Financing

4 03 2010

It was not before time, I thought. Austin was looking for finance to upgrade the equipment in the gym. I couldn’t recall any new equipment being added to the circuit training selection in the 12 or so years that I’d been going to the gym and it was looking a bit dated.

Finding finance for business in Zimbabwe these days is a tricky affair. The banks are looking for extortionate rates and silly conditions for collateral. It seems the route to go is private lending. My cousin “Jumbo” was listening in on the conversation. He is a wheeler-dealer extraordinaire and knows anybody who is anyone about town. He seemed to think that one of his contacts could be tapped for a repayment rate of 1% per month which is not at all cheap when compounded but Austin had done the maths and it seemed acceptable to him. It all sounded rather dodgy to me but the gym DOES need new equipment.

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