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

Ask Frank a question about this loan project, share news and photos of your own, or send a simple note of thanks or inspiration.

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Summary

Amount repaid

$258.42

Amount remaining

$1,134.35

Expected completion

Mar 17, 2022

Status

Repaying late

Installment amount

$11.16

Repayment History

Expected Payments Actual Payments
Oct 26, 2017 $19.79 Oct 28, 2017 $19.79
Nov 2, 2017 $19.79 Oct 28, 2017 $0.20
Oct 28, 2017 $4.95
Nov 3, 2017 $14.65
Nov 9, 2017 $0.89 Nov 3, 2017 $0.89
Nov 16, 2017 $20.78 Nov 10, 2017 $4.95
Nov 11, 2017 $0.99
Nov 17, 2017 $14.85
Nov 23, 2017 $20.78 Nov 25, 2017 $20.78
Nov 30, 2017 $20.78 Dec 1, 2017 $20.78
Dec 7, 2017 $0.00
Dec 14, 2017 $5.89 Dec 16, 2017 $5.89
Dec 21, 2017 $4.95 Dec 23, 2017 $4.95
Dec 28, 2017 $4.95 Dec 28, 2017 $4.95
Jan 4, 2018 $5.94 Jan 5, 2018 $5.94
Jan 11, 2018 $5.94 Jan 12, 2018 $5.94
Jan 18, 2018 $5.94 Jan 20, 2018 $5.94
Jan 25, 2018 $5.94 Jan 27, 2018 $5.94
Feb 1, 2018 $0.00
Feb 8, 2018 $4.95 Feb 9, 2018 $4.95
Feb 15, 2018 $4.95 Feb 17, 2018 $4.95
Feb 22, 2018 $0.00
Mar 1, 2018 $0.49 Mar 4, 2018 $0.49
Mar 8, 2018 $4.95 Mar 4, 2018 $0.99
Mar 4, 2018 $0.99
Mar 4, 2018 $0.99
Mar 4, 2018 $0.99
Mar 8, 2018 $0.99
Mar 15, 2018 $0.00
Mar 22, 2018 $5.05 Mar 16, 2018 $5.05
Mar 29, 2018 $0.45 Mar 20, 2018 $0.45
Apr 5, 2018 $1.00 Apr 5, 2018 $0.99
Apr 5, 2018 $0.01
Apr 12, 2018 $5.05 Apr 5, 2018 $0.98
Apr 12, 2018 $4.07
Apr 19, 2018 $0.88 Apr 12, 2018 $0.88
Apr 26, 2018 $1.00 Apr 25, 2018 $0.99
Apr 27, 2018 $0.01
May 3, 2018 $1.00 Apr 27, 2018 $0.98
May 3, 2018 $0.02
May 10, 2018 $5.05 May 3, 2018 $0.87
May 4, 2018 $0.30
May 10, 2018 $3.88
May 17, 2018 $5.05 May 10, 2018 $0.57
May 17, 2018 $4.47
May 24, 2018 $0.48 May 17, 2018 $0.48
May 31, 2018 $1.00 May 25, 2018 $1.00
Jun 7, 2018 $1.00 May 25, 2018 $1.00
Jun 14, 2018 $1.00 May 25, 2018 $0.97
Jun 15, 2018 $0.03
Jun 21, 2018 $1.00 Jun 15, 2018 $0.37
Jun 21, 2018 $0.63
Jun 28, 2018 $0.85 Jun 21, 2018 $0.36
Jun 21, 2018 $0.49
Jul 5, 2018 $1.49 Jul 7, 2018 $0.99
Jul 7, 2018 $0.50
Jul 12, 2018 $1.49 Jul 7, 2018 $0.48
Jul 12, 2018 $1.02
Jul 19, 2018 $5.05 Jul 12, 2018 $1.95
Jul 20, 2018 $3.10
Jul 26, 2018 $1.85 Jul 20, 2018 $1.85
Aug 2, 2018 $1.99 Aug 5, 2018 $1.99
Aug 9, 2018 $0.00
Aug 16, 2018 $1.49 Aug 18, 2018 $1.49
Aug 23, 2018 $0.09 Aug 18, 2018 $0.09
Aug 30, 2018 $0.99 Sep 4, 2018 $0.79
Sep 4, 2018 $0.20
Sep 6, 2018 $0.05 Sep 4, 2018 $0.05
Sep 13, 2018 $0.49 Sep 13, 2018 $0.49
Sep 20, 2018 $0.49 Sep 13, 2018 $0.03
Sep 21, 2018 $0.47
Sep 27, 2018 $0.03 Sep 21, 2018 $0.03
