is an entity created to education residents of Second Life and other metaverses in the financial sector of virtual worlds by offering financial services catering to the customers of these services. L&L Corporation Federal Credit Union will offer direct assistance for virtually operating business to allow them to fulfill their personal and business needs with attention to real world markets and virtual markets. There are many viable customers existing in virtual worlds but the lack of knowledge makes operations challenging due to anonymity. L&L Corporation Federal Credit Union seeks to alleviate the concerns of anonymity by positioning companies with adequate means of transparency while still promoting sounds customer relationships. We seek to unify the virtual financial sector and legitimize it. Mission Statement: Our mission is to legitimize the virtual financial sector while providing our customers with aggressive education in micro businesses and financial services. Company Goals and Objectives: The primary goal of L&L Corporation Federal Credit Union is to become the largest financial institution in the world that caters to the needs of virtual business. We plan to open locations world wide to service our U.S. customers and our international customers with ATM rebates and microloan services to assist consumers and businesses. Business Philosophy: Customer service and communication are the most important factors in the operation of L&L Corporation Federal Credit Union. Customers will have a constant line of communication to the credit union via virtual customer services, live chat, email, and telephone. The credit union will also run an active blog of information so that customers are always aware of what is going on at all times. L&L Corporation Federal Credit Union will exist in the financial industry and this is the perfect time to take the industry by storm. Interest rates in the U.S. are considerably lower as the economy takes a hit but L&L Corporation Federal Credit Union seeks to facilitate the development of the next phase in economic development: the virtual economy. The internet is a wide expanse of diverse ideas but most banks are too big to acknowledge thriving epicenters. The window of opportunity is small but the benefit is gargantuan in retrospect to how digital interaction is evolving. L&L Corporation Federal Credit Union will be the beginning of the culmination of the real world and the virtual world. As L&L Virtual Holdings, Inc DBA L&L Corporation, we have thrived to create a well respected and successful brand that recently branched across the virtual economy. The brand alone has a realm of respect that most real life corporations take years to obtain. Our motto has always been “We are not the solution for everyone but we are the solution for someone.” Focusing on that customer experience has allowed us to offer cutting edge services to our customer base and education to the financial sector through constant research and development. We believe that now is the time to take that knowledge into the real world and force economic development and extreme collaboration between the two. L&L Corporation Federal Credit Union already has to respect of our target customer. Now, we seek to be the ultimate solution for that same customer. |
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| Jan 10th, 20:10 Lindsay Druart |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| excuse the typos. i may copy and paste the raw data but i am proofing as i go. | ||
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| Jan 10th, 21:20 Lindsay Druart |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| Products and Services L&L Corporation Federal Credit Union will have a range of products and services that are both cutting edge and aggressive. The products will be divided into sectors so that each part of the business is self sufficient and collective in both aspects. Consumer Products: Regular Share/Savings Accounts: A regular share/savings account links the customer to the credit union as this is the base account that is offered. Savings are called “shares” as this represents shares of ownership in the credit union. A membership fee of $10 and an initial deposit of $50 is needed to open the account. A minimum balance of $20 must be maintained to preserve the membership as well as obtain the annual percentage yield. Dividends will be paid quarterly and will be calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period in which the dividends represent. Junior Savings Accounts: The junior savings account has the same parameters as the share/savings account but it designed to educate the children under 18 of members by teaching the value of financial education. The membership fee will be $2 with an initial deposit of $10. The account will be given 30 days to reach the minimum balance and must be maintained at that level. Premium Savings Accounts: Premium Share/Savings Accounts will offer a higher rate for members who maintain a minimum balance of at least $2,000. Dividends will be paid quarterly and will be calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period in which the dividends represent. If the account drops below the minimum for more than one period, the account will be converted to a regular share/savings account. Christmas Club Savings Account: L&L Corporation Federal Credit Union wants to help customers save for their families during the