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Joining forces to support local entrepreneurs

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Within only three months, the Aspire Small Business Fund a joint effort of GroFin and Shell Petroleum Development Company of Nigeria Limited (SPDC) to create sustainable growth in the Niger Delta Region, has helped Dezionite Interiors to position itself in as a strong brand and growing business.

Dezionite Interiors & General Services located in Port Harcourt is an interior decoration and commercial cleaning business founded by Mercy Ikeji. With only 13 employees and very little equipment, Ikeji contacted GroFin for support. Her desire to grow the business was perfectly in line with the Aspire Fund’s mission to create sustainable employment, economic growth and social development.

Friday Essienenkak, Investment Executivefor GroFin in Nigeria, says “The Aspire Fund, with its anchor investor SPDC, is the perfect solution for entrepreneurs in the region struggling with obtaining finance integrated with business advice and support.” The contribution of small and growing businesses to the overall economic growth of the country is much lower than that of countries with the same level of development as Nigeria. The main constraints associated with the development and growth of this secMs. Mercy Ikejitor are electricity supply, road infrastructure, access to finance, tax administration, security, vocational education and business skill training. “With the mind-set to solve these many issues and improve on the facilities, together with SPDC, we are working to support more entrepreneurs like Ms.Ikeji,” Friday added.

GroFin assisted Ikeji in the creation of her first set of financial statements from sales records from the business’ three years of operation, then trained her on the running the accounting system. She is now comfortable with the financial management of Dezionite and feels confident in her ability to manage the business efficiently. However, she says she still appreciates the monthly visits from GroFin staff and their quick response time to her requests. “GroFin does not only finance you, they also help to organise the business so that it can run efficiently. We have hired more employees and Dezionite’s sales have improved significantly,” the proud business owner states, “The business has achieved over 100% of budgeted sales in January 2015.”

With this investment, Aspire Fund has helped to actualise the dream of a female entrepreneur whilst simultaneously serving its purposes of creating jobs.I want to thank GroFin for making me a professional business woman. I can compete anywhere in the world!”concluded Ikeji.

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The Cost of Living: Finances and Comfort

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Have you ever wondered how much it costs to live every day? And by living we mean our day to day expenses. If for instance, we had a financial advisor keeping track of your day to day expenses how much would that cost? For the number of years that you have lived have you ever really thought about the cost of loving?

The cost of life

As we go about our day to day lives, we buy, we live, and we spend. That is why it is very important for us to always keep track of our finances, just like online betting ca. And that is also why we have a retirement plan because we want to make surethat even when we are older, we try to live a life of comfort.

We have budgets, we have loans and credit schemes all to make sure that our youth and adult life, we live the best lives that we can. And all this accredited to the cost of living, or rather should we say the need of comfort?

How the need for Comforteffects of finances

We all want to live comfortably. As we mentioned earlier that is why we even save up for retirement. So, one can easily say that is it because of this need for comfort that our finances are depleted every day. Even when it comes to games, we realised that the arcades were not comfortable so we created online versions of them. That is why we have best usa casinos onlinegames . So that you pay in the comfort of your home. You see, it all seems to go down to the need for comfort.

The mortgages that we take, the loans and the jobs that we have. It all because we want to live in comfort. And because we want to live in comfort, we will do all that it takes. Even if it means working 24 hours a day, 7 days a week and 365 days a year all just because we want to live in comfort.

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Check Out All Debt Consolidation Loan Sources Before Selecting Any One

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In this modern day, almost every household whether it is in America or Europe or anywhere in the world carry a debt or a multiple debts in any form. It can be a credit card debt or a personal loan, a student loan or a car loan, a consumer loan or a mortgage loan but everyone will carry at least one in any form.

Therefore, if you carry one or a couple of debts do not feel that you are alone out there. It is just that you will need to manage your debts proficiently so that it is well within your control. However, if situations do go out of hand, there are is still no need to panic and bring the house down.

