Funding to expand my tomato farming project

Steven Mbugua

Ruiru, Kenya

100% repaid

Entrepreneur

Name

Steven Mbugua

Member since

January 2015

On-time repayments

53 installments  •  64%

About Me

I am 25 years old, and grew up in Kiambu Town in Kiambu county where I attended Primary school in Kiuu River Primary School and proceeded to my secondary school in Mutuini High school Dagoretti Nairobi county. I excelled and joined the University of Nairobi School of Law for my LLB undergraduate degree where I graduated with a second class Honours, upper division.

However this journey was not as smooth, I encountered financial milestones during my schooling and as a result I had to carry out micro businesses of in order to raise the fees, these included planting vegetables and rearing chicken at home.

Kiambu County prides itself with its fertile soil and favorable climate, which is the hub of tea and coffee farming in Kenya , the county also provides a good platform to small scale farmers like me as its huge population and easy access to Nairobi city presents a wide market for the the agri-products.

During my free time i engage in hiking with friends.

My Business

I recently rented a shop which I intend to use as a cereal shop. According to my research, I found a great demand of a cereal shop in Ruiru, Oj connection area as the area comprises of a many restaurants and residential areas thus the market i the area is very high and I would be a monopoly in the sad area.
I would like to purchase stock for the shop and equip it with with one cashier counter. The profits from this shop will help in expanding it as in future I am targeting to have a big supermarket in the area.
I rented the shop from the proceed of my other farming project and some of the proceeds from this shop will expand the farming business and build green houses as the rainy season is affecting the business.
Due to the inconveniences caused by the floods, this business recorded a loss due to the plants getting damaged.
I now am dealing with sale of second hand clothes which is marketable right now since it's cold and I sell trench coats and heavy clothes.
The rest of the profits will go towards payment of my tuition fees for my school.

Loan Proposal

given the loan, I intend to hire another parcel of the land measuring approximately 50*80 fts which will cost approximately $23, tomato seedlings at $ 25, fertilizer at $ 11 and labor for primary, secondary and tertiary cultivation at $15. the rest of the money will be used for continuous management of the plot.

This expansion will not only increase my output but will also my cost of production thus enabling me to satisfy the high demand in the market and in turn high revenue. In so doing, I believe that the project will be a source of employment for those youths who I will hire to assist in cultivation.

I estimate that this expansion of my business will increase my revenue with more than 50% (that is approximately making it be $500-600 ) due to low cost of production as the bag of fertilizer will be used even for my current 1 acre parcel.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$100.16

Date disbursed

Jan 20, 2015

Repayment status

On Time

Projected term

2 months

Cost to entrepreneur

Lender interest: $100.16 at 3.52% annual rate over 2 months = $0.86

Service fee: $0.91

Lenders

U

UmSaeed

Southfield, United States

D

Dionne

Pembroke, Bermuda

M

mwkelley2

Columbus, OH, United States

A

amnesiac

Adelaide, Australia

D

Dave22202

Arlington VA, United States

Alina

Amsterdam, Netherlands

A

Aaron

Zurich, Switzerland

W

WellingtonPFClass

Columbus, Oh, United States

D

djschin

Heber City, United States

C

cescotet

Needham, United States

RandyPetersen1

Colorado Springs, United States

R

Roxyclark

Heber City, United States

J

justincomish

Riverton, United States

B

Bluejay

Magrath, Canada

OlyRhys

Olympia, United States

ohlandtmann

Moorestown, United States

Paul Buchheit

Mountain View, United States

Dayton

Vancouver, Canada

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

Loading...

Loading...

Loading...