Capital for my car business

Patrick

Lusaka, Zambia

Expired

$642 to go

0% funded of $642 goal

0

days left

Entrepreneur

Name

Patrick

Member since

March 2018

On-time repayments

9 installments  •  33%

About Me

I completed my grade 12 but no sponsorship. I had no sponsorship to complete my college.
I started dealing in cars as a car dealer, but due to lack of good capital to be able to acquire cars and resale, I ventured into Mobile Money business. Mobile Money business provides a safer option to make money via commission because one does not use up their capital to buy a commodity and resale. In this way, I have greatly mitigated the risk of loss.

My Business

In my country, there has been a very fast growth in the Mobile Money industry. Mobile Money services allow money to be deposited or withdrawn from MNO or Bank agents other than traditional bank over the counter or automated teller machines. This has helped a lot of individuals who may not have a bank account or in remote areas to be financially included.
I currently own for booths that I use in the mobile money business and I am looking for capital of K60,000 to inject in them. For the business to run smoothly, I need K15,000 injection for each booth. By running smoothly, I mean that I will be able to serve each client that comes to deposit or withdraw without having to turn them away because of insufficient funds.
In my business, I keep part of my capital as float and part as cash. If a client wants to make a deposit, I should have sufficient float cover and if they want to withdraw cash, I should have sufficient cash. I'm an agent for AIrtel Money, MTN Money, FNB Cash Plus, Zamtel Money, Zanaco Xpress and many more.
Since I own the booths, the only costs that I meet are rentals for the space where they are located, and salaries for the tellers that operate in the booths.
I use the profits to meets rentals at home and for the business expansion.

Loan Proposal

As I am in the car business of buying and selling cars, I plan to raise enough capital for me to start and selling cars.
I will start with small sedans that cost about USD2000. I will then refurbish them at a small cost, then resell them.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Amount requested

$642.00

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

Loading...

Loading...

Loading...