Purchasing flour and margarine for bulk foods business
Patrick
Berekum, Ghana
100% repaid
Entrepreneur
Name
Patrick
Member since
January 2015
On-time repayments
71 installments • 62%
About Me
My name is Amoako Patrick.I am 32 years of age. I come from Berekum in the Brong Ahafo Region of Ghana.I am the first born of my parents.Am married with three kids. My parents are all residents of Berekum. .I started my education at The saint Monica's Basic school and furthered at the Berekum Senior High School.Upon a successful completion, I entered Wesley College and now practice as a teacher at Koraso Catholic Basic school.
My desire into operating business aside my teaching profession arose due to difficulties I uncounted having to upgrade myself and cater for my then two children. I opted for selling of flour. My passion for sale of flour arose due to my ability to read the market of my community.Today,am able to take good care of my children and currently furthering my education by distance.
My hobbies are reading, visiting friends, singing and listening to news.
My Business
I started the sale of flour and margerine in the year 2011 yet practicing as a professional teacher. I entered into sale of flour after reading the market of Berekum carefully. I raised that there where few stores which deal in the sale of flours in the community.Flour has many uses in my community since it’s a delicacy for many traditional foods in my area. Staple foods such as Akankyee ,buff loaf, bread and other pastries are also enjoyed by my people.I started the sale of flour with a base capital of about 1000 dollars but within a period of four years my base capital has increased to about 4000 dollars.Most people prefer purchasing my flour ahead of my competitors due to marketing measures I deal with my customers.For instance I offer credit offer customers.I offer credit of to boarding schools who are made to pay at the end of every month.My biggest challenge has been how to help customers convey their goods to their destination which I intend buying a truck in the near future.
I use the profits from my sales in supporting my children education as well as helping two kids I have adopted to help school school.
REPAYMENT OF LOAN
I will repay the loan from the profits I make from my sales
Loan Proposal
I will use the requested amount to buy more products for my shop.This will help me meet the market demand of my customers.I expect to increase my stock with about 2000 dollars to buy more flour and use about 1000 dollars to buy margarine.
This will help me to employ additional hands to help them earn a living for themselves and their families.I hope to make a profit of about 400-500 dollars every month
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Feb 6, 2015
Repayment status
On Time
Projected term
6 weeks
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