Dealing with such situation

There is no need to sulk in such situations as you can easily mend this situation either by yourself or with the help of a professional debt counselor. All you will need to do is look for easy and effective ways to deal with such a situation. If you want a professional expert to help you out then to begin with you can look up at nationaldebtreliefprograms.com for tips, advice and solutions.

As the most suitable method you can incorporate all your debts into one. This you can do by taking out a debt consolidation loan. The features of this specific type of loan are:

  • You will get a high amount to borrow which will enable you to pay off multiple debts you owe to multiple creditors
  • The loan will carry a very low rate of interest and extended loan tenure to repay
  • The monthly payments will be significantly low and there will be no chances of losing track since you will have one monthly payment to make
  • Depending on your eligibility and other contributing factors you can take out a secured home equity loan, an unsecured personal loan and
  • For credit card debts especially you can transfer the debts on multiple cards into a new card carrying low rate of interest.

This type of loan will help you to accomplish your primary objective: to pay off your existing debts.

Source of consolidation funds

There are different sources from where you can avail a consolidation loan. A lot will depend on the specific source you choose as well as your eligibility and credit worthiness. Ideally, the single monthly payment that you will have to make once you take on such a loan will be much less than the combined total of all the debts that are paid off using it. This means you will be able to free up more spendable cash.

Apart from the traditional banks, there are many different companies that specialize in providing such debt consolidation loans. However, there may be other sources as well for funding at your disposal.

Depending on the specific source that you choose, the rate of interest, requirements as well as other terms and conditions of the loan may vary greatly. These factors will also depend on your personal financial circumstances as well. This means that a few of these sources may be better for you than the others.

Home equity loans and lines of credit

If you have a home in your name then you can avail a HELOC or Home You Could Use a Home Equity Loan or Line Of Credit.

  • This type of loan will allow you to borrow against the equity that has been accrued.
  • You will get such home equity loans from many different lenders apart from the banks at affordable interest rates.
  • If you take out a loan up to $ 100,000 the interest on it will also be virtually tax deductible always which is a major advantage of taking out a HELOC when you consider consolidating your credit card or other personal debts.

However, you must be aware that the home equity loans and lines of credit will use your home as collateral security for repayment of the loan. This means that if you fail to repay, your home will be at the risk of being taken by the lender.

A 401(K) plan

If you have a 401(K) plan or a retirement plan at the place of your work, you can also use it to borrow money during such situations when you wish to pay off your debts.

Once again, these loans carry a favorable interest rate simply because it is your own find that you are borrowing from.

However, the downside of this kind of borrowing is that the specific amount of money you borrow from it will lose the earning potential forever. That means, till the time you do not repay the amount borrowed, you retirement fund will not grow for this specific time.

Using your life insurance policy

Specific types of life insurance policy allow you to borrow money when you need. If you have such type of life insurance policy which accumulates cash value, you can easily use it to borrow against that policy.

However, just like any other sources this too will have a few financial implications down the road. It is therefore nest to consult with your insurance agent to know the details and be sure before you opt for it.

Other sources to look for

Apart from the above, you can also ask your family and friends though they are not the best choice always. Nonetheless, keep in mind that they are valuable relationships that can help in times of need but make sure that you do not ruin it just because of money.

If you ever borrow from friends and relatives, make sure that make a contract with them for the protection of both the parties. This will also mean that you will treat them just as you would for any other lender with the same respect. Make sure that you pay them back in a timely fashion and thank them for their favor shown toward you.

It is all up to you as to which source you will choose according to your affordability and preferences.

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The things that can invariably lead to a person acquiring debt

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Finances are often hampered due to negative impacts. Whether personal or in business, fiancé is an important aspect. For an individual, the financial backbone is built through his/her income sources. When the income sources bring in sufficient quantity of funds, then it is assumed that the financial condition is sound but if the income sources are getting diminished then the financial system is going to suffer setbacks.

