Oduok:
I'm a serving corps member (Batch B15) with a very good University degree grade in Engineering. I love entrepreneurship and as such applied to Bank of Industry for a one million naira loan to start a Palm Oil Milling Plant. I'm using my NYSC discharge certificate as collateral - that means i'll not have the opportunity to see or touch my discharge certificate after service. Not that i'm confused, I really love the path i'm taking. I received text message from the Bank yesterday that my loan application has been approved. I'm sharing this to find out the opinion of others. Is it a good or bad idea from your own point of view.

EngrSeries:
What if a very good job offer show up and you cert is requested. Wah will you do? Bad idea IMO

Bamidupe20:
Been in your shoes before. have you thought about how you intend to pay back? and i also think 1M is too much seeing that the business is new.

onatisi:

How did u go about it

Oduok:

It's the Graduate Entrepreneur Fund Programme. I don't know if you are aware of it. I compete and won the qualification

bemagnify:
is the programme over?

Oduok:

This was the first time. I don't know if it will be coming up yearly. Are u a serving corps member?

Oduok:

pls tell me ur experience. How did ur own go? Did u do it? Tell me something. Ya. That is the optimised first cost for the project. The opportunity was to go for 2M but I slashed it to 1M for this reason u've raised.

Adulphus:
THE IDEAL IS GOOD AND ITS GOOD TO BE INDUSTRIOUS AS A GRADUATE NOT LOOKING FOR WHO TO EMPLOY YOU!
I MUST SAY YOU TOOK THE RIGHT STEP AT THE WRONG TIME AND ON WRONG FUND BECAUSE YOU WILL PAY BACK WITH INTEREST THAT IS WHY IS NOT ADVISABLE TO START-UP A BUSINESS WITH LOAN!

FREE INFORMATION!!!

FG just Lauched a Programme to give N3m each to 10,000 NYSC Youth Entrepreneurs!
your NYSC is to be used as Collateral, to be is better you go for the FG instead of the 1m Bank!

Am the CEO OF ADOLPH CITY RESOURCES a palm oil Mill at Enugu!

To me 1m is too small for palm oil milling!
Except you wanna do traditional extraction with do not require million.

QUESTIONS U HAVE TO ANSWER WHEN CONSIDERING 1m
-How much is your machines?
Because the Last time I checked Automated Fabricated Palm oil Plant is 1.5m on 20th June 2015. Now that there is inflation such machine will be around 2m.
Do you have a site for the business?
I suppose you will pay rent from the 1m!
You will also build a temporary structure or is the business going to operate openly without a Roof?
How much is Raw materials and other Operational Materials/Equipment?
e.g Palm Fruits, Kegs, Funnels, Drums, Tank, Diesel, Generate let say 8HP of Water cool Engine is Around N160,000-N170,000 now!


Did you thought of the above carefully?

Adulphus:
THE IDEAL IS GOOD AND ITS GOOD TO BE INDUSTRIOUS AS A GRADUATE NOT LOOKING FOR WHO TO EMPLOY YOU!
I MUST SAY YOU TOOK THE RIGHT STEP AT THE WRONG TIME AND ON WRONG FUND BECAUSE YOU WILL PAY BACK WITH INTEREST THAT IS WHY IS NOT ADVISABLE TO START-UP A BUSINESS WITH LOAN!

FREE INFORMATION!!!

FG just Lauched a Programme to give N3m each to 10,000 NYSC Youth Entrepreneurs!
your NYSC is to be used as Collateral, to be is better you go for the FG instead of the 1m Bank!

Am the CEO OF ADOLPH CITY RESOURCES a palm oil Mill at Enugu!

To me 1m is too small for palm oil milling!
Except you wanna do traditional extraction with do not require million.

QUESTIONS U HAVE TO ANSWER WHEN CONSIDERING 1m
-How much is your machines?
Because the Last time I checked Automated Fabricated Palm oil Plant is 1.5m on 20th June 2015. Now that there is inflation such machine will be around 2m.
Do you have a site for the business?
I suppose you will pay rent from the 1m!
You will also build a temporary structure or is the business going to operate openly without a Roof?
How much is Raw materials and other Operational Materials/Equipment?
e.g Palm Fruits, Kegs, Funnels, Drums, Tank, Diesel, Generate let say 8HP of Water cool Engine is Around N160,000-N170,000 now!


