Below_1000 expansion

Michael

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Michael

Member since

August 2017

On-time repayments

70 installments  •  70%

About Me

I am young entrepreneur building an online bargain retail business. This started as a way to make ends meet in university but has growth to become a source of income beyond school.

My Business

The business is called Below 1000 as it sells items below ksh 1000. This is an attainable price for the majority of the population despite low incomes. I source quality affordable items and sell them.

Loan Proposal

The business is focused on youth aged 15-25 yrs. This is a very large percentage of the Nairobi market and actually Kenya in General. Growth has been quick and steady and with more reinvestment we aim to take control of our costs of goods sold by importing for ourselves the goods we sell. We have outgrown the third parties we used to use because we could not negotiate any further the prices they gave us. In the long term we aim to vertically integrate upwards to have full control of the costs of the business and this loan will go into the first consignment of import materials we need.

We look forward to working with you

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$68.00

Date disbursed

Jun 24, 2019

Repayment status

On Time

Projected term

3 weeks

Lenders

P

Pengetilafrika

Mårslet, Denmark

M

Moonknight

Østre Gausdal, Norway

O

Ohio

Ohio, United States

dmirpuri

Bangkok, Thailand

S

Stephan

Netherlands

A

Andrei

United States

HCPSPIRIT

Helsinki, Finland

MH

Matt Hodges

United Kingdom

DO

Denis Ontiveros

Guildford, United Kingdom

RS

Ralph Smyth

United Kingdom

GF

Gammon Family

United States

R

Rafael

Switzerland

Ask Michael a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.

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  • Michael    Nov 29, 2020

    Thank you

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  • Michael    Mar 23, 2020

    I will complete the full repayment tomorrow but I need 24 hours to get the funds together

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  • Rebecca    Mar 10, 2020

    I spoke with Michael, he said business has been low on his side but promised to do his best to repay his loan.

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  • Michael    Feb 10, 2020

    Thank you for funding us

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  • Michael    Feb 7, 2020

    Thank you all

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  • Michael    Nov 20, 2019

    Thanks for your support

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  • Timothy    Sep 10, 2019

    Murage has promised to make repayment in due course has his business is now improving.

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  • Michael    Jul 28, 2019

    Thank you for choosing to work with me.

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  • Michael    Jul 24, 2019

    Our working capital position continues to improve. Our sourcing strategy is taking form as we go along after months of adjustment to find the right fit.
    Thank you for walking with us on this journey

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  • Michael    Jul 11, 2019

    I have temporarily had a working capital crunch that should be resolved over the next 2 weeks.
    I still expect to clear the balance by the end of the month but need to reduce my payments for the these 3 weeks

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  • Michael    Jun 25, 2019

    Thank you for choosing to fund my last proposal. I am looking to refinance it with a higher amount to be used as working capital. This will enable a higher turnover as our main constraint is working capital

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  • Michael    Mar 26, 2019

    Hello Everyone,

    Thank you for your assistance with the previous loan. We have been going through a time of transition as we take control of the supply side of our business and the loan came quite handy in meeting our working capital requirements.

    Thank you and I hope we can work together again

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  • Michael    Oct 25, 2018

    Thank you for the loan. Let us take this journey together

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  • Michael    Oct 22, 2018

    I write with a lot of embarrassment that the last loan took as long as it did to pay back. As mentioned before, we suffered a loss of our goods and that has been quite a journey to recover from. We are however now back on track and have branched out into women's jewelry, phone and laptop accessories. I thank you all for your patience and apologize for any inconveniences caused.

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  • Michael    Apr 10, 2018

    I would like to request to reduce my installment as I unfortunately fell victim to fraud. I paid for goods from a supposed supplier who then did not deliver the goods. I am taking measures to prevent this from ever happening again but for now I am not able to keep to the previously agreed installment but will repay the whole in its entirety with time.
    I apologize for inconveniences caused.

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  • Alfred    Apr 9, 2018

    Michael .. can you help plz. My loan has delayed to be disbursed over a week since i accepted the on now.

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  • Michael    Mar 24, 2018

    I would like to thank you all for funding my loan proposal. The money will go a long way in the expansion strategy I am trying to implement with affordable financing costs.

    Regards,
    Maina

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  • Michael    Mar 22, 2018

    The strategy t distribute to smaller towns has gone well despite not working out the way I anticipated. Their need for products that I usually sell as accessories to the bags is larger than their demand for the bags themselves and I have thus changed my focus to supplying these accessories. I thank you for working with me on this project and hope you join me on my new project on similar lines.

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  • Michael    Mar 9, 2018

    The trip I made funded by the loan to prospect new clients has started to bear fruit and have started to receive orders from them.

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  • Michael    Feb 26, 2018

    Thank you all for your loan. I went to Nanyuki last weekend and got some usefull leads. Orders should be fulfilled by this weekend.

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