Funds to expand my beauty and fashion business

Samuel Okai

Madina-accra, Ghana

54% repaid

Entrepreneur

Name

Samuel Okai

Member since

July 2016

On-time repayments

146 installments  •  49%

About Me

My name is Samuel Okai. I'm 19 years old. I am the second of five children of my parents. We live at Madina. I graduated from high school recently and I hope to further my education.
The rough times began in middle school. Became worse in highschool. Due to the hardships we faced at home life at school became tough.
Things became a little better for me when a friend of mine introduced me to the selling of clothes business. He had a sister in china who would bring clothes thrice a year for us to sell. I survived on that till I graduated from high school.
My country,Ghana is located in West Africa,it is a very calm and hospitable country.
For leisure i like to read novels and windowshop,hoping that oneday i would have enough money to buy all i need.

My Business

I deal in the sale of clothes. Both male and female. I decided to venture in this business because the youth love fashion and in Ghana clothes sell very fast because they arent too expensive.
I chose this business because its fun and lucrative. I make new friends from my clothes business , and because i deliver the clothes to clients specified location i started getting calls from friends of friends. Hopefully my business would grow larger.
I used to make not more than $10 profit a month. With time the profit increased and right now my current profit is about $50. My friends sister used to give me the clothes on credit to sell, but since i started making some money my typical cost of securing the goods is about $30.
I usually use my profits to reinvest in my business so that it develop enough to send me through my tertiary education then i use a little on taking care of myself.

Loan Proposal

I will use this loan to purchase clothes to resell. I will purchase tops worth $50, trousers for men for $80, shirts for men for $50 and dresses for women at $ 50 and skirts for $40.
Getting this loan would give me the chance to expand my business, continue schooling and pay my worker.
I hope for my business to expand and increase profit by 50%.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$255.52

Date disbursed

May 14, 2018

Repayment status

Late

Projected term

20 months

Cost to entrepreneur

Service fee: $7.22

Credit risk payment: $21.65

Lenders

B

bwitt

Berkeley, United States

C

Clben7

Cincinnati, United States

Kevin

San Francisco, United States

L

Liam

New Zealand

Paul Buchheit

Mountain View, United States

Tyler Metcalf

Utah, United States

CN

Craig Newmark

United States

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