Guy I admire you, i have no advice to give. But you will make it Guy, keep hold on there.

Righteousness89:
My Brother, I have Carefully gone through your write up..

This my Admonishment to u.. I will be very blunt!

You have a Bright Star... A very Bright one!
you are Meant to a Huge Blessing to people ..

If a Tree is not well planted, it cannot produce fruitfully!


You need to Sort out your Foundation and build it Genuinely on JESUS CHRIST..

Once your Foundation is Solid, No one will see your back!!

YOU ARE VERY RIGHT BRO,HE NEEDS TO MAKE JESUS THE LORD OF HIS LIFE,PRAYS ALWAYS,BEGIN TO ATTEND THE LORDS CHOSEN CHURCH,PAY YOUR TITHE REGULARLY,MY BROTHER IF YOU BEGIN TO DO ALL THIS YOU WILL CALL ME TO GIVE TESTIMONY BECAUSE YOU WILL BE COUNTING IN BILLIONS VERY SOON.AFTER THIS LOCKDOWN DO ALL I HAVE SAID AND YOU WILL SEE WONDERS.

COMPENGRFRANK:
YOU ARE VERY RIGHT BRO,HE NEEDS TO MAKE JESUS THE LORD OF HIS LIFE,PRAYS ALWAYS,BEGIN TO ATTEND THE LORDS CHOSEN CHURCH,PAY YOUR TITHE REGULARLY,MY BROTHER IF YOU BEGIN TO DO ALL THIS YOU WILL CALL ME TO GIVE TESTIMONY BECAUSE YOU WILL BE COUNTING IN BILLIONS VERY SOON.AFTER THIS LOCKDOWN DO ALL I HAVE SAID AND YOU WILL SEE WONDERS.

HIS PROBLEM IS SPIRITUAL

stagger:
You are trying to fly when you are yet to learn to run.

Stop aiming for contracts in millions. Run the ones you are running now and build your personal financial capacity. This is what I did and now I have a borrowing relationship with banks because of the inflow levels.

LOVE YOUR COMMENTS SIR

barackosuco1:
Hey fellow nairalanders,

My story is quite lengthy, please read with love, ignore typos and give the much needed advice...

I am a young guy in his late twenties. After the compulsory NYSC, I decided to establish a small business instead of looking for job, got it registered with CAC and obtained the FIRS certificate for tax payment. I am into supply of electrical materials, rural and industrial electrification, electrical installation and maintenance and general contractor.

Last year, I was able to register as a contractor with a well known company that has branches across the nation. Same last year, I was able to secure a contract of 7.8m but was not able to execute it due to lack of fund. I tried getting the fund from capable individuals and approached bank for loan but all efforts proved abortive. I was really depressed but moved on. After the termination of this contract, they were giving me contracts of 100k, 200k and sometimes 300k (basically supply of electrical materials) which I always try to meet up.

This year again, I bid for a contract of 4.6m and I luckily won! For the contract to be executed, I needed just 2m because twas purely installation work (they gave the materials supply to another contractor). I started looking for sponsors again and fortunately/unfortunately, someone agreed to release the fund and get 2.5m after the completion of the contract. We put our agreement into writing and both parties signed. He promised to promised to release the fund a day to when I'll be going to the site in Nasarawa state only to call me in the morning on the said day to inform me that he can no longer sponsor the contract due to a personal reason, I begged and persuaded him but he remained adamant. Note that I have already promised my clients (they're Indians) that I would be coming on the same day. They were really annoyed when I couldn't make it and the contract was terminated again! All thanks to God that I'm still alive because I almost commit suicide.

Now the issue is I am completely broke now and feeding has been a problem. I'm expecting a payment after the lockdown though but I have incurred so much debts that after paying those debts, I'll barely have 100k left and now that the nation is in lockdown, the companies are not fully operational, some are fully closed. The Indians have traveled back to their country.

Yesterday, a friend of mine that works in a farm told me there's vacancy in the farm but the pay is extremely low (just 35k per month). I am strongly considering going for this offer because I have been drinking gaari for almost two weeks now and no one knows when this pandemic would be over (the farm is in operation even in this lockdown) but at the same time, I dnt want to because of the pay and I might possibly get another contract in the next two or three months after this lockdown is over but funding would be the problem again even if I get.

