A loan to expand my hire purchase clothes business

Thomas Kwame Billa

Sunyani, Ghana

100% repaid

Entrepreneur

Name

Thomas Kwame Billa

Member since

October 2014

On-time repayments

370 installments  •  60%

About Me

About Me
I am Thomas Kwame Billa,30 years old, am married and I live in Sunyani . Professionally , I am an Accounting officer . After I completed high School I had good grades but cold not go to the University direct because of finance. So I worked as a sales boy in both charcoal and fish for four years before furthering my education . I then proceeded to the Polytechnic where I read HND Accountancy as my programmed of study and proceed to Kwame Nkrumah University of Science and Technology where I had my first Degree in Bsc. Business Administration Accounting. My passion is entrepreneurship . My desire is to owe a group of companies .

My Business

l am into Hire purchase business where I deal in cloths, ladies panties, ladies under wears, ladies slippers, braziers, men singlets , boxer wears, materials etc. The name of the business is TRUST GOD HIRE PURCHASE.
The goods are useful and of hire demand because they are goods of necessity which human cannot do without. This is because after eating, one must cloth him or herself without walking naked.
I chose this type of business because it is most flexible for the clients to afford in terms of payment since it does not involve "cash and carry" that is instant cash payment for the goods. I give the goods to my client on credit by taking an initial deposit and with the support of my wife she goes round everyday to the clients and take the money in bits for the one month period.
The typical cost of the goods are the purchasing cost , transportation cost and delivery cost to clients since that one involve boarding a taxi from area to another. With the current cost I incur for a consignment 470 US Dollars . 400 US Dollars is the cost of buying the goods from the distributors and then 70 US Dollars for transportation to my destination of business and delivery cost to client in their various areas .
The business is so lucrative with only 0.1% risk of default for the one month period of payment . Some of the goods are bought at a unit price of 10 US Dollars , 8 US Dollars, 7 US Dollars and others 5 US Dollars and 2 US Dollars.
Therefore the revenue stream is as follows; A profit of 5 US Dollars is added to each of the unit price of the goods with the fact that the goods are given out on credit without taking instant cash and also,by taking into consideration element of inflation and price changes in the market. However there must always be an initial deposit before the products are delivered to the clients. The profit gain is reinvested in growing the business.

Loan Proposal
Hello my precious and able lenders, I would like to request for additional funding of of USD 104 my previous loan has been very productive. My business is taking better shape now. I would want to increase my stock to 30 pieces of cloths and also increase the other wears by 3 dozens each. This will help me make more profit since there is not more than 1% default in my sales with strategy am using. I will sincerely appreciate it if I am am funded this loan and I will definitely pay it back on time I honestly promise as i paid the first loan . Thanks you so much for your support .

Loan Proposal

Hello my precious and able lenders, I would like to request for additional funding of of USD 104 my previous loan has been very productive. My business is taking better shape now. I would want to increase my stock to 30 pieces of cloths and also increase the other wears by 3 dozens each. This will help me make more profit since there is not more than 1% default in my sales with strategy am using. I will sincerely appreciate it if I am am funded this loan and I will definitely pay it back on time I honestly promise as i paid the first loan . Thanks you so much for your support .

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$110.33

Date disbursed

Jan 14, 2015

Repayment status

On Time

Projected term

2 months

Cost to entrepreneur

Lender interest: $110.33 at 5.47% annual rate over 2 months = $1.23

Service fee: $0.51

Lenders

McJulio

New Jersey, United States

H

halisi

assenede, Belgium

C

CraigInCo

United States

L

Linda

United States

Q

qeorge

United States

D

Dowdin

United Kingdom

chriseyre

Fremont, Ca, United States

H

hedyeyre

United States

G

GMB2014

United States

Kmc138

United States

S

simonthompson99

United Kingdom

S

Sophia20450

United States

AndrewNeu

Ho Chi Minh, Vietnam

KM

Kirsty M

United Kingdom

Fabian Linzberger

Vienna, Austria

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