Buy more mattresses for my women students hostel

Entrepreneur

About Me

I applied for a loan of Kshs 50,000.00 but got a loan of Kshs 7,900.00 which was ofcourse too small for my buiness. I repaid the loan in one single payment and you owe me a refund since I over paid the loan by about Kshs 2000.
I am resubmitting my application for a loan of Kshs 50,000.00.
I started running businesses many years ago in Nairobi. I started with kiosk rising to a shop in Jericho market
In 1980, my family relocated to Nakuru town and I had to close my shop in Nairobi and join my family.

Since I had gotten used to business, I had to look for new engagements where I was employed by a local college to run its students hostels from 1990 to 1997 when I quite to start my own after seven years of learning about hostels.

Am a mother of 3 girls and married. Two are working and one is in College. I live in rift valley province Nakuru town since 1986.

Am a business lady i operate a hostel business which I started in 1998 in the heart of Nakuru town Central Business District (CBD) town. There is where we have all the local universities namely, Egerton University, town campus, Tracom College, Jomo Kenyatta University of Agriculture and Technology, Mt. Kenya University, Presbyterian University of East Africa (PUEA), Rift Valley Institute of Science and Technology-Town Campus, Kenyatta University (KU), Kabarak University, town Campus to mention but a few. I use the earnings from the business to pay for my daughters college fees, and reinvest back some into the business. The major costs goes to improving the beds, mattresses, cooking equipment and serving areas.

The cost of cooking fuel is also high considering that both gas and charcoal are currently very costly.

I would there fore like to take a loan to improve on modernizing the kitchen and replacing some aging beds

My Business

I operate a ladies hostel in Nakuru town. there is demand for this service because the town has really grown over the past three years such that 80% of all the Universities in this country have all opened Campuses in this town hence the high demand for the services. There is a very high demand for hostel services as all the local universities and tertiary institutions do not offer accommodation. Students once admitted must make own arrangements for local accommodation. There is why many of us become a necessity to these students who come from out side the town.
It is also worth noting that Nakuru has been recently rated as the fasted growing town in Africa, thereby increasing the housing demand.

Ofcourse there is competition but I have mustered this businesses over the years and hence I fair quite well in competitiveness.
My customers prefer me to my competitors because i maintain high standards of cleanness and my Hostel is Home away from home. I have friendly staff members an i charge affordable fees.

I offer recreational facilities and entertainment such as TV etc.
on average i make a revenue of Ksh. 150,000 Monthly
Monthly cost Ksh. 135,000
Profit Ksh. 15,000

The major risks that i face are :
1. The rise in the price of essential consumable and i cannot at once revise the fees i charge
2. delay in students making payments due to their parents delaying.

Loan Proposal

I operate a ladies hostel in Nakuru town to offer full boarding accommodation to university going students from out of town. There is demand for this service because the town has really grown over the past three years such that 80% of all the Universities in this country have all opened Campuses in this town hence the high demand for the services. There is a very high demand for hostel services as all the local universities and tertiary institutions do not offer accommodation. Students once admitted must make own arrangements for local accommodation. There is why many of us become a necessity to these students who come from out side the town.
It is also worth noting that Nakuru has been recently rated as the fasted growing town in Africa, thereby increasing the housing demand.

Ofcourse there is competition but I have mustered this businesses over the years and hence I fair quite well in competitiveness.
My customers prefer me to my competitors because i maintain high standards of cleanness and my Hostel is Home away from home. I have friendly staff members an i charge affordable fees.

I offer recreational facilities and entertainment such as TV etc.
on average i make a revenue of Ksh. 150,000 Monthly
Monthly cost Ksh. 135,000
Profit Ksh. 15,000

The major risks that i face are :
1. The rise in the price of essential consumable and i cannot at once revise the fees i charge
2. delay in students making payments due to their parents delaying.

My Loan Proposal

I run a girls/women hostel for ladies who attend various local universities and I have been refurbishing the mattresses and beds. I am grateful that the last two loans have have assisted me buy new mattresses but still below the required number since I require 60 mattresses and 60 beds. I wish i could have been loaned higher loans like say kshs 50,000 and above so that the business can have a real effect. However, I am deeply grateful to all those who have been loan me and I assure them that my clients have seen changes in the hostel no matter how small. After I complete changing the beds and mattresses, I will revert to water storage facilities for the ladies comforts as water is life and Nakuru gets serious water shortages. I will need to buy two 10,000 litres tanks to store water. Once again allow me to thank Zidisha and the lenders for the kind support. Can I pay monthly installments since weekly may not be convenient. I am able to total up the weekly payments and pay monthly which is convenient for the nature of my business and I do not have weekly collections but monthly. I have always been able to pay my loans monthly before time.

I am only disappointed that my borrowing Credit rating was dropped from Kshs 40,000 to Kshs 18,000 simply because I paid my last loan of Kshs 27,000 monthly as per my application instead of Weekly as automatically set by Zidisha computerized system.

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