Also I have this business idea of how to make 4m with 1.28m in two years or 6m in three years. There's this uncle I approached when I was looking for sponsors for the first 7.8m contract, he told me he just fixed 12m in his account, therefore he cant be of help. So I told him that instead of fixing money in the bank, why can't he use the money for business and get higher return. He stylishly asked me to give him example of such business and I shared my idea with him. He waved it off and said he's cool with the business he's already doing.
My dear nairalanders, when I got home in January this man has already started this business and it's thriving well as envisaged! It was painful seeing family member treating someone this way because I told him I'll handle the business for him if he's interested. It doesn't stop me if I want to venture into it though, as it can be done where I'm staying too.

Pls what would you advice I do?
Should I take this 35k offer or wait till the next two or three months when another contract might be given (even when I dnt have sponsor)?
I'm seriously confused and I don't know what to do. Though if I see anybody that can invest in my business idea or my main business, I'll permanently erase the thought of going for the job.
Thanks for taking your time to read through

With your write up you are either in Abuja or nassarawa, quote me with your number we can work together on future contracts if you are not greedy oh

barackosuco1:

I have been to the bank on several occasions, their requirements is just too much. I have my business account with Wema. When I approached them, I was asked to get two guarantors with high monthly income, they'll give two signed empty cheques, their bvn, six months statement of account and valid ID card. Most people dnt like releasing their BVN number while some dnt want to give a signed empty cheque. That's why I couldnt access the loan

Na waaaaooo they do this because you no get person.

OP pray make you know person wey know person.

@OP

What I can deduce from your post is that you are good at what you do, for your client to continue giving you new contract even though you have disappointed them twice now due to lack of finance. But please do not abuse this privilege, as they may eventually blacklist you. I also applaud your entrepreneurial spirit, which is not so easy to come by in young people nowadays.

As you have noticed, it is very difficult for people to release their funds to total strangers, even if the contract is very attractive. You also mentioned that even your own relative is unwilling to help. That is how difficult it is to source money for contracts.

There are two ways I can advise you to approach your business going forward. The first is to try to only bid for contracts that you have the capability to execute, both technically and financially, and gradually build your profile. Banks will be the ones chasing you to give you loan once they see your cash flow, just as suggested by @ Stagger.

The other option you have is to bid for bigger projects as a Joint Venture or Consortium with other companies with the financial capability. There is nothing wrong with this. That is how even big companies bid for very big projects, even though they are direct competitors. I have personally involved in this several times for my employers, and it is a win-win for everybody. So, try to look for companies that may be interested, and go into the bid together right from the beginning, in a formal and legal manner. This way the financier also has an oversight into where the money is going and when they will be paid. It is really unlikely that anybody will easily part with their money if they are not part of the whole process.

Also, the client that is willing to give you a contract alone, will also give to a JV involving your business, because it gives them assurance that you will not fail again. But ofcourse, you have to do your due diligence on whoever you partner with to ensure they don't go behind you. But life itself is a risk anyways.

For the farming job, you may take it temporarily till things stabilise, but do not loose your focus. I see you more as an employer than employee, and Nigeria needs more of you.

You can send me a PM through Nairaland or send a mail to info(a)aquilaconsults(dot)com if you want to discuss further. Where are you based?

kunlef1:
@OP

What I can deduce from your post is that you are good at what you do, for your client to continue giving you new contract even though you have disappointed them twice now due to lack of finance. But please do not abuse this privilege, as they may eventually blacklist you. I also applaud your entrepreneurial spirit, which is not so easy to come by in young people nowadays.

As you have noticed, it is very difficult for people to release their funds to total strangers, even if the contract is very attractive. You also mentioned that even your own relative is unwilling to help. That is how difficult it is to source money for contracts.

There are two ways I can advise you to approach your business going forward. The first is to try to only bid for contracts that you have the capability to execute, both technically and financially, and gradually build your profile. Banks will be the ones chasing you to give you loan once they see your cash flow, just as suggested by @ Stagger.

The other option you have is to bid for bigger projects as a Joint Venture or Consortium with other companies with the financial capability. There is nothing wrong with this. That is how even big companies bid for very big projects, even though they are direct competitors. I have personally involved in this several times for my employers, and it is a win-win for everybody. So, try to look for companies that may be interested, and go into the bid together right from the beginning, in a formal and legal manner. This way the financier also has an oversight into where the money is going and when they will be paid. It is really unlikely that anybody will easily part with their money if they are not part of the whole process.

Also, the client that is willing to give you a contract alone, will also give to a JV involving your business, because it gives them assurance that you will not fail again. But ofcourse, you have to do your due diligence on whoever you partner with to ensure they don't go behind you. But life itself is a risk anyways.

