Buying and selling shoes

Vincent Fosu

Sunyani, Ghana

100% repaid

Entrepreneur

Name

Vincent Fosu

Member since

May 2016

On-time repayments

251 installments  •  57%

About Me

I started school at Holy Spirit school and late completed my Senior High at St. James Senior High School. During my school days my parents did not have enough money so i cultivated the habit of saving to enable me buy things that i needed for my self. I stated the shoe business with the small capital i gain from my investment account. Actually I come from a family with business background where everybody have the intention of establish his or her own business. Currently I don't have children yet but I pray that if I ever get married and have children i will always encourage my children to learn and be good entrepreneurs. My hobbies are listen to music and playing basketball.

My Business

My shoes and slippers business is doing good in the market. My intention of starting this business was basically to provide easy shoes and slippers for the youth, for some time now i realize that not only the youth that are purchasing the goods but also the elderly, hence has increase the demand of the products. currently the cost incurring in transportation is high because am not able to purchase the shoes in large quantities from my supplier to enable me meet the demand of customers. I am currently working as a relationship officer in a financial institution so i will use part of my income to pay the loan weekly. The profit from this business is been reinvest in growing my business.

Loan Proposal

This loan will be used for purchasing:
23 pairs of shoes
1 pair cost for men : $11.44
1 pair cost for ladies; $8.81
I expect my profit to go up from 2% to 6% increase if am able to purchase 23 pairs at a time it will help me reduce my transportation cost since i will be able to save additional 3% from sales

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$247.06

Date disbursed

Sep 12, 2016

Repayment status

On Time

Projected term

55 months

Cost to entrepreneur

Service fee: $6.20

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