Business loan

Entrepreneur

About Me

I ,Joseph Mbaka Onsongo,am the firstborn in a family of three sons and single parent ,mother.I attended my primary and secondary Education in my local area of Kegati in Kisii county in the years 1996-2004 and 2005-2008, scoring 311 marks and c-. consecutively.Thereafter in the year 2010 moved to Mombasa and did casual work while studying in Mombasa Polytechnic,current Technical University Of Mombasa,taking certificate course in Community Development And Counseling and completed with a credit.Later in 2014-2015 joined Mount Kenya University taking Diploma In Business management whose final result I am hopefully waiting for.Apart from studying I work in a security firm with a salary of K.shs10,500 that has assisted in supporting my mother in payment of part of the fee.I have also invested in a partnership kiosk with a friend fro which I earn an average of K.shs 1,500 a month.I am however planning to open a business such as a kiosk or selling clothes which I intend to run independently as I plan to withdraw from the partnership .Where I live currently in Mombasa is a Tourist hub and Industrial place.Mombasa is also undergoing various technological and developmental changes.There is a big population from all over Kenya which provide a ready and dynamic market.I feel the gaps in this region and with a reasonable capital I believe I can wisely invest. I am a single young man planning to marry any time soon when I have a reasonable income from my business to cater for family needs.I have a great passion for business,I played football and volleyball in my schooling period and I love reading.I plan to try singing in the future.

My Business

In the partnership kiosk we sell products such as sugar ,maize and wheat flour meal,sodas,salt,spices,cooking oil,paraffin and a few more households.The investment is however small attracting a small market.with an increased capital I believe we will capture large market and therefore make huge profits.The goods are of demand because they are used in everyday life and some such as food products are essential for sustenance of life.These goods are also readily available through suppliers reducing costs of moving to the market.Costs in a month are rent[K.shs 1,500],power[K.shs 300] and municipal charges [K.shs 600], totaling to about 2,500 a month.In a good month we can earn a revenue of between K.shs 14,000 -20,000.We share the profits in the ratio 2:4.My partner takes the higher ratio as he is directly responsible in the day to day running of the business.I have been using most of my earning from this business to supplement my school fees.Having completed studying I now want to be wholly involved in my own business.

Loan Proposal

I will invest in the partnership I am currently in with a friend by buying more stock of half maize meal and wheat flour meal sacks and more sugar.This will cost 1.5 dollars and 3.5 dollars consecutively.This will ensure steady supply of goods and serve a larger market.This will also make the business strong in relation to other competitors who are currently benefiting due to their large capital.The amount is likely to cause an increase of about 25 dollars a month.

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