Flour, sugar and margerine for my bakery

Entrepreneur

About Me

Hi, my name is Baah Emmanuel. I am 25 years of age. At the age of four, I lost my father. My parents were farmers so I helped my mother at the farm. I was very determined to go to school so my mother helped me little by little. When I completed Junior High School, I started a small bakery to support her. I was able to raise a little money and with the help of my mother I went to High School. I used to come back from school to work at the bakery. I saved small money by three years time and enrolled at the University. I am currently in my final year at the University and still doing the bakery business.

My Business

I bake bread and supply to local store owners and collect the money at the end of every week. I use wheat flour which cost GHS 180 per bag, sugar which cost GHS 220 per bag and margarine which cost GHS 240 per box and some other minor ingredients. Mostly I buy these items on credit and pay at the end of the week with an interest of about 19% on these items. i have to accept it because that's the only choice I have. I pay all the expenses at the end of the week and save part for the business and part for my school. I recently bought a new large oven to support the old one.

Loan Proposal

Flour_ $37, sugar _$33 and magerine_ $20. I would use this loan to buy the aforementioned items in cash so that i would not be paying the 3% interest on them. Every week, i use eight bags of wheat flour, two bags of sugar and two buckets of magerine. In all i pay about $11.19 which is close to $12 interest weekly. This loan would help me plough back more profit for the business.

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