Increasing the number of my smart phones
Collins Twumbarimah
Kumasi, Ghana
100% repaid
Entrepreneur
Name
Collins Twumbarimah
Member since
June 2016
On-time repayments
64 installments • 69%
About Me
My name is collins Twum Barimah, i'm a fante from the central region of Ghana. I'm 33 years of age, i completed my juniour high school education in the year 2002, i finished my seniour high school also in the year 2005, after my seniour high school educatin, things became tough for me, at that time my father felt sick and my mother's business too collapse so i decided to embark on this phone business, since i had no huge amount of capital to apply for loan, i could not expand the business so i quit until a freind gave me some money to add to the old capital, i have been using the small capital till this time.I'm methodist and also youth organiser as well.
My Business
I started this phone business with small amount of capital, i sell both china phones and android but the android ones are small so i'm planning of inreasing the quantity of the android next year, but for now i need this loan to increase the number of the china phones, so far i have about 90 china phones and 20 android ones. At first i used to repair phones and i now share a repairs shop with a freind in Ghana, i sell the phones at a road side,i will use the profit to pay my sibblings school fees and take care of my parents especially my granny who is sick.Also i will expand the business by opening a new branch next year if i get profit.
Loan Proposal
I want to increase the quantity of smart phones i have,iam planning to buy addditinal 8 to 9 smart phones making it 29 in total,the cost of each is 40 to 45 dollars,these new smart phones will help me increase the profits because they are a new type in the market and due to this when customers comes to me they will get some ,as a result i will get some profits.I will also want to start with pendrives and memory cards so the profit from the smart phones can be use to start that area.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$274.11
Date disbursed
Jan 20, 2017
Repayment status
On Time
Projected term
10 months
Cost to entrepreneur
Service fee: $7.22
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