10 Responses I got when I asked my Friends & Contacts for a loan!

As an entrepreneur, there are times that we go through challenges and financial hardships. This is due to several reasons including but not limited to non-payment of debts from clients, delayed payments for works done or goods delivered, investment into assets, payments of rent, slow business, and so on. During those times, most of us fall on friends and family to support us financially with some loan to hold us up until we get back on our feet. 

Over a month, I went through such trying times and I decided to fall on my friends, contacts, and associates for some assistance, and the following are some responses I got. At this point I am not entirely sure and cannot confirm if the feedback were true or not but some were genuinely not in the position to help, some helped and others were not certain what the risk of non-payment was.  

So here we go with 10 responses I got when I asked my Friends & Contacts for a loan 

1. Unfortunately I just bought some machines for my factory and cannot help 
2. I honestly don’t think I can part with such an amount for a month…too risky 
3. How do I know I will get my money back when the time is due 
4. I am going to fail this your test o 
5. Why do you always ask me for money when I don’t have 
6. Chale, the way I’m hot this week eh 
7. You are putting me in a very tight spot
8. Oops, wrong timing, just paid my fees
9. Send me your account details and let me send u my school fees; I’m kidding o
10. You want to laugh at me, the amount you need is above my pay grade

I know so many people but getting help financially remains the most challenging because most people believe I am above assistance or too risky. What surprised me most and was a big eye-opener was the reaction and feedback of people I had helped financially in the past. Most did not even try to lift a finger in their own small way to assist and never checked back to find out if I’ve gotten myself sorted out. Some very close friends just dillydallied me for days until I gave up. 

My saving grace, as it has always been the case, was my siblings and dear mother. They came through for me when I had run out of all options. I try not to bother my family with my financial challenges as doing my own business was in defiance of their desire for me to work in corporate but when it gets critical, I fall on them and they never let me fall flat. 

Worth mentioning are the few very close friends who also came through for me not because I really asked them but they realized I needed money in our conversations and stepped in to assist. 

As an entrepreneur and an individual in general, consider these 10 steps in preparation for rainy days: 

1. Save and invest as little you can and as often as you can  
2. Build a good relationship with your bankers and have a cash reserve with them. The fastest way of getting a loan from a bank is to use your cash investments as collateral. 
3. Don’t make it a habit of always asking for loans, develop a budget and plan your expenses 
4. Don’t purchase what you do not absolutely need, try and avoid buying on credit 
5. Don’t live above your means (it’s a waste of time and effort trying to impress anyone)
6. Find different ways of increasing your income and reducing your expenditure 
7. Build a close circle of friends that help each other financially, so it’s not strange when you ask your contacts for a loan out of the blue 
8. Build credit-worthiness by being faithful with your loan repayment timelines and promises 
9. Ask for help before you desperately need it so you don’t come off as aggressive or overly persuasive and cunning 
10. Stay connected to family, they mostly will be your saving grace when all attempts with friends and contacts fail 

I wish you success in your endeavors and in building a reliable network and support system. 

Do you think there will ever get to the point where women will give up on men and marriage completely? 

#TGIF