This is the first undertaking of this type in my portfolio. Previously, I was involved in the implementation of many smaller projects.
When is the Official Opening of the Facility Foreseen?
The facility will be put into use as early as 25 April.
What if the Gallery would not be Open on Time? With what Consequences would you have to be Reckoned with?
In the absence of the opening of the Retail Park on time, failure to comply with agreements with commercial stores would bring huge losses. Of course, such an eventuality is not even considered at present, because thanks to the financing from the Monument Fund, the facility will undoubtedly be opened on 25 April.
Have you tried to Obtain Funding from Banking Institutions? What were the Consequences?
Yes, I applied for funding from the bank. It seemed to me that if the property was valued at many millions, obtaining a loan of 1/5 or 1/4 of the value of the property will be simple. Unfortunately, when it comes to the issue of cooperation with the bank – many problems arose. The procedures are extremely time-consuming, complicated and difficult to implement. Verification of my application proceeded simultaneously with the construction. In the end, there was little time to finish the work, and the bank made new demands, which resulted in the continued lack of funding. Such a prolonged decision was associated with large losses. I could not get a refund for invoices from completed construction stages. I think that there may be concerns about the form of taxation of my activity, but I have no more time and resources to find an alternative solution.
This Alternative Solution was to Raise Funds from the Monument Fund. What, then, for you, as an Entrepreneur, turned out to be the Most Interesting in this Offer?
Certainly speed of action and decision making. In addition, the cost of the Monument Fund did not differ significantly from the total cost of the offer from the bank.
Did you have any Doubts about Cooperation with the Company when Deciding on this Form of Funding?
At first, because I have never used such financial support before. However, in the end everything went well. Comparing the fund to banking procedures, it certainly is a better solution offered by the Monument Fund – especially when someone cares about time, quick decision and easier to meet the requirements. What’s more, you do not have to invest in a company – co-financing is also granted against private property.
Are there Similar Offers from the Competition?
Of course, there are other funds on the market that may have a similar offer, but due to lack of time, I did not have the opportunity to study the subject in more depth. I wanted to make a quick decision and let the process be simple and uncomplicated. I also had in mind the signed contracts with large networks shop that commercial spectrum and losses related to their failure to meet, so I decided on the option that guarantees speed and decision making. In the case of banks, the procedures proved to be too time-consuming and confusing, and the final cost is comparable to other offers.
Do you see Potential in the Business Development of Entrepreneurs?
There are many smaller entrepreneurs who, through their credit history, the form of activity and the type of taxation, have huge problems with obtaining financing from banks. Thanks to the Monument Fund, entrepreneurs have much more room for maneuver. Personally, I know many people who regret the decision to borrow money from the bank or private individuals, because, as a last resort, it turns out that the interest rate is too high or the formalities are too complicated.
And exactly whom would you Recommend the Monument Fund to?
All entrepreneurs, regardless of the form of business and its size. I know that in many cases they need a quick injection of cash, but due to their income and, for example, the form of taxation they have adopted, they have no chance of getting adequate support from the bank. Then the offer of the Monument Fund, which I decided for myself, becomes the solution.