Did you thought of the above carefully?

hola106:
let me hv ur line am serving in enugu wana hv ideal abt hw d bis look plz don't mind if we can meet for weekend oga

Adulphus:
THE IDEAL IS GOOD AND ITS GOOD TO BE INDUSTRIOUS AS A GRADUATE NOT LOOKING FOR WHO TO EMPLOY YOU!
I MUST SAY YOU TOOK THE RIGHT STEP AT THE WRONG TIME AND ON WRONG FUND BECAUSE YOU WILL PAY BACK WITH INTEREST THAT IS WHY IS NOT ADVISABLE TO START-UP A BUSINESS WITH LOAN!

FREE INFORMATION!!!

FG just Lauched a Programme to give N3m each to 10,000 NYSC Youth Entrepreneurs!
your NYSC is to be used as Collateral, to be is better you go for the FG instead of the 1m Bank!

Am the CEO OF ADOLPH CITY RESOURCES a palm oil Mill at Enugu!

To me 1m is too small for palm oil milling!
Except you wanna do traditional extraction with do not require million.

QUESTIONS U HAVE TO ANSWER WHEN CONSIDERING 1m
-How much is your machines?
Because the Last time I checked Automated Fabricated Palm oil Plant is 1.5m on 20th June 2015. Now that there is inflation such machine will be around 2m.
Do you have a site for the business?
I suppose you will pay rent from the 1m!
You will also build a temporary structure or is the business going to operate openly without a Roof?
How much is Raw materials and other Operational Materials/Equipment?
e.g Palm Fruits, Kegs, Funnels, Drums, Tank, Diesel, Generate let say 8HP of Water cool Engine is Around N160,000-N170,000 now!


Did you thought of the above carefully?

Oduok:

Thanks a lot. Then I will have to learn a lot from you. I've considered all that. There are three levels of technology employed in the palm oil extraction - traditional method or low technology, medium technology, and high technology. So i'm using medium technology which is combined mechanical and manual method. The equipment cost and installation is about 800,000naira. Actually the entire project cost is about 1.25million naira and i'm contributing 20% equity. As for land, i'm using my family land, so no rent. I'll fence round and raise a shade. 8HP lister gen was estimated to be 130,000 (inclusive in equipment and installation cost). I welcome more contribution from ur wealth of experience.

Oduok:
I'm a serving corps member (Batch B15) with a very good University degree grade in Engineering. I love entrepreneurship and as such applied to Bank of Industry for a one million naira loan to start a Palm Oil Milling Plant. I'm using my NYSC discharge certificate as collateral - that means i'll not have the opportunity to see or touch my discharge certificate after service. Not that i'm confused, I really love the path i'm taking. I received text message from the Bank yesterday that my loan application has been approved. I'm sharing this to find out the opinion of others. Is it a good or bad idea from your own point of view.

henrixx:
bro u MA likemind.... Can you drop ur watsap number . I'm a currently serving Corp member at taraba nd will like to kno how to go about the loan stuff

Oduok:
07037263653, 08089359018. Let's relate

bobo65:
if u r business minded and focused, then go for it

I applied for a loan of 300k (wap loan) , it has no interest attached and u have up to 2 years to pay off the loan, d only tin is that money must be used for agricultural purposes and Ur certificate will be held as collateral


tho dem never pay us since last year sha

bemagnify:
hw will da knw if u divert d money to sum oda business after all u ar going to pay bak

bobo65:
if u r business minded and focused, then go for it

I applied for a loan of 300k (wap loan) , it has no interest attached and u have up to 2 years to pay off the loan, d only tin is that money must be used for agricultural purposes and Ur certificate will be held as collateral


tho dem never pay us since last year sha

henrixx:
are you saying the money can't be used for anything other than agriculture?

bobo65:


yeah
we were trained on different aspects of agriculture for a week

we were also given transportation n feeding allowance of up to 35k per head (depending on d distance of Ur serving state to Abuja)

it was stated clearly that the money were to be used on agricultural stuffs DAT were taught in d training

tho my intentions was to spend part of d money on fishery n d major part on my mini phone importation biz

henrixx:
ouch! Problem is that I do not have any plans on agriculture currently. Seriously looking for a loan scheme Dat I can benefit from to start up