Entrepreneur
Name
Emmanuel
Member since
April 2016
On-time repayments
126 installments • 48%
About Me
Hi my name is Emmanuel, born and raised in kenya in a town called eldoret . I learned to read and write at the age of five when my parents enrolled me my first grade, later I joined high school for my 0 levels where I completed basic education .my life was fun during my childhood days as I enjoyed to play and look after animals in the village. Though I had various challenge like lack of school uniforms and fees, my mum struggled to take us to school.in my later life after completion of basic level of education money was not enough to sustain my enrolment to college, so I had to look for other means of surviving. I started working for a friend who had a business in eldoret town. This is where I learned about business skills and how to interact with people. I worked there for a while before moving on to opening my business with the capital that I had saved from the earlier job. Challenges came after opening the business because I was also relying on the business for my survival .I struggled with it at the earlier stages of introduction since I revolved with small amount of capital of less than 200 dollars only. Also licencing posted a challenge due to the terms stipulated and it’s pricing. With the help from friends I managed to overcome this challenges and at present I have grown from where I stared and managed to improve my business am also paying school fees for my seedlings who are in high school. With the loan which am applying I want to boost my inventory level to go higher so that I can attract more customers and make them satisfied. Our partnership in helping each other makes us shine.
My Business
my business is a retail one stop shop where i sell basic commodities such as sugar,cooking fat,detergents,rice,and also edible foodstuffs such as bread ,milk,cakes,eggs i.e products which are mainly a must for life.i sell this kind of products because they are necessary to our lives and also i offer alternative solution other than going to the market which is an advantage to customers in terms of accessibility.my preference to doing this kind of business is mainly because the market demand is always there despite the situation that customers are facing hence sales will always be recorded on a daily basis bringing up maximum profits to the business, also it is a business that you can interact with different people easily which can be a plus for future business endeavors .readily availability of handling money is also an advantage since you have sales every now and then.the typical cost for running the business is usually low since because the only thing you require is a business permit and your stock it will cost around 50 dollars per month for the recurring cost while the revenue per month may be around 200 -400 dollars in total sales.if you remove the recurring cost the profit will be around 50% of the total sales.50% of my profits i usually re invest it into the business while the rest i use to pay school fees for my siblings and also for personal expenses.
Loan Proposal
With the money gained from the loan, it will be used to buy inventory for my business which include buying a 50 kg bag of sugar and 50 kg bag of rice which cost 40 dollars and 30 dollars respectively .the rest of the money will go towards buying cooking fat which about 20 dollars. The money left will go towards transport of the commodities from the place of purchase to the business. This will cost about 10 dollars. With this type of stock in the business, flow of commodities would be enhanced to the consumers hence making some profits of about 50 dollars after the end of the stock 1/4 of profits will be used to service the loan and buying new stock for my business. After the completion of paying the loan reapplication would be done again where a higher stock limit would be done. The money that would be obtained after the completion of the loan which is about of 80 dollars will be used to buying bread this will cost about 6 dollars per crate. I would purchase 10 crates of bread which will cost an overall 0f 60 dollars. The rest 30 dollars will be powered up into the mobile money to facilitate fast monitory transfer.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$200.00
Date disbursed
May 13, 2016
Repayment status
On Time
Projected term
22 months
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