After being turned down by six different lenders, Latif reached out to BOC Capital for a loan, applying for $500,000 in project-based financing to get back on track.
For Yasmin Latif, the construction industry is in her blood. Ever since she was a child in Pakistan, Latif had a desire to work in her father, Mohammad Latif’s, construction business. She credits her father’s determination as to the “pushing force” behind her ambition. Now, as the President and Owner of SH5 Construction Corporation, Latif has led the company, founded in a partnership with her father, to major growth as both a prime and subcontractor for public construction projects.
After emigrating at age 17, Latif gained a degree in Construction Management from NYIT NYCCT and worked for two construction firms for one year only, rising quickly through their ranks. Armed with her new experience, Latif joined her father to launch SH5 in 2004 and served as its first full-time office employee. She learned about estimating, management, quality, safety, scheduling, insurance, bonding, and accounting, and went out into the field with her father. Latif progressively moved into full control of and ownership of the company.
The business was growing steadily when, in 2017, a major project caused a financial setback resulting in a shortage of working capital. At that stage, Latif created an “accelerated growth plan” for the business to take its gross sale from $3.7 Million Dollars to $8 Million Dollars. After being turned down by six different lenders, Latif reached out to BOC Capital for a loan, applying for $500,000 in project-based financing to get back on track. “[BOC] trusted us,” Ms. Latif says. “They gave us an opportunity. They gave us a huge opportunity. That was really a revival for our business.”
When Ms. Latif assumed sole ownership of SH5 Construction Corporation in 2018 the company was on track to reach over $7.8 million in annual revenue.
Ms. Latif completed the NYC EDC ConstructNYC program delivered by BOC Capital and was prequalified to bid on opportunities to work on NYCEDC projects. Along with the loan and training, BOC Capital helped Ms. Latif develop financial projections for upcoming projects and the business as a whole. Ms. Latif says BOC counselors helped her move beyond the day-to-day details of her business to see the “big picture.”
As a woman of color in the construction industry, Ms. Latif feels a responsibility to support other women in construction. She seeks out women to join her firm, even if they need training. “When you come to my office, you will see a lot of women,” Latif says of her 15 employees.
Yasmin Latif shares her success by donating to local and international causes, particularly
in rural areas of her native Pakistan. For Ms. Latif, business is about vision through hardship, responsibility, family, and community.
“They gave us an opportunity. They gave us a huge opportunity. That was really a revival for our business.”
Next Success Story
Find out how BOC can support