Insurance for motor vehicle

Andrew Maringa

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Andrew Maringa

Member since

January 2014

On-time repayments

131 installments  •  69%

About Me

I am a Christian, a family man and entrepreneur. I live in a suburb of the city of Nairobi, Kenya. It’s a pretty good, well developed, relatively safe area of the city and can also be termed as a satellite town of the city itself, as the suburb has developed into a shopping centre complete in itself in availability of services.

I am holder of an undergraduate degree in Information Systems & Technology and also undertaking a graduate program currently. Previously for nearly 10 years, I was in paid employment in the transport service industry till about 9 years ago when I decided to venture out on my own in the same industry. And today, I run my own small car hire business. It is not much at the moment but it is growing and does put bread and butter on my family's table and pays rent.

My Business

Today, I run my own small car hire business. It is not much at the moment but it is growing . The market for car hire services is broad and therefore available in spite of stiff competition. I do offer competent services based on well maintained and serviced vehicles that are reliable, an ingredient that is basic to success in this industry. And I am therefore able to stay ahead of the competition by maintaining a steady stream of clients.

Risks to the business are really not much, other than vehicle breakdowns which are an interruption to the business cycle as it may take time to put the vehicle back on the road. This results in loss of business within that layoff period. However this is manageable with express repair and maintenance services from my very able and reliable garage and mechanics.

Also, seeing as how the vehicles are now chauffeur driven, the risk of clients disappearing with the vehicle has become lower and a tracking system in the car lowers this risk even further.

On an average month, my business generates in excess of US$2,100 in revenues. The running costs range between US$900 – US$1,000. That leaves profits of US$US$1,200 – US$1,100 a month. I am making good strides and very pleased about it.

Loan Proposal

The insurance for my Double Cab needs to be renewed this coming month of March 2018. The total amount needed for a full one year is about US$550. I have an ongoing arrangement to make installments payments of US$200 on a monthly basis over a three month period.
My request to you dear lenders is for your funding to supplement whatever difference I will be expected to raise to cover the first Installment.
I hope my proposal will meet your approval and favour.
Thank you

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$93.87

Date disbursed

Mar 3, 2018

Repayment status

On Time

Projected term

3 months

Cost to entrepreneur

Service fee: $3.95

Optional expediting fee: $7.91

Lenders

F

flaguy999

Tampa, United States

Paul Buchheit

Mountain View, United States

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