A loan to boost my electrical shop inventory

Felix Makau

Mombasa, Kenya

100% repaid

Entrepreneur

Name

Felix Makau

Member since

January 2015

On-time repayments

65 installments  •  37%

About Me

My name is Felix Makau and I was born in Machakos County on the Eastern side of Kenya. I was born in a rural area where the main occupation is subsistence farming. My parents like everybody else in the area were farmers as well as pastoralists.

I went to school for my primary and then secondary education. I later relocated to Mombasa to pursue a course in Electrical installation but I quit after a few months because my parents could not afford the college fee. With the little knowledge that I acquired in college, I was able to fix small electrical problems in people’s homes and in the process I would make some little money for my upkeep.

I later got a job at a small store for selling electrical items where I worked for two years. Using my savings I started my own store where I sell electrical accessories.
I am married with a two year old child.

My Business

I started this business four years ago. I normally sell common domestic electrical items such as wall sockets, ceiling fans, cables etc. I decided to venture into this area since it is my line of training and I also learned a lot from my previous employer.

I normally get my stock from suppliers and then retail them from my shop. I make a net profit of about $300 per month. My family relies entirely on this business for their sustenance. I am hoping to one day open a bigger store so that I can supply bigger clients.

Loan Proposal

If given this money, I will use the whole of it to buy the following items- I box of sockets for $25, an assortment of installation cables at a total cost of $70. This stock will go a long way in my expansion plan and bring me closer to my goal of securing my family’s future.
Kindly make your contributions.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$100.16

Date disbursed

Jan 26, 2015

Repayment status

On Time

Projected term

5 months

Cost to entrepreneur

Lender interest: $100.16 at 6.85% annual rate over 5 months = $3.41

Service fee: $1.84

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