Assist me purchase a knapsack spray pump for my agribusiness

Derrick Otieno

Homa Bay, Kenya

8% repaid

Entrepreneur

Name

Derrick Otieno

Member since

February 2014

On-time repayments

249 installments  •  1%

About Me

I am 24 years of age the first born in a family of five children two boys and three girls. We live in Homa Bay town that is located in the Western region of kenya. Homa Bay town is a small town but i can it is sleeping giant with lots of potential to grow. Currently I study part time taking accounting classes I am also computer literate.
I have always been passionate about Agribusiness so about a year ago I decided to venture in the field and since then I have never looked back in fact the experience has been awesome. I started with a small plot and I have since leased a one acre piece that I plan to acquire in the near future. I have been able to acquire farm equipment with proceeds from selling my produce which mainly consist of vegetables, onions, tomatoes and capsicum.
Recently I attended a two day workshop that was organised by care Kenya a Non Governmental organisation (NGO) that helps farmers with extension services. In the workshop we were exposed to new farming methods and introduced to more lucrative cash crops. Since the I have had a keen eye on venturing into watermelon farming that is very lucrative. With my savings and help of Zidisha lenders I cannot wait to finally venture into watermelon farming.

My Business

I am into Agribusiness I grow vegetables, tomatoes, onions and capsicum which i sell in the local market, supply to schools and hotels around, I Homa Bay most farmers are into staple food farming for their own consumption and therefore they rely on the neighboring Kisii county for supply of vegetables, tomatoes and onions. as such the demand is high for these farm products. I have been able to build trust among my customers because I am from the same locality as opposed to my competitors who hail from the neighboring Kisii county. This has given me an edge over my competitors.
Agribusiness is very profitable because the farm products are most of the time in high demand leading to high prices and therefore the profits realized are enormous. This business faces risks such as changes in the weather patterns and attack from pests and diseases. These risks have not stopped me from practicing what i love because the local Agriculture office has come to the aid of farmers with numerous effective ways of mitigating the risks.
My monthly costs range from ksh. 15000 to ksh. 25000. My monthly sales range between ksh. 50000 to ksh. 80000 and therefore the profits range from ksh. 25000 to ksh. 65000. I need a knapsack spray pump and this is what I intend to acquire with the help of the Zidisha lenders. I will be able to repay the loan from my weekly sales.

Loan Proposal

I give much thanks to the Zidisha team for allowing me a wonderful chance to interact with the lenders. I grow vegetables, tomatoes, onions and Capsicum that have been doing so well and for them to do even better they need timely spraying which will only be possible if I own a knapsack spray pump. I plan to use the money raised from the loan to purchase a brand-new knapsack spray pump. Attack from pests and diseases will be a thing of the past and this will result into an increase in my farm produce. Thank you in advance.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$49.96

Date disbursed

Mar 5, 2014

Repayment status

Late

Projected term

58 months

Cost to entrepreneur

Lender interest: $49.96 at 7.94% annual rate over 58 months = $19.00

Service fee: $5.16

Lenders

B

bitofrits

New York City, United States

Sarasota

Sarasota, Fl, United States

M

marymarrs

North Bend, United States

dlpringle

Denver, United States

Matching Fund

Sterling, United States

Bivouac

Hillsboro, United States

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