Selling rice to pay university fees

Dennis Muriithi

Ngurubani, Kenya

99% repaid

Entrepreneur

Name

Dennis Muriithi

Member since

March 2014

On-time repayments

308 installments  •  27%

About Me

I am Dennis Muriithi Muriuki. Thank You for your interest in my profile. I am a student at Chuka University, taking criminology and security studies. I am also business minded and goal oriented. I have ventured both in online business and selling rice. In online business I particularly handle academic research projects at a fee. I am also planning to learn webdesign and Forex trading to improve my competitiveness. The other business venture entails selling of Rice. I sell rice to fellow university students, and the hotels around the University at my free time. I am looking for anyone who gets impressed by my hard work, and we could partner, and develop from simple to complex strategies. I wish to first capitalize in rice selling business, and get into online business later on. Thanks in advance.

My Business

For the rice selling investment, the rice I sell at Chuka sells fast since it is pure Pishori (The best quality in the country). Using my marketing skills, I am able to market the rice to new consumers every time I get a chance. At my home area, we produce the best quality rice, Pishori. I get rice with a good price, and sell it here at Chuka with a profit. For instance 1kg of Pishori is currently selling at 105 ksh. I have been supplying Legacystar Hotel at 130Ksh/kg. It translates to a profit of 25 shillings for every kg. The business is profitable because they take a large quantity of rice, about 100kgs every week. The previous Loan awarded has been very helpful to my business, and I have been able to make it grow so well. I used the profits to raise my fees for last semester. A loan from this from will guarantee continuity in both my education and my business. I have also created employment for two locals from Ndagani Market. I have hired them, and given them a task of distributing the rice to various channels; such as the wholesale shops, retail shops and other Hotels and Restaurants located around the University. I am also planning to hire more people to distribute the rice up to Chuka Town and its environs. I have a vision of completing my education, and buying a laptop for my studies and research. I am very optimistic that my hard work in this business will help me raise my targeted fees, and extra cash to purchase a laptop. In the near future, there will be so many students on session, and this will impact positively on my business. My stock will not be enough to sustain the high demand; I will need to add on my stock. The risks in the business are minimal, compared to the returns. In some instances the orders made are abrupt, and I lack enough money to supply the rice at the moment of the request. If I could get the financial support, I will work diligently to fulfill my dream of completing my campus education, and purchase a laptop for my studies. After completion of my degree, I have a dream of creating my own brand and a distribution channel registered with my company name. I’m positive that I will be able to do that shortly after completion of school with the help of generous lenders from this forum. Thanks in advance.

Loan Proposal

When my Loan has been 100% funded, I am planning to use the first $ 300 to purchase unprocessed rice. I will then use $50 to process the rice and $ 50 to transport the rice to the University Location. I will also purchase branded packaging papers with the following brand name, "Mwea Pure Pishori Rice" I will also pay my salesmen who have the role of distributing rice to various channels such as; restaurants and various hotels. The returns of my rice investment will be very important in paying my school fees for the semester. I am also planning to purchase a laptop when the business profit levels are at the optimum. I am positive that I will make my dream come true. My dream of branding selling with my own company name. Thanks in advance.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$462.87

Date disbursed

Sep 8, 2014

Repayment status

Late

Projected term

68 months

Cost to entrepreneur

Lender interest: $462.87 at 1.95% annual rate over 68 months = $51.03

Service fee: $94.55

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