Oct 4, 2018 $0.99 Oct 9, 2018 $0.99
Oct 11, 2018 $5.05 Oct 12, 2018 $4.95
Oct 12, 2018 $0.10
Oct 18, 2018 $0.30 Oct 12, 2018 $0.30
Oct 25, 2018 $0.49 Oct 25, 2018 $0.49
Nov 1, 2018 $0.49 Nov 2, 2018 $0.49
Nov 8, 2018 $0.05 Nov 2, 2018 $0.05
Nov 15, 2018 $1.48 Nov 11, 2018 $0.07
Nov 17, 2018 $1.42
Nov 22, 2018 $0.56 Nov 17, 2018 $0.56
Nov 29, 2018 $1.98 Dec 4, 2018 $1.98
Dec 6, 2018 $0.00
Dec 13, 2018 $0.44 Dec 18, 2018 $0.44
Dec 20, 2018 $0.00
Dec 27, 2018 $0.99 Dec 25, 2018 $0.99
Jan 3, 2019 $0.99 Jan 3, 2019 $0.99
Jan 10, 2019 $5.05 Jan 12, 2019 $5.05
Jan 17, 2019 $0.00
Jan 24, 2019 $0.49 Jan 28, 2019 $0.49
Jan 31, 2019 $0.49 Feb 1, 2019 $0.49
Feb 7, 2019 $0.00
Feb 14, 2019 $0.49 Feb 17, 2019 $0.49
Feb 21, 2019 $0.49 Feb 23, 2019 $0.49
Feb 28, 2019 $0.00
Mar 7, 2019 $0.49 Mar 11, 2019 $0.49
Mar 14, 2019 $0.49 Mar 15, 2019 $0.49
Mar 21, 2019 $0.49 Mar 15, 2019 $0.49
Mar 28, 2019 $0.49 Apr 1, 2019 $0.49
Apr 4, 2019 $0.99 Apr 8, 2019 $0.99
Apr 11, 2019 $0.99 Apr 12, 2019 $0.99
Apr 18, 2019 $0.99 Apr 12, 2019 $0.99
Apr 25, 2019 $1.48 May 1, 2019 $1.48
May 2, 2019 $1.48 May 1, 2019 $1.48
May 9, 2019 $0.00
May 16, 2019 $0.49 May 16, 2019 $0.49
May 23, 2019 $0.49 May 27, 2019 $0.49
May 30, 2019 $0.00
Jun 6, 2019 $0.00
Jun 13, 2019 $0.49 Jun 8, 2019 $0.49
Jun 20, 2019 $0.49 Jun 8, 2019 $0.49
Jun 27, 2019 $0.00
Jul 4, 2019 $0.00
Jul 11, 2019 $0.00
Jul 18, 2019 $0.49 Jul 26, 2019 $0.49
Jul 25, 2019 $0.49 Jul 26, 2019 $0.49
Aug 1, 2019 $0.00
Aug 8, 2019 $0.00
Aug 15, 2019 $0.00
Aug 22, 2019 $0.99 Aug 29, 2019 $0.99
Aug 29, 2019 $0.99 Aug 29, 2019 $0.98
Sep 1, 2019 $0.01
Sep 5, 2019 $0.09 Sep 1, 2019 $0.09
Sep 12, 2019 $0.00
Sep 19, 2019 $0.49 Sep 13, 2019 $0.49
Sep 26, 2019 $0.00
Oct 3, 2019 $0.00
Oct 10, 2019 $0.00
Oct 17, 2019 $0.00
Oct 24, 2019 $0.00
Oct 31, 2019 $0.49 Oct 25, 2019 $0.49
Nov 7, 2019 $0.00
Nov 14, 2019 $0.00
Nov 21, 2019 $0.00
Nov 28, 2019 $0.49 Jan 10, 2020 $0.49
Dec 5, 2019 $0.00
Dec 12, 2019 $0.00
Dec 19, 2019 $0.00
Dec 26, 2019 $0.00
Jan 2, 2020 $0.00
Jan 9, 2020 $0.00
Jan 16, 2020 $0.99 Feb 3, 2020 $0.99
Jan 23, 2020 $0.00
Jan 30, 2020 $0.00
Feb 6, 2020 $0.49 Feb 3, 2020 $0.49
Feb 13, 2020 $0.49 Mar 12, 2020 $0.49
Feb 20, 2020 $0.49 Mar 12, 2020 $0.49
Feb 27, 2020 $0.00
Mar 5, 2020 $0.00
Mar 12, 2020 $0.49 Mar 14, 2020 $0.49
Mar 19, 2020 $0.00
Mar 26, 2020 $0.00
Apr 2, 2020 $0.00
Apr 9, 2020 $0.00
Apr 16, 2020 $0.49 Apr 11, 2020 $0.49
Apr 23, 2020 $0.00
Apr 30, 2020 $0.00
May 7, 2020 $0.00
May 14, 2020 $0.00
May 21, 2020 $0.50 May 28, 2020 $0.50
May 28, 2020 $0.00
Jun 4, 2020 $0.00
Jun 11, 2020 $0.01 Jun 10, 2020 $0.01
Jun 18, 2020 $0.01 Jun 10, 2020 $0.01
