383 installments • 17%
I am involved in designing and providing support to young entrepreneurs. I developed interest in this work when I join a community development organisation in2003. I was inspired by the sincerity and enthusiasm of the leaders as they worked passionately to drive away poverty, diseases and corruption from Ghanaian communities. Whatever attracted me to this organisation must have a lot other volunteers from near and far. Their project teams are always composed of volunteers from different continents. They operate from a small rented office for headquarters and prefer to partner local community centers in setting up their numerous field offices.
Currently, I spend part of my day working for a non-profit I lead. The rest of the time I engage in some income generating activity - that invariably try to address certain needs.
For instance, in order to contribute to efforts aimed at alleviating the effects of water shortage in my community (which forms part MDG 7), I used my first and second loans to improve a water supply business, I started last year.
In this business, I store and supply pipe-borne water to needy families. I assist families that cannot afford water tanks and can have only a limited a quantity of water at a time. During shortages, these families have to resort to water that often comes from open holes dug in the sand of dry riverbeds, and it is invariably contaminated.
This business provides them with clean, safe water anytime, whether there is a shortage or not
With this loan, I would like to support young entreprenuers by setting up an ICT Center. Small businesses are important for poverty reduction yet most communities in Ghana lack the infrastructure to educate and enrich the lives of their young entrepreneurs. In particular, entrepreneurs lack the opportunity to obtain affordable Internet access and computer equipment to facilitate access to technologically-enhanced learning and entrepreneurial support that enables them to learn new business concepts, new technologies and gain prospects for their existing business. There are no or fewer libraries and existing libraries do not offer internet access nor updated books.
This makes ICT and knowledge access very expensive for the poor business owner. The ICT Center would facilitate news and information that will benefit entrepreneurs; education and training (including apprenticeship, self-study and the incorporation of the value of self-employment) among young people from low-income families; linkages, networking, online coaching and mentoring especially for the youth by training them in business and technology skills, basic economics and micro-finance among others.
50% percent of the loan amount would be used to acquire a rented place for the center. I would add my savings to the remaining loan to buy computer equipment and learning materials like books and CD ROMS. Income from the project would come from fees.
Sep 8, 2014
Cost to entrepreneur
Lender interest: $1,592.25 at 5.81% annual rate over 83 months = $638.67
Service fee: $279.17