To put toward buying a restaurant business

Frank Mageto

Kisii, Kenya

19% repaid

Entrepreneur

Name

Frank Mageto

Member since

March 2014

On-time repayments

289 installments  •  63%

About Me

I Frank Ogega Mageto i was born in 29th October 1984 at kisii county. I am the second born in our family.The family of mr. David Ogega Mageto and mrs. Martha Ogega our family consists four siblings, among them i am the second born. in our family Cliff Okindo Mageto is our first born followed by me, then Levin Nyanusi who is currently doing is bachelors degree at kenyatta university and our last born is Job Mageto who is in form one.
I hold the bachelors of arts in education degree from Makerere University college of Kampala. I am a businessman who is running the multiple business from Mobile banking, cyber cafe, stationery and Berber shop. i started business right from the time i was still at the university, running small scale business in our hostel.
while at college i met Rose and our relationship grew each day until we graduated. after graduation in January 2010, we had little capital from our savings of profits made from the business in college.we rented a single room and comforted our selves and hoping for the brighter morning each and every day.
After which we rented shop in kisii town in kisii county which we are paying $150 dollars a month.
Today we are a blessed with one charming beautiful daughter called Hazel Jerusa Mageto.

My Business

I am running the mobile banking business in kenya (m-pesa) which is worth $2000. cyber cafe which is worth $ 1000 and berber shop worth $800. i have four workers who i pay $ 50 each. i pay my shop rent $150 and eletricity $ 120 and lastly internet for $ 110.
I pay my house rent $ 120 whre eletricity i pay $ 20 , my budget at home is $ 150 and lastly i pay my house keeper $ 40.
my business keeps expanding each amd every month because i don't pay myself salary. so all the profits i return to business for the expansion. I want to grow my business and take it to the next level in couple of years and create massive job opportunities for the majority of unemployed youths in kenya. our business has done well for the past two years because of our dedicated efforts from me and rose.

Loan Proposal

One i receives this money i am planning to buy the business restaurant from a friend who is selling his business. The business am about to buy i have already negotiated terms with the owner Mr. Onchuru Dennis; the business is located at the central Business District of Kisii town. So I will use the following funds as follows;
I. Paying goodwill of Usd 30/- which is Ksh 30,000/- to the business owner
II. Paying rent for three (3) month which Usd 60/- which is ksh. 60,000/-
III. Purchasing furniture for the restaurant at Usd 30 which is Ksh 30,000/-
IV. Purchasing utensils at Usd 20 which is ksh 20,000/-
V. Purchasing uniforms for chefs and staff at Usd 15 which is Ksh. 15000/-
VI. Paints and rebranding at Usd 10/-which is Ksh.10,000/-
VII. Purchasing food stuff at Usd 40 which is Ksh. 40,000/-
Once I acquire all these I will be able to make good returns, since this is not a new business, it has been running quite well. So I will have to improve the business by making it more efficient.
I will also employ two new staff to the business since I have already inherited four employees. So the total stalls will be six, three chefs and three waitresses. And I will be able to make between Usd 20-40 in good day. So I hope you will support me to achieve this dream come true
Thank you so much

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$1,392.76

Date disbursed

Oct 18, 2017

Repayment status

Late

Projected term

53 months

Cost to entrepreneur

Service fee: $61.43

Lenders

nicole

Worcester, Ma, United States

Craig

Memphis, TN, United States

PG

Paul Graham

United States

Paul Buchheit

Mountain View, United States

A

Anonymous

United States

CN

Craig Newmark

United States

JG

Jake Gibson and Beverly Picardo

San Francisco, United States

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