Entrepreneur
Name
Jacob
Member since
September 2015
On-time repayments
80 installments • 66%
About Me
I am Jacob Okwara,I hold diploma in renewable energy and natural resource management. my life as a young man was not easy because of the extreme poverty,and was majorly characterized with skipping meals, walking long distances to school and lack of quality basic health care.
I was keen to help my community in any way I could and one major area that was making us lag behind was lack of electricity and source of clean. I knew solar lamps were a quick solution that could fix the problem cheaply. I went for a loan in a local bank to fiance my ambitious project but I was disappointed because the wanted something more than just a business plan ,they wanted collateral ,and i did have anything to attach. lucky enough I got a job and was able to raise $300 after three months,I knew these was little but could be enough for start up. I decided to resign to pursue my dreams. The business is now 8 months old and doing well.
I love reading novels,giving motivational speeches and just helping my community get out of extreme poverty.
My Business
I sale solar panels,chargers and lamps to my community.since the community is majorly comprised of pro poor ,i have introduce a system that allows them to pay for 85% value of the commodity and clear the balance later. the system allows me to get my capital back in case of bad debt.
due to lack of electricity connection in the area the solar power is cheap and clean source of energy to the community.
My monthly typical costs are $200 and my monthly profits are $300 . i use my profits to pay fees for my siblings ,pay for my bills and take care of my aging parents.
Loan Proposal
Thank you very much for the support ,kindness,patience and love you have shown me ,I am very happy my business is slowly expanding. I am looking forward to use my $600 loan to buy cheap solar units for lighting,radio charging and phone charging. these will easy communication among the small scale business community in my region and help accelerate growth and poverty alleviation. I already have orders to supply and the loan would be very vital. I take these opportunity to thank you once again.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$597.00
Date disbursed
Feb 11, 2016
Repayment status
On Time
Projected term
60 months
Other loans
Lenders
United States
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