Entrepreneur
Name
Richard Baffour
Member since
April 2016
On-time repayments
146 installments • 49%
About Me
Born and raised in Obuasi, Ashanti Region of Ghana, I have always loved this town for its business opportunities it creates. At elementary school, I developed an intense enthusiasm for business management and entrepreneurship. So I pursued business electives as my course of study at high school and graduated with distinction mostly due to my urge for trade. Coming from a less privileged home, I still overcame the challenges of spending and saved quite an amount of money to realize my dreams of becoming a renowned businessman in my town. Though it has not being all roses but I have developed a philosophy of saving more, reinvesting more and expecting more. This philosophy has helped me throughout these years.
My Business
Bags retail has being my business since graduating from school. I conceived this business idea whilst still a student. This was due to the fashion trend that hit the school and the nation at large. Ladies would prefer once daily meal with luxurious wardrobe to a less-fashionable three square meal a day. After graduating, I commenced this ladies bags business with the little savings I had accumulated over time. With a 20% profit at start, mainly due to the high demand of the bags, I knew straight ahead that with a high business capital I would soon become a big businessman. Though supporting my little siblings, I always manage to reinvest at least 55% of the business profits.
Loan Proposal
With the high prospects for my bags business due to its inelastic demand, and through your generous lending I have positioned my business to a level I much appreciate today. And as strength and growth comes only through continuous effort and struggle, I seek a fourth loan of about $755 to help me expand my business. With this loan fund, I believe my profits will increase to about 30% and with all certainty I know it will put a smile not only on my face but also on the faces of the whole family that depend on my livelihood. Thank you for your benevolence.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$755.00
Date disbursed
Aug 7, 2017
Repayment status
On Time
Projected term
42 months
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