I will use the loan to expand my business by buying more stock and reselling at a profit
Evans Onyango
Nairobi, Kenya
100% repaid
Entrepreneur
Name
Evans Onyango
Member since
January 2014
On-time repayments
122 installments • 76%
About Me
I started the business of selling fish bladder for export to the international market because it was readilly available and I could make an extra income from it and afford a decent living at the same time offer employment opportunities to the unemployed youth.The earnings from my business are re-invested in the business,for expansion purposes.My vision in future is to own a fish processing plant targeting both the local and international market.The fish processing plant will major in fish fillet and fish maws(swim bladder) and all the other by products from fish.the market is huge and it is possible with enough funding to achieve this objective.
My Business
The income to repay the loan will be derived from the sale of fish Maws which fetches good revenue in the international markets.The fish maws has a ready international market since it has varied uses in the pharmaceutical industry and in the medical field.it is widely used during delicate operations involving the human stomach and internal organs.it is used in the manufacture of the product used to sew up wounds and human body parts that have been operated on.The market is big and the supply at the moment is far too low compared to the demand.This makes the business highly lucrative,hence paying back the loan will not be a problem since I have the source and the ready market for the product.My customers prefer my business because of the professionalism that I display and the honesty that I project.This business like any other has risks inherent in it such as buying stale fish bladder,and buying undersize ones.Competition from the big players as is usual in any other business is a challenge that we contend with but with our networks throughout the supply chain,we are able to mitigate all these,and make profits.
On Monthly basis I spend Kshs.70,000 and make a profit of Kshs 20,000.With an increase of capital,we will be able to double our monthly profits greatly,and that is why Iam looking for a loan. This type of income per month,will ensure the loan is fully paid in time.
Loan Proposal
With this loan,I will be able to buy more fish bladder which is a lucrative business with high returns.The loan will enable me to buy around two more units and this will double my profits because the margins are large to accommodate the loan repayment rates.
I will for example buy the fish bladder at a cost of kshs 5,000 a piece and sale for Kshs 8,000 a piece thus making a profit of Kshs 3,000 each.This will enable me to re-invest the money into the business,expand further,buy more stock and thus more profits.I would therefore request to be given the said loan amount.
This with time will enable me to hire a helper thus in the process,create employment to an otherwise un - employed individual,and this by extent and due to the multiplier effect ensure income for several people in the chain.
The loan will further be a stepping stone to some additional loans in future for further expansion.My overall vision is to own a fish processing plant to sell both the flesh and the by products from the fish.This is a lucrative business which can offer higher returns and offer job opportunities to many people.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$60.00
Date disbursed
Feb 3, 2014
Repayment status
On Time
Projected term
10 months
Other loans
Lenders
Torrance, United States
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