I will use the loan to add stock to my business. my business is in dire need of expansion to serve the growing number of...

Paul

Nakuru, Kenya

100% repaid

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How it Works

Entrepreneur

Name

Paul

Member since

January 2014

On-time repayments

63 installments • 30%

About Me

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

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.

Loan Proposal

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.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$150.00

Date disbursed

Feb 25, 2014

Repayment status

On Time

Projected term

3 months

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SeeMeeFi Sep 20, 2014

Hello Paul,
If you are having difficulties making larger payments, remember that smaller amounts will eventually add up! Don't give up on yourself - you can do this!!
I wish you all the best.

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- Paul Sep 29, 2014
  
  Hello, I am facing financial crisis with my business and look forward to full repayment of the loan soon
  
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SeeMeeFi Aug 4, 2014

Hi Paul,
I hope that your business is doing well! Hopefully rescheduling your repayments will work for you. Best wishes to expand your sale of carpets and door mats!

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Paul Jul 18, 2014

I would like to reschedule my weekly loan repayment installments due to particular hurdles facing my business. There is eminent need scale down my weekly loan repayment amount. Based on my weekly business returns, it is proving to be difficult for me to meet the initial weekly installment sum. My business main income is generated by out-door sales. The current adverse weather conditions are limiting my abilities to make the required amount of sales per day. I would hence love to adjust my weekly repayment sum to an amount that I can comfortably meet to avoid default on the loan. Kind regards.

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Paul Jun 5, 2014

I am very pleased with the far the first loan has taken me. The initial installments have been very friendly since my business was a little bit sluggish at the beginning. However, my business has stabilized and is currently earning good weekly and monthly returns. In this case, I have hence decided to reschedule my weekly loan repayment rate. This will consequently enable me to clear the outstanding loan balance. My business is growing faster than I initially expected and requires much higher capital inflow in order to generate more income. There is hence an eminent need to clear the current outstanding loan for me to subscribe for a higher loan amount in order to meet the needs of my business.

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