Buy incubator for expansion of poultry farm business
Ruth
Kitengela, Kenya
60% repaid
Entrepreneur
Name
Ruth
Member since
January 2015
On-time repayments
282 installments • 17%
About Me
Since I was young I loved farming. My parents are substance farmers and depend on the little income they get to educate me and my 2 siblings. I started developing an interest to rear poultry when I was in my second year in secondary school. I realized my parents were struggling to get me pocket money after paying my school fees. I bought an hen and would request my mum to sell the eggs and keep the cash safely to divide it among us during school openings as our pocket money. Immediately after finishing form four, I decided I needed to start a business venture that will help me earn income as well as ensure I am fully occupied as I await my parents to look for cash to fund my college education. I am planning to pursue a course on Agricultural economics. From four hens and one cock I now boast of 30+ hens, I am proud of my achievement, but would wish to expand it such that I can generate more income and help my parents in raising my college fees
My Business
In my first loan, i bought an incubator which i am currently using to hatch eggs. My current income is sale of eggs and chicks when they attain 1 month old. In a day I collect approximately 15-20 eggs. Each egg retails at Ksh 20 hence in a week I make Ksh 2100 ($26.25) from the eggs. I also sell 1 month old chicks at a rate of Ksh 250-300 (~$4) per chick. The hatch rate for my hen is 95% because I only use eggs which are less that a week old for breeding to ensure high fertility rate. I have been saving the profits for my college fees, but I have realized my business has a great potential for growth. I plan to increase the number of chicken I keep from current 30 to 100-150. This implies I will need additional funds to cater for the feed and other expenses such as medical expenses. Hence why I am seeking for assistance from you my lenders.
Loan Proposal
I used the first loan to buy an incubator. I will use this loan to build a bigger house for the chicken. I anticipate each month to be hatching over 100 chicks. My incubator has a capacity of 48 eggs and at any given time can have 5-6 hens sitting on their eggs. I will use the income I get from the sale of eggs and chicks to repay the loan. If the business picks as it has, I will soon employ a helper to help me manage the poultry farming business
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Loan Info
Project Type
Classic Loan
Disbursed amount
$132.00
Date disbursed
Apr 15, 2015
Repayment status
Late
Projected term
66 months
Other loans
Lenders
Sarasota// Phnom Penh, United States
Taiwan
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