For the farming job, you may take it temporarily till things stabilise, but do not loose your focus. I see you more as an employer than employee, and Nigeria needs more of you.

You can send me a PM through Nairaland or send a mail to info(a)aquilaconsults(dot)com if you want to discuss further. Where are you based?

Thanks so much for this advice sir. I've actually discussed the issue of partnership with someone from this forum and hope to have a smooth working relationship with him.....

barackosuco1:

Thanks so much for this advice sir. I've actually discussed the issue of partnership with someone from this forum and hope to have a smooth working relationship with him.....

Good to hear that, and I wish you the best.

Cheers.

kunlef1:


Good to hear that, and I wish you the best.

Cheers.

Amen. Thanks sir

Interesting

OP, I just felt like chipping in a few words that you should hang in there. I seriously envy you for the strides you're already making at your age. Seriously.

I'd advise that you should not lose hope. Remember the saying that tough situations don't last but tough people do. I believe that if you don't lose hope you'd reach your goal someday. I hope someone sees this and helps.

I think you may just accept the farm job to keep body and soul together, if it won't completely hinder you from pursuing your dreams on the side. Good luck!

barackosuco1:
Hey fellow nairalanders,

My story is quite lengthy, please read with love, ignore typos and give the much needed advice...

I am a young guy in his late twenties. After the compulsory NYSC, I decided to establish a small business instead of looking for job, got it registered with CAC and obtained the FIRS certificate for tax payment. I am into supply of electrical materials, rural and industrial electrification, electrical installation and maintenance and general contractor.

Last year, I was able to register as a contractor with a well known company that has branches across the nation. Same last year, I was able to secure a contract of 7.8m but was not able to execute it due to lack of fund. I tried getting the fund from capable individuals and approached bank for loan but all efforts proved abortive. I was really depressed but moved on. After the termination of this contract, they were giving me contracts of 100k, 200k and sometimes 300k (basically supply of electrical materials) which I always try to meet up.

This year again, I bid for a contract of 4.6m and I luckily won! For the contract to be executed, I needed just 2m because twas purely installation work (they gave the materials supply to another contractor). I started looking for sponsors again and fortunately/unfortunately, someone agreed to release the fund and get 2.5m after the completion of the contract. We put our agreement into writing and both parties signed. He promised to promised to release the fund a day to when I'll be going to the site in Nasarawa state only to call me in the morning on the said day to inform me that he can no longer sponsor the contract due to a personal reason, I begged and persuaded him but he remained adamant. Note that I have already promised my clients (they're Indians) that I would be coming on the same day. They were really annoyed when I couldn't make it and the contract was terminated again! All thanks to God that I'm still alive because I almost commit suicide.

Now the issue is I am completely broke now and feeding has been a problem. I'm expecting a payment after the lockdown though but I have incurred so much debts that after paying those debts, I'll barely have 100k left and now that the nation is in lockdown, the companies are not fully operational, some are fully closed. The Indians have traveled back to their country.

Yesterday, a friend of mine that works in a farm told me there's vacancy in the farm but the pay is extremely low (just 35k per month). I am strongly considering going for this offer because I have been drinking gaari for almost two weeks now and no one knows when this pandemic would be over (the farm is in operation even in this lockdown) but at the same time, I dnt want to because of the pay and I might possibly get another contract in the next two or three months after this lockdown is over but funding would be the problem again even if I get.

Also I have this business idea of how to make 4m with 1.28m in two years or 6m in three years. There's this uncle I approached when I was looking for sponsors for the first 7.8m contract, he told me he just fixed 12m in his account, therefore he cant be of help. So I told him that instead of fixing money in the bank, why can't he use the money for business and get higher return. He stylishly asked me to give him example of such business and I shared my idea with him. He waved it off and said he's cool with the business he's already doing.
My dear nairalanders, when I got home in January this man has already started this business and it's thriving well as envisaged! It was painful seeing family member treating someone this way because I told him I'll handle the business for him if he's interested. It doesn't stop me if I want to venture into it though, as it can be done where I'm staying too.

Pls what would you advice I do?
Should I take this 35k offer or wait till the next two or three months when another contract might be given (even when I dnt have sponsor)?
I'm seriously confused and I don't know what to do. Though if I see anybody that can invest in my business idea or my main business, I'll permanently erase the thought of going for the job.
Thanks for taking your time to read through

You running too fast and you may end up running faster than ur shadow. These companies you disappointed wil never trust you again or give u contracts again. Build ur financial capacity first... Goto banks take soft loans and pay them before date. That way, they will trust you enough to give you better loans at a long run. Or save money, get a property and allow it to appreciate for future collateral. To borrow people big money is almost impossible, i wont even try it myself. Since you know ur onion, take the risk and join the millionaires. For electron to jump up, it must be excited with a whole lot of energy.

