Engine overhaul and new tryes for my van

Eric Wambugu

Ngong, Kenya

100% repaid

Entrepreneur

Name

Eric Wambugu

Member since

January 2014

On-time repayments

184 installments  •  71%

About Me

My Name Is Eric Wambugu. I am the first born in a family of four siblings. I am 30 old and a Travel Consultant with 10 years’ experience in the industry. I work in Nairobi town, the capital city on Kenya. I am married and a father of one daughter who is one year and eight months old.
I generally have a passion for the transport Industry which led me to invest in a Passenger Service Vehicle (PSV) and have been running this business since 2011 to provide extra income for me and my Family.
This year in may i managed to buy a piece of land at a place called isinya and i set up a green house. Its an eight of an acre and have planted tomatoes. I am also able to provide for my siblings and also my parents.
I wish to use this platform to get funds to expand my business having paid my previous Zidisha loans on time.

My Business

Part of my income source includes my salary from my job as a travel consultant.
I also run a Passenger Service Vehicle (PSV) business commonly referred to as Matatu(a fourteen seater van) business here in Kenya.
Basically my matatu plies route between Central Business District(Nairobi) to the outskirts of Town(Ngong). The business has employed two people: Driver and Conductor who collects payments from passengers.
Passengers in kenya always opt to use matatu’s, since they are faster and fill up fast as compared to the thirty three or thirty seven seater buses. The matatu's also makes quick turn-arounds and several trips compared to buses, thus an ideal competitor.
The business generates about $ 20/day gross and a net of $ 15/day.

From my job through the sacco and the matatu business, i managed to buy an eighth of an acre piece of land and bought a green house through a company called Nguzo international. The best thing about Nzuzo is that they manage the farm for you and even have a ready market for the produce. The contract with them is for five years and its renewable. Again, the crops are insured through an insurance company called jubilee insurance. They provide watering equipment, garden horse, hose connectors. water weep hose, coil hoses, PVC pipe fittings and sidllings all at a cost of USD 3000. The income is between USD 300-350 monthly.
I wish to apply for a loan of USD 1950 to purchase another green house, i will add the difference 1050 from my savings.

Loan Proposal

Hello Lenders,
Thank you a lot for the previous loans that you have been advancing me. They have really positively impacted my life, family and the people i have employed. They have improved my saving habits and also diversified my revenue.

The loan requested of USD 1265 will be used for complete overhaul of my van(matatu) i recently purchased in december. My mechanic did the total cost on the engine block, cylinder head, gaskets, sleeves, oil, rings, pistons, seals and the valves will cost around $700, his labor will cost about $100, tyres will be $ 200 and repainting the vehicle $ 265.

Thanks once again and happy new year 2016.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$1,303.40

Date disbursed

Jan 18, 2016

Repayment status

On Time

Projected term

10 months

Cost to entrepreneur

Service fee: $54.12

Eric opted to pay $83.04 into the Zidisha Members Loan Fund in return for a higher starting credit limit.

Lenders

G

guenter

Bremen, Germany

G

graememoss

Amsterdam, Netherlands

M

marcmesich

Kaohsiung, Taiwan

stever

Cape Coral, United States

L

Lolababalola

Ames, United States

K

khassi

AinEbel, Lebanon

L

lamar

lamar colorado, United States

DavidHS

United Kingdom

Dave Bogard

New York, United States

MW

Matt Willis

United States

W

Wade

United States

ME

Mike Engsberg

United States

Caroline Cress

Seattle, WA, United States

Corina King

Calgary, Canada

Framework Eyewear

Utrecht, Netherlands

Martin Nielsen

Aarhus, Denmark

M

Mart

United Kingdom

D

Daniel

United States

PG

Paul Graham

United States

I

Irene

Switzerland

DL

Dan Lawrence

United States

YV

Yuri Vanin

United States

LT

Leslie Tymko

United Kingdom

B

Boris

Bern, Switzerland

B

Bsull

Australia

HPK

Switzerland, Switzerland

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