Michael Waithaka

Kiptangwanyi, Kenya

1% repaid

Entrepreneur

Name

Michael Waithaka

Member since

November 2011

On-time repayments

28 installments  •  21%

About Me

I am a businessman in Kiptangwanyi shopping centre. I am a tenant in plot number 54 house number 3. This is where I stay as well as having my business here.I am married with 3 children. One of the kids is in school and the other two are not schooling.I started the business of selling cereals in Kiptangwanyi shopping centre in the year 2005. The business picked well and there is a very high potential for this business in this area and I would like to increase my effort to tap all the opportunities that are available in this area.

My Business

My business entails the services of selling cereals and other dry grains. The business is situated in Kiptangwanyi shopping centre. This place is very good in terms of this type of business. The area is surrounded by many areas which are potentially productive in terms of agricultural products. There is also a very high demand for the products and this increases my customers. Being near Nakuru town which is a major town in Kenya, I am able to supply most of my products to many town dwellers in Nakuru town.The main challenges that my business encounters are transport problems especially during the rainy season because the area has very poor roads. Other challenges are high transport costs, drought and high electricity costs. Currently I am using my earnings to buy large quantities of cereals that I will be able to supply during the dry season next year.

Loan Proposal

Dear Lenders,
I would like to use this second loan that I will get from Zidisha organization to purchase some livestock for purpose of slaughtering during this December holidays. The business is usually good since we have so many celebrations and the returns are usually good. I would also like to use my loan to boost the cereals business. The harvest is good and I can make good profits from the cereals business.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$892.39

Date disbursed

Nov 15, 2012

Repayment status

Late

Projected term

18 months

Cost to entrepreneur

Lender interest: $892.39 at 10.00% annual rate over 18 months = $141.30

Service fee: $70.65

Other loans

Lenders

investor

Candiac, Canada

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