Name
George
Member since
October 2014
On-time repayments
230 installments • 35%
I am 31 years old, married still not blessed with a child. Professionally I am an Accountant and part time entrepreneur. Financial constraints is an ever present thing in employment life, so I do small scale business besides to raise extra income to support my other siblings and also get college fee for my ongoing degree program.
I love soccer and rugby and I like financial reports and business news. I started working as a casual employee then enrolled for accounting courses, from that I was able to be employed permanently, I still believe business is the way to go!
I am selling second hand shoes, I buy in bulk at lower price and the profit margin is good, usually I buy bales 2 bales per week, each bale contains approximately 150 pairs, each bale costs USD37 so by 2=USD74 , I sell each pair at 5USD, so if sell the two bales completely I will make (5USD*300)=1500USD which gives me a good profit margin.
I chose this business because second hand shoes is fast moving and does not go bad, and the business is also flexible in that I am able to juggle it up with my part time studies.
I use the profit for reinvestment into the business,my college fees, upkeep and also fees to my younger sisters who are in high school.
I will buy more stock, with the loan of USD200, I will buy 5 bales each costing USD37, the stock moves in bits since I sell in pairs. If I sell the 5 bales completely, I make a profit of USD100, (USD20 each bale).
With my fourth loan, I anticipate my business to grow bigger, this will make my cash flow to improve and improve my general livelihood.
I will also ensure prompt loan repayment so that I increase my credit limit. Thank you very much!
Positive
None
Neutral
None
Negative
None
Project Type
Classic Loan
Disbursed amount
$207.00
Date disbursed
Aug 25, 2015
Repayment status
Late
Projected term
46 months
Other loans
United States
Haarlemmermeer, Netherlands
Mountain Home, United States
Australia
Australia
United Kingdom
Taiwan
Australia
United Kingdom
United States
United States
United States
United Kingdom
Luxembourg
Germany
United States
United States
Belgium
Berlin, Germany
Ask George a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.