Jun 25, 2020 $0.01 Jun 10, 2020 $0.01
Jul 2, 2020 $0.01 Jun 10, 2020 $0.01
Jul 9, 2020 $0.01 Jun 10, 2020 $0.01
Jul 16, 2020 $0.00
Jul 23, 2020 $0.01 Jul 18, 2020 $0.01
Jul 30, 2020 $0.01 Jul 18, 2020 $0.01
Aug 6, 2020 $0.01 Jul 18, 2020 $0.01
Aug 13, 2020 $0.01 Jul 18, 2020 $0.01
Aug 20, 2020 $0.01 Jul 18, 2020 $0.01
Aug 27, 2020 $0.20 Sep 15, 2020 $0.20
Sep 3, 2020 $0.00
Sep 10, 2020 $0.00
Sep 17, 2020 $0.01 Sep 15, 2020 $0.01
Sep 24, 2020 $0.01 Sep 15, 2020 $0.01
Oct 1, 2020 $0.01 Sep 15, 2020 $0.01
Oct 8, 2020 $0.01 Sep 15, 2020 $0.01
Oct 15, 2020 $0.01 Sep 15, 2020 $0.01
Oct 22, 2020 $0.00
Oct 29, 2020 $0.00
Nov 5, 2020 $0.00
Nov 12, 2020 $0.00
Nov 19, 2020 $0.00
Nov 26, 2020 $0.01 Nov 23, 2020 $0.01
Dec 3, 2020 $0.01 Nov 23, 2020 $0.01
Dec 10, 2020 $0.52 Nov 23, 2020 $0.03
Nov 23, 2020 $0.49
Dec 17, 2020 $0.01 Mar 8, 2021 $0.01
Dec 24, 2020 $0.01 Mar 8, 2021 $0.01
Dec 31, 2020 $0.49 Mar 8, 2021 $0.08
Apr 13, 2021 $0.42
Jan 7, 2021 $0.10 Apr 13, 2021 $0.10
Jan 14, 2021 $0.00
Jan 21, 2021 $0.00
Jan 28, 2021 $0.00
Feb 4, 2021 $0.00
Feb 11, 2021 $0.00
Feb 18, 2021 $0.00
Feb 25, 2021 $0.00
Mar 4, 2021 $0.99 Apr 13, 2021 $0.48
Jun 26, 2021 $0.51
Mar 11, 2021 $0.00
Mar 18, 2021 $0.00
Mar 25, 2021 $0.00
Apr 1, 2021 $0.00
Apr 8, 2021 $11.16 Jun 26, 2021 $0.48
Aug 28, 2021 $0.49
Jan 25, 2022 $0.20
Feb 20, 2022 $0.79
Apr 5, 2022 $0.17
Apr 13, 2022 $0.99
May 11, 2022 $2.47
May 17, 2022 $0.99
May 17, 2022 $0.98
May 17, 2022 $0.99
May 17, 2022 $0.49
May 18, 2022 $0.59
Jun 4, 2022 $0.99
Jun 10, 2022 $0.53
Apr 15, 2021 $11.16 Jun 10, 2022 $0.46
Jul 6, 2022 $0.99
Jul 9, 2022 $0.99
Apr 22, 2021 $11.16
Apr 29, 2021 $11.16
May 6, 2021 $11.16
May 13, 2021 $53.57
May 20, 2021 $53.57
May 27, 2021 $11.16
Jun 3, 2021 $11.16
Jun 10, 2021 $11.16
Jun 17, 2021 $11.16
Jun 24, 2021 $11.16
Jul 1, 2021 $11.16
Jul 8, 2021 $11.16
Jul 15, 2021 $11.16
Jul 22, 2021 $11.16
Jul 29, 2021 $11.16
Aug 5, 2021 $11.16
Aug 12, 2021 $11.16
Aug 19, 2021 $11.16
Aug 26, 2021 $11.16
Sep 2, 2021 $11.16
Sep 9, 2021 $11.16
Sep 16, 2021 $11.16
Sep 23, 2021 $11.16
Sep 30, 2021 $11.16
Oct 7, 2021 $53.57
Oct 14, 2021 $53.57
Oct 21, 2021 $53.57
Oct 28, 2021 $53.57
Nov 4, 2021 $53.57
Nov 11, 2021 $11.16
Nov 18, 2021 $11.16
Nov 25, 2021 $11.16
Dec 2, 2021 $11.16
Dec 9, 2021 $11.16
Dec 16, 2021 $53.57
Dec 23, 2021 $53.57
Dec 30, 2021 $53.57
Jan 6, 2022 $53.57
Jan 13, 2022 $53.57
Jan 20, 2022 $11.16
Jan 27, 2022 $11.16
Feb 3, 2022 $53.57
Feb 10, 2022 $53.57
Feb 17, 2022 $11.16
Feb 24, 2022 $11.16
Mar 3, 2022 $11.16
Mar 10, 2022 $11.16
Mar 17, 2022 $7.17

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