OP, where are you based? I could be of help.

barackosuco1:
Hey fellow nairalanders,

My story is quite lengthy, please read with love, ignore typos and give the much needed advice...

I am a young guy in his late twenties. After the compulsory NYSC, I decided to establish a small business instead of looking for job, got it registered with CAC and obtained the FIRS certificate for tax payment. I am into supply of electrical materials, rural and industrial electrification, electrical installation and maintenance and general contractor.

Last year, I was able to register as a contractor with a well known company that has branches across the nation. Same last year, I was able to secure a contract of 7.8m but was not able to execute it due to lack of fund. I tried getting the fund from capable individuals and approached bank for loan but all efforts proved abortive. I was really depressed but moved on. After the termination of this contract, they were giving me contracts of 100k, 200k and sometimes 300k (basically supply of electrical materials) which I always try to meet up.

This year again, I bid for a contract of 4.6m and I luckily won! For the contract to be executed, I needed just 2m because twas purely installation work (they gave the materials supply to another contractor). I started looking for sponsors again and fortunately/unfortunately, someone agreed to release the fund and get 2.5m after the completion of the contract. We put our agreement into writing and both parties signed. He promised to promised to release the fund a day to when I'll be going to the site in Nasarawa state only to call me in the morning on the said day to inform me that he can no longer sponsor the contract due to a personal reason, I begged and persuaded him but he remained adamant. Note that I have already promised my clients (they're Indians) that I would be coming on the same day. They were really annoyed when I couldn't make it and the contract was terminated again! All thanks to God that I'm still alive because I almost commit suicide.

Now the issue is I am completely broke now and feeding has been a problem. I'm expecting a payment after the lockdown though but I have incurred so much debts that after paying those debts, I'll barely have 100k left and now that the nation is in lockdown, the companies are not fully operational, some are fully closed. The Indians have traveled back to their country.

Yesterday, a friend of mine that works in a farm told me there's vacancy in the farm but the pay is extremely low (just 35k per month). I am strongly considering going for this offer because I have been drinking gaari for almost two weeks now and no one knows when this pandemic would be over (the farm is in operation even in this lockdown) but at the same time, I dnt want to because of the pay and I might possibly get another contract in the next two or three months after this lockdown is over but funding would be the problem again even if I get.

Also I have this business idea of how to make 4m with 1.28m in two years or 6m in three years. There's this uncle I approached when I was looking for sponsors for the first 7.8m contract, he told me he just fixed 12m in his account, therefore he cant be of help. So I told him that instead of fixing money in the bank, why can't he use the money for business and get higher return. He stylishly asked me to give him example of such business and I shared my idea with him. He waved it off and said he's cool with the business he's already doing.
My dear nairalanders, when I got home in January this man has already started this business and it's thriving well as envisaged! It was painful seeing family member treating someone this way because I told him I'll handle the business for him if he's interested. It doesn't stop me if I want to venture into it though, as it can be done where I'm staying too.

Pls what would you advice I do?
Should I take this 35k offer or wait till the next two or three months when another contract might be given (even when I dnt have sponsor)?
I'm seriously confused and I don't know what to do. Though if I see anybody that can invest in my business idea or my main business, I'll permanently erase the thought of going for the job.
Thanks for taking your time to read through

My Brother, Once the lock down is eased, find your way to The Lords Chosen...

Settle your Spiritual aspect first! Every other thing will take shape!

It's no doubt that funding businesses is hard in Nigeria. All the same we have to keep keeping on. The requirements requested by wema esp on providing 2 guarantors seems absurd. Your kind of contracts are close to LPOs which is straight forward for most banks. Standard requirements are acct statement that will show your turnover & transaction Dynamics, proof of past jobs done, personal guarantee, domiciliation of business proceeds etc. If the principal company is in the list of the bank's approved companies, it makes approval a lot easier as the purchase order or contract docs will be easily verified(this is key for commercial banks). You need to explore other banks if wema is not helping. I'll suggest access, fidelity and firstbank.

Alternatively there are alternative lenders who can fund your contracts at a fee ranging from 20 to 50% of your margin or a determined interest rate on the loan.

If you wish you can reach out to me on 08038122464.

All the best.