holidays. This account offers a slightly higher rate than the regular share/savings account but has strict penalties on early withdrawals before the holiday quarter of October-December. Deposits to the account can be made at any time and the minimum opening deposit will be $10. Individual Retirement Accounts (IRA): An IRA will allow customers to defer tax dollars now while saving for retirement. The yearly amount contributed would be deductible from taxable income. L&L Corporation Federal Credit Union will have an IRA consultant on staff that will assist with providing specific information about account procedures, rates and legal requirements. Share Certificates: Share certificates will be opened at fixed term rates with variable maturities to meet the needs of our customers. Maturity time frames may range from 21 days to 10 years. There will be early termination penalties associated with share certificates. The minimum opening deposit will be $500. Checking/Share Draft Accounts: Share draft accounts will give customers access to their accounts via customer friendly options such as checks, bank wires, and debit cards. The debit card will have ATM options via the MasterCard network to use world wide and will offer ATM rebates and cash back rewards with ATM point of sale card access. The will be no monthly service fees, no per check charges, no required minimum balance, and overdraft protection. We will have checking accounts specific to international members, children ages 15-18, college students, and credit challenged customers. Loans: There will be a variety of personal loans available that will include microloans, unsecured, vehicle, overdraft line of credit, and home improvement. Microloans will be loans ranging from $500-$1000 while unsecured loans can be up to $10,000. Vehicle loans will require a vehicle as collateral such as a car, boat, ATV, motorcycle, or other recreational vehicle. Overdraft lines of credit will be attached to the checking/share draft account and will be debited if the account should not have funds available. Home mortgage loans will become available once the mortgage industry in the US has stabilized. Credit Life and Accident Insurance: L&L Corporation Federal Credit Union will offer life and accident insurance to provide additional financial security for customers. This insurance will be available once a loan product is approved and will be based on the amount borrowed. Additional services and discounts: • ATM Cards • ATM Machines • Free Bill Pay • Free Online Banking • Member Automated Information Desk (24 hour phone access) • Direct Deposit and Payroll Deduction • Free Notary Service to Members • American Express Travelers Checks • Wire Transfers (Bank to Bank, Western Union) • Money Orders • US Savings Bonds • Cashier Checks • Second Life Premium Account Rebate |
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| Jan 11th, 00:31 Sportsbets Writer |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| Big plans for a little sl company opening a RL bank called Credit Union RL. ATM MAchines? ATM-Cards? Premium Share/Savings Accounts will offer a higher rate for members who maintain a minimum balance of at least $2,000? L$ or US$? Citybank take care the Sl Avatar "Lindsay" in the mirror! |
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| Jan 11th, 00:46 Eatsome Donat |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| agreed.Holy cow what she took??? even Life insurances lmfao | ||
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| Jan 11th, 00:53 Sportsbets Writer |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| don`t know but when it`s real dollars not linden dollars she is flying REALLY high ;) | ||
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| Jan 11th, 06:32 Ivan Halfpint |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| Well it sounds to me like you want to open up a real life bank. If that is the case I wish you all the best and hope you succeed in your venture. The thing I have to ask though is what does this have to do with SL? The services that you have listed are the same services that we would receive in our local credit union here in Canada. I’m assuming it is the same in the USA and with financial institutions internationally. As for mortgages it may be different in the USA but in Canada every credit union and bank offers mortgages. The problems in the USA was due to companies offering mortgages to people who could not afford them. For the most part credit has tightened up and only people who can afford the loans are getting them. In any case im sure if you work hard and provide good customer service and market your brand your bank will do fine. Ill watch the business news and keep my eyes open for ya :) Cheers, Ivan |
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| Jan 11th, 07:21 Ragged Delec |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| What it has to do with SL is that her current (SL) investors will presumably 'own' this RL bank. Or have I got it wrong? |
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| Jan 11th, 07:42 Syn Tiramisu |
Re: Business Plan for L&L Corporation Federal Credit Union | |
| Sounds right to me, that's the difference between a bank and a credit union. From Wikipedia: A credit union is a cooperative financial institution that is owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union. |
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