He did not give up. He was able to raise enough money through the informal Chinese community lending network to start the same business, now called Sing Siah. In four years, his revenues had grown to half a million dollars, and he started a new business to repair ships at the Jurong Shipyard. These two businesses kept flourishing, with multi-million dollar revenues that enabled him to employ 400 people.
That is of course our very own billionaire
Popiah King, Mr Sam Goi, who was recently ranked #12 spot in Forbes Asia’s Singapore’s 40 richest list this year. See ST’s article here.
Banks didn’t support Mr Sam Goi when he was small and starting out, the informal Chinese community lending network did!
They trusted him, gave him a leg up and invested in his company’s growth. Sam Goi reciprocated and did not let them down!
Informal p2p lending gave birth to a billionaire decades ago. Imagine the possibilities if formalized!