Equipment purchase

Olumide

Badagry, Nigeria

100% repaid

Entrepreneur

Name

Olumide

Member since

December 2018

On-time repayments

177 installments  •  100%

About Me

I am a first degree holder of Obafemi Awolowo University Ile - Ife, and currently enrolled for a Master of Business Administration degree of the National Open University of Nigeria. I possess well over 11 years post NYSC business management experience having completed youth service in 2008. I was awarded a commendation letter for outstanding performance on behalf of the Gombe State Government, by my place of primary assignment in 2008. I have attended several Entrepreneurship trainings (both paid and free) including a 5-day YESP training sponsored by the Bank of Industry at the Lagos Business School in 2016. The Nigerian business environment, where I operate, though quite challenging, but at the same time very ineresting. Of the numerous challenges Entrepreneurs are facing in Nigeria, accessing affordable funding for business scaling and expansion stands out.

My Business

We are in the business of retailing cooking gas to both domestic as well as industrial users in our community. We also trade cooking gas cylinders and accessories. We hope to diversify into repairs and servicing of faulty gas stoves as well as training youths on refilling operations as well as repairs and servicing to empower the teeming unemployed youths in our community. The business currently operate from the ancient town of Badagry, Lagos State of Nigeria.

Loan Proposal

We intend to deploy loan into acquiring new equipment that will enable us expand our business operations

My Videos

Jan 24, 2021: Gas plaza video

Feedback

3

None

None



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Loan Info

Project Type

Classic Loan

Disbursed amount

$1,000.00

Date disbursed

Feb 20, 2020

Repayment status

On Time

Projected term

8 months

Lenders

J

JulCam

Montreal, Canada

DavidHS

United Kingdom

C

camo1243

United States

Dayton

Vancouver, Canada

PB

Pamela Barge

United States

SM

Sachet Marion

United States

johannes

Taipei, Taiwan

K

KH

United Kingdom

E

Elle

New York, United States

Rick

United States

CS

Chas Schlaack

United States

K

Kirsty

Netherlands

P

Petr

Brno, The Czech Republic, Czech Republic

DP

Doug Pennock

United States

MM

Matyas Matyas

Budapest, Romania

JM

Jane Mattoon

United States

AH

Amy Hammond

United States

E

El

United States

emilio

Sestri Levante, Italy

Bart Vogelzang

Ladysmith BC, Canada

JA

Joe and Deb Rinella

Kansas City Metro, United States

James

London, United Kingdom

SA

Shar Alamdari

Los Angeles, United States

PW

Peter Wang

United States

Peggy Evans Wise

Memphis, TN, United States

Noemi L Dado

Manila, Philippines, Philippines

Raymond Murphy

Carson Valley, NV, United States

E

Elizabeth

United States

QH

Qasim Halai

United States

EW

Eli Weiss

United States

J

jeananne

United States

G

Gary

United States

KG

Kate Goodwin

United States

SP

Stephanie P

United States

J

Jon

United States

Stuart

London, United Kingdom

A

Auguste

Switzerland

RE

Richard Ellis

United Kingdom

Brooke Cain

Madrid, Spain, Spain

L

Lucy

Australia

Andreas

Black Forest, Germany

J

jan

United States

Lulu

Germany

K

kara

United States

JS

Josh Smift

United States

F

Frank

United States

Martin Kraus

Traiskirchen, Austria

Romesh Fernndo

Perth Australia, Australia

S

Suzannah

New York City, United States

Craig Travis Provyn

Bradenton, Florida, United States

M

Marama

Australia

Paul Buchheit

Mountain View, United States

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

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  • Olumide    Mar 2, 2024

    The soaring cost of living in Nigeria presently has eroded the purchasing power of citizens thereby forcing a reduction in sales. We hope for better days ahead

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  • Olumide    Jan 2, 2024

    We have just settled some annual bills that seriously depleted our working capital. However, from March 2024, we will be able to resume normal payments

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  • Olumide    Nov 2, 2023

    Soaring prices of our product has led to lots of customers switching to cheaper alternatives thereby leading to drop in revenue and profit

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  • Olumide    Sep 2, 2023

    Reduced patronage due to the current economic situation in Nigeria

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  • Olumide    Jul 1, 2023

    Marked but gradual recovery of business operations

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  • Olumide    May 1, 2023

    Cashflow issues. However after the next two(2) installments, normal repayment will resume

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  • Olumide    Mar 2, 2023

    Cashflow issues occassioned by the ongoing cash scarcity in Nigeria

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  • Olumide    Jan 1, 2023

    Need to carry out some repair works to enhance business earnings. Normal installment repayment shall resume in March 2023

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  • Olumide    Oct 29, 2022

    Hyperinflation has seriously eroded our working capital. We want to uae the next two(2) months to build up our working capital back without taking on additional loans. By January 2023, we will resume normal repayment

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  • Olumide    Jul 31, 2022

    The additional revenue we projected to make from the new capital injection of funds(proceeds of the loan) is yet to start materializing. However, we trust things would have improved significantly befor the 3rd installment

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  • Olumide    Jun 30, 2022

    We can now go ahead to start making our inventory purchase with huge discounts. Sincere appreciation to all our lenders

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  • Olumide    Jun 30, 2022

    The last loan was a life saver as primary sources of credit bacame more and more difficult as the world energy crises persists. We will ensure we keep making all our lenders happy

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  • Olumide    Jun 21, 2022

    We shut down operations last weekend due to rising cost of our product. We just reopened today hence our inability to meet up with actual repayment amount

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  • Olumide    Jun 6, 2022

    There has been a scarcity induced rising price of our product, leading to reduced sales volume and profit

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  • Olumide    May 22, 2022

    We are currently battling a serious financial crises. The business is barely surviiving. Nevertheless, we shall continue repayment

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  • Olumide    May 9, 2022

    We need a little more time to stabilize properly before resuming payment of actual amount we are meant to be repaying

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  • Olumide    Apr 25, 2022

    Things are gradually improving and after the next 2 installments, we hope to return to paying our full installment amount

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  • Olumide    Apr 12, 2022

    Sales are gradually picking up, but just need a little more time to stabilize before resuming payment of NGN30,000 weekly

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  • Olumide    Mar 29, 2022

    Cashflow issues occasioned by the rising cost of our product and the attendant reduced sales

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  • Olumide    Mar 14, 2022

    Energy crises that has led to astronomical increase in product prices with attendant reduced profit margin

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