Lender Interest: $302.01 at 3.08% annual rate over 12 months = $9.48
Service Fee: $302.01 at 5% annual rate over 12 months = $15.39
Total Loan Cost:
$9.48 + $15.39 = $24.88
Upon joining Zidisha, Violet paid a lifetime membership fee of $11.73.
Violet will also deposit $158.36 into the Zidisha Members Loan Fund as security for lenders against default. Violet may withdraw the Members Loan Fund deposit at any time, as long as all outstanding loan amounts are repaid to lenders.
These costs are only paid once and entitle Violet to raise an unlimited number of loans at zero interest.
My name is Violet aged 36 and am a Kenyan.Am married with two children and i live in Utawala,Embakasi Estate.I finished my high school in 1994 joined college in Computer technology,later i was employed in a hardware store for ten years and i was retrenched.
I decided to start my own business whereby i sell building materials and electrical fittings.This business has enabled me buy a small piece of land and am still constructing a small house withe earnings i get and the rest is saved into my account.
I have also managed to buy a donkey and a cart to enable me deliver goods to my customers.
Am also able to stock the business and support my family as well as meet my daily basic needs.Being the first born in a family of five, I help my parents in paying for their education.
My business is called "GHEMT HARDWARE ELECTRICALS". GHEMT means "God has extended my territories". I deal with paints, electrical fittings and building materials such as pipes,cement and nails. I chose to start a hardware shop,since its a local place with few people but still in construction.
People prefer my business despite the competition since i deliver free transport . I also ensure i know what's new on market so as to sell quality and original products. I provide customers with plumbers , electricians and painters who charge them at fair costs for labour costs.
Some of the challenges i get include lack of financial support since the business is too demanding.
My monthly income,sales revenue and profits are as stated;
monthly income- 20,000
money funded for the business- 10,000
I want a loan to increase my hardware stock, by buying building materials for sale such, increase cements bags, electrical equipments, iron sheets and plumbing equipments. This will help me increase my profit by offering more products to my customers. I will also introduces new products in the market such a wheelbarrow for transporting goods to my client.
Nairobi City,githunguri Village, Kenya