When I got my first big contract worth about 400k in plumbing works many years ago, I was really cash strapped and don’t have the working capital to start up the project. The first thing I did was to approach a few plumbing suppliers whom I have been dealing with for quite sometime and showed them the contract which I had successfully tendered for. Then I enquired if it was possible for them to increase my credit limit as I will be needing a lot more supplies from them. I hoped for the best and sort of made up my mind if I fail to convince them, I will have to resort to Mortgages for my house and my shop.
I met 3 of my regular suppliers and only one was willing to grant me goods for an extended period. However, with only one supporter, I was still in a tight situation. That was when I decided to find out if I could get a loan of some kind from my bankers. They gave me some advise and asked me to consider taking a personal loan
I pondered over the advise for a couple of days. trying to decide if I should opt for a personal loan or whether to apply for the secured loans. Both are within my capabilities and I do have quite a good credit history with the Bank. Finally after much discussion with my wife, I decided to take the personal loan. Things started moving once the working capital was in hand, and even though there were many obstacles along the way, the project was successfully completed in 18 months.
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