Several years ago, his business was in turmoil… Businessman Said Lugumi, owner of Lugumi Enterprises, needed money to absorb the shocks to his business. In 2013, he borrowed $40 million from his long-time friend, the late Yusuph Manji.
This is no joke—someone lends you $40M. It tells you how trustworthy you are. If you ask a bank for this amount of money, you’d face a lot of scrutiny and submit a bunch of collateral. But this is just from one person: “Bro, my business is in trouble; please lend me $40M.”
Imagine someone gives you $40M with no interest, no repayment deadline, and no financial strings attached. Lugumi said the money was used to strengthen his businesses that needed more money.
And he managed to repay the unconditional loan in full to Manji—he revealed until Manji passed away.
In a tribute to Manji, Lugumi described the late Manji as a person with a unique heart who helped entrepreneurs without the burden of interest.
“He believed in helping people achieve their dreams,” said Lugumi. While at a Christmas party with orphans, Lugumi stressed the importance of
Lesson to Learn If you give up building a bank credit score so you can get a loan, make sure you have a network of people who trust you enough to help you without interest.
It is very difficult to get a bank loan with an interest rate of 10–18% and then be able to repay it and make a significant profit.
