I will use the loan to add my shoe and clothe selling business stock
Ernest
Nairobi,kawangware, Kenya
100% repaid
Entrepreneur
Name
Ernest
Member since
January 2014
On-time repayments
155 installments • 48%
About Me
My full names are Ernest Mwale and I am 27 years old.I am the fourth born in a family of 8 children;2 girls and 6 boys.I live in Nairobi city Kawangware village.I am married to Caren Atieno and God has blessed us with 3 children;2 boys and 1 girl.I went to Desai memorial primary school and later joined Ebunangwe boys high school .After completing my O level education I went to Bungoma where I joined Gate tech computer college to acquire computer skills.I later met my brother in law who used to work at a site as a plumber and worked under him as a casual.During my tenure as a casual I acquired plumbing skills and later my brother In law introduced me to his friend who employed me as a plumber in his company .I later joined MAL solutions a company which installs hot water solar systems and power back up system where I work as a solar technician .When I am not at work I do plumbing and electrical repairs in the neighbourhood. My desire is to start a company which will provide home solutions such as plumbing and electrical.I started a shoe and clothes selling business which is currently run by my wife.Due to shotage of capital I do not have a rented shop for the business thus making my wife to hawk the shoes and clothes from house to house or from one neighbourhood to the other.My wife normally acquires the clothes from Easleigh in Nairobi and the shoes are acquired from Gikomba market in Nairobi.Due to my passion for business I would wish to own a big clothes and shoe selling business.The aim of applying for the zidisha loan is to help boost the business.The earnings that we get from the business are used to cater for our daily needs.
My Business
One day we went to purchase clothes for our children together with my wife and we were shocked on how the demand was high at the market .On arriving home in the evening it all began like a joke when my wife asked me if we can afford to run a clothe selling business which I agreed without hesitation after having seen what had happened at the market .Luckily my wife`s friend was doing the same business and so she enquired from her about the business and where to get the clothes . I borrowed Ksh 5000 from my friend and gave it to her so that she could begin the business . The first day she bought the clothes things were tough because she could hawk them from house to house and when evening came she had only managed to sell 1 clothe out of the 20 she had . After 2 moths the stock had risen from ksh 5000 to ksh 11600 and we managed to repay the money I had borrowed from my friend and remained with some money to purchase another stock . I took ksh 7000 from my salary and boosted the business and this time round we decided to add shoes to the stock . There is demand for the business because clothing is the basic need for human beings thus making it important for one to purchase them . Our customers prefer to buy from us because our prices are affordable and also we provide the goods to our customers` doorsteps . The business is profitable because the goods are long lasting and also sometimes the price is determined by the customer hence negotiation is allowed . The risk the business faces is that sometimes during adverse weather conditions for instance rainy seasons ,my wife is unable to hawk the goods since we do not have a rented shop.
Loan Proposal
I will use the loan to buy some clothes and a few pairs of shoes to add on the stock I have.This will benefit me because my customers will have a variety of goods to choose from depending on their favorite colors .Lenders should help me in making his purchase because my desire is to boost the business by increasing the stock but I do not have the cash to pump into the business.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$50.00
Date disbursed
Feb 12, 2014
Repayment status
On Time
Projected term
2 months
Other loans
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