Buying two computers for my cyber cafe

Frank Mageto

Kisii, Kenya

100% 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

I am going to buy two additional computers for the cyber café, since the cyber café furniture is set to hold ten computers but currently am having a shortage of three computers. Each computer is costing $100 therefore the two computers will cost me $ 200. So upon receiving this money I am going to add the two said computers.
The additional two computers will increase the customers base, thus increasing our marginal revenue per day. once the revenue has increased i will be able to repay back the loan on time and maintain 100% repayment.
However, this will create additional employment for one employee in the cyber cafe. who will handle the clients.
The profit margin will raise by $ 10 in day, since in one hour one computer generate $0.3 in one hour which means, the two will generate $0.6 in one hour.
So I will be glad if you fund me with the said money so as to improve my business.
Thanks you so much

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$202.01

Date disbursed

Mar 27, 2016

Repayment status

On Time

Projected term

3 months

Cost to entrepreneur

Service fee: $8.76

Lenders

Craig

Memphis, TN, United States

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