63 installments • 30%
I am an enthusiastic gentleman with a great passion for business. I live in an area which is fast developing a situation that has created numerous business opportunities. I have a degree in finance management. Currently am doing business while pursuing a part-time accounts professional course. I started business in a bid to meet my daily life expenses plus my education expenses. The fact that there exist many business opportunities also encouraged me to start my own business. I use the surplus to expand my business through purchasing additional stock.
My business entails selling carpets and door mats. There is a high demand for these items since real estate in my locality is growing rapidly. Since i started this business the sales have been growing exponentially. People prefer my business due to auxiliary services such as home delivery. Profitability in the business is high due to low cost of doing the business; however the business faces competition risk due to new entrants. Currently my business earns an average net profit of $ 300 a month. This amount will enable to conveniently meet my loan obligations.
I will purchase additional stock with the loan with 75% of the money that will be lend to me. I will use 25 % of the money in enhancing my marketing strategies. The current size of my business is not cost effective. I need to add stock due to the rising sales levels and to meet the overall cost of conducting business. I often find myself running out of stock at odd times and incur significant costs due to restocking inefficiencies. I have decided to use personal selling marketing strategy for part of the stock. I have sited that most people in my region do not know where to get items such as door mats. I have hence decided to distribute them personally to potential buyers. I am highly optimistic that my venture will generate enough money to for the business as well as repaying the loan.
Feb 25, 2014
Cost to entrepreneur
Lender interest: $149.80 at 1.73% annual rate over 3 months = $0.75
Service fee: $1.53