The plurality of income and expenditure sources

The avenues from where money enters the system can be multiple or single. For example, a person who is engaged in numerous jobs will have different sources of income whereas people who are dependent on a salaried job have to utilize funds form only one source of income. Other than earning directly interest acquired from investments is also a form of income. Hence the total income for a person on a monthly basis should be calculated by taking all the income sources into account.

As money is earned from different sources money is spent in various places. There are some basic needs which have to be covered so that survival is assured. These basic needs are fulfilled by spending money on acquiring those essential items like food and clothing. Apart from the requirements, there are several places where money has to be spent by an individual. These places are enlisted below:

  • Tax, rent and utility bills

The home where a person resides can be rented or self-owned. If the place is rented, then monthly rent has to be given to the property owner. However, if the place is self-owned, then necessary tax has to be paid. Living in a home also requires the payment of electricity and other bills. Hence for the residential place, a portion of the earned money has to be spent.

  • Medical bills and health check-up

Health check-up is extremely necessary, and it is wise to get oneself checked at periodic intervals. This activity requires the payment of fees. Similarly, if medicines are consumed on a daily basis, then it becomes part of the monthly budget which cannot be reduced because taking prescribed medicines is vital.

  • Insurance policies

Being insured is one of the best ways to handle the financial problems. Presence of insurance will help a person to acquire money for an emergency situation like medical treatments. Property insurance also helps in recouping the loss of property due to accidental damage. There is a list of damages against which the property is insured, and a person applying for an insurance policy should know the terms and clauses of the insurance. However, insurance like life insurance and property insurance are often chosen by most individuals. To keep the insurance coverage intact monthly premiums are paid which is another form of expenditure that is part of the budget.

Apt from all these well-known monthly expenses there are other types of costs like renovation and furniture purchase that requires a lot of money.

The agents that cause debts in the financial structure

For an individual managing all the expenses require a lot of organizational skills. If costs are way more than the financial capacity of a person, then the scarcity of money will be observed. In such cases, it might be impossible to meet the expense obligations for the requirements. When debts occur due to the formation of unpaid loans then browsing through debt consolidation reviews which are available online might offer some suggestion and aid.

In a person’s life debts are insidiously caused when loans are not repaid. Hence it can be said that the nonpayment of loans is the main problem. This problem can be caused by many factors. Some of these factors are discussed below:

  • Lack of money for paying the loans

A loan is taken to solve the financial lack, but after taking the loan if the financial situation does not improve then it can be understood that paying back the loan will become even more difficult. If the financial condition remains the same or becomes worse after taking the loan, then it will be impossible to honor the repayment obligations.

  • Lack of additional sources for rebuilding the financial structure

A loan is an aid which helps in solving a financial problem. But the loan is the only aiding factor that contributes to restoring the finances. If a person is in a dire situation and has taken loans to acquire funds then he/she also needs to work upon the additional factors for steadying the financial situation for example, looking for resources that will augment the income, rerouting investments into a better earning scheme, limiting unnecessary expenses, cutting down some important costs etc. These factors might differ from person to person but merely taking a loan and using it up without laboriously trying to alter the financial situation positively will lead to a situation where no money will be available for the payment of the loan.

  • Presence of an unsavory credit score

The credit score becomes negative only when the financial obligations of an individual are not fulfilled as per the terms of the lending institutes. But debts are also caused by this poor credit score in a roundabout way. When the credit score is poor then the options for taking a loan form a new source diminishes rapidly because lenders consider people with poor ratings as high-risk applicants. But if the individual requires credit, then he/she has to take money from lending institutes that levy a very high rate of interest. Hence for a person who is already in alot of financial trouble as is evident from the adverse credit score will have to face the added pressure of paying more interest on credit. Hence new debts can occur if the personal finance is not adequate.

Thus, it can be understood that debts can form due to a variety of reasons but being vigilant about one’s finances will help an individual to deal with financial problems in a headstrong manner.

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