Biodun took a facility of 1.5 million naira from XY Microfinance Bank to inject into his business. Biodun sells electronics at one of the busiest malls in Ikeja. He makes good turnover but has been unable to meet demands lately. Some corporate bodies have lately started requesting for wholesale supply and 30 days payment terms.
Barely two hours after Biodun got SMS alert for the loan disbursement, he got a call from his sister. She sounded frantic and alarmed. Biodun’s 65 year old mother slumped and has been rushed to the hospital. The doctor diagnosis is a dangerous heart condition that can lead to death within 72 hours if not operated.
Biodun rushed down to Ibadan to see her mother who is still in coma. The surgery would cost 1.5m. Biodun is the eldest of three and his siblings are still in school.
What should he do? Should he use the bank loan to finance the surgery?
Share your thoughts.
Good morning and have a great week!