Looking for Contractor

I've discussed with Hj Naza whom to appoint to do the renovation work. Initially, there was one guy (can't remember his name) who gave quotation to us but the price was expensive -  I think about ~ 10-12k. In the end, we appointed Zainol, a regular carpenter who has done many renovation works. Basically the renovation involves;

-building new extension for dedicated lab (10'x12')

-fixing the roof (new transparent roof and asbestos)
-new ceiling (10'x28')
-new doors (2)
-wall painting (internal)
-additional flask shelves (1 row)
-new window panel (1 unit)

Zainol asked for RM8,000 but I disagreed! In the end, we agreed to reduce few works i.e. no car porch, no tile etc. and it came down to RM7,500. He will purchase the materials once he gets the money from me later.

We'll transform this into new look!

To fix ceiling

To replace the roof

Loan Disbursement.. Less Than I Expected!

Bank Islam called me to settle the loan disbursement. I went there in the afternoon and signed all the necessary documents including Amanah Raya - in case I pass away... :)

Final amount disbursed - RM61,000

Actual received - RM55,569.57

Duration of loan - 6 years / 72 months

Total payment ~RM88,450.00

Monthly payment ~ RM1200

Payment started - March 2012

Total financing

Actual loan...

Actual received...

Applying Loan from Bank Islam

I've made up my mind to apply loan from Bank Islam. In the afternoon, I met the bank officer and discussed on my eligibility to apply for loan. She gave me the application form to fill up and I returned it on spot. Hmm.. just need two more documents to submit - employer's verification letter and copy of salary slips.

Bank Islam @ Bandar Baru Nilai

Visit to Agro Bank

I had to take a half day leave to go to Agro Bank at Seremban with Hj Naza. We had a discussion with the officer in charge of agriculture loan which offers low interest rate ~3%. It is an attractive package for a startup company but unfortunately we are not qualified - why?

- kama nursery has no proof of bank transaction for the past one year

This is why I told Hj Naza to have proper bookkeeping. To ensure there is a continuous cash flow of the business. Banks are looking for this as strong support documents for applying loan. What a tiring day...