Entrepreneur
Name
Kenneth
Member since
April 2015
On-time repayments
103 installments • 0%
About Me
I did not enjoy my childhood the big reason being that my father died when I was not yet born. my dad died of HIV/ Aids and left us in the hands of an ailing mother. I struggled to get my education with the help of well-wishers because my uncles ran away from the responsibilities of educating us. I and my brothers really worked hard to ensure that our family had something on the table. We used to collect the mushrooms in the forest and sell them in the nearby market for some few coins that sustained us. The idea of starting a business was after I completed my secondary education and realized that the well-wishers could not help me anymore. I also wanted to ensure that our family gets at least something to make it comfortable. The area where I come from is a rural setup and therefore it served as an opportunity for my business since most of the parts have no electricity. I therefore decided to start a barber shop with the help of solar panel. Our village has different groups of people who speak different languages and they stay peaceful. Majority of the people in the area are peasant farmers who cannot maintain their hair for long so they require my services regularly. In the past i had a passion of being enterprenuer from my earliest age and that is what drove me to this kind of business after analyzing business environment.
My Business
I am a barber and operate a small barber shop in the rural village comprising of poor people. The services are highly demanded since most of the areas that i come from lack electricity and therefore there are no other barber shops around. Most of the people are poor and cannot afford maintaining their hair for a long time and therefore they frequently require my services every now and then. I decided to choose this kind of business because it is easier to operate and has no competition. The costs for operating my business starts with the capital for buying two shaving machines each Ksh 3000, A solar panel Ksh4500 and two chairs worth Ksh 2500 each. The monthly revenue is Ksh 7500. The profits I get I use in fending the family and repairing the machines and solar panels in case of a break down. Other profits I save and purchase additional inventories for the business
Loan Proposal
When provided with the loan I am going to buy two modern machines for shavings. Each modern machine costs Ksh 4500 which is about $50 each. The two machines will replace the other ones that i have that are prone to breakdown every time. The current machines that I am using are a big let down since I have lost of my customers who got bored by the situation. I well then sell the previous machines at a throw away prices so as to top up on the money to buy a new solar panel. These improvement will see my Monthly income rise to Ksh 10000. This will ensure that all my siblings and orphaned cousins go to school too. The introduction of the loan will be beneficial and not to me alone but I will also employ one barber who will assist me in running the business. I thank God and lenders for the loan because it will make fully independent and will enable me to create one employment opportunity to those people who are unemployed.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
May 4, 2015
Repayment status
Late
Projected term
24 months
Lenders
Jake Gibson and Beverly Picardo
San Francisco, United States
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