Entrepreneur
Name
Patrick
Member since
September 2017
On-time repayments
34 installments • 47%
About Me
My name is Patrick onyango. I was born 1996 in kisumu, Kenya. I was brought to nakuru in 2006 to live with my uncle who was a great business man. I used to go to school and on weekends I work in my uncle's shop. I there for grow a great interest in Business. After I finished my secondary education I joined egerton university where I pursued a degree In business management. I worked with private company for one year where I was able to save money from the salary which I was paid on a monthly basis. On the January 2018 I had a total of 75,000Ksh with which I was in good position financially to start a small business venture. My business of choice was maize Selling. I purchased poshomill which costed 60000. I used the remaining 15000 to buy inventory and the set up of the business.
My Business
My business involves buying maize from farmers and wholesalers and then I sell it to the consumers in the urban area of nakuru where my business is located. I sell it in three forms because of different customer preferences. I sell it as unprocessed maize for customers who go to stock it in their homes, secondly as maize flour where I process it using my poshomill and lastly as an improved maize flour commonly called number one. It is relatively a profitable
business in Kenya because it has got a steady supply and also ready market . As any business I face a lot of challanges. First, stiff competition from well developed maize millers. Second, inadequate capital to purchase more stock for my business.
Loan Proposal
With the loan I will be able to take advantage of the next harvesting season which will be in one month time from now. I will buy more stock at a very cheap price because the supply will be high since the farmers harvest at the same time. Having done this I will be able to compete with my competitors at a more fair level which will see the turnover of my stock improve drastically which in turn translates to more profit. Then I will be able to pay the loan with ease and borrow again.
Income Source
My business has not been adversely affected by corona in economic terms since I deal with selling of maize which is staple food in my country. People therefore treat it as a basic need so my business as been operating as usual. I have even experienced a boom since the corona outbreak since most families are at home so the consumption. Therefore I will be able to repay the loan
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Loan Info
Project Type
Classic Loan
Disbursed amount
$85.00
Date disbursed
Jul 23, 2020
Repayment status
Late
Projected term
2 months
Other loans
Lenders
United States
Ask Patrick a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.
Helen Horseman Oct 17, 2017
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