Inventory of car spare parts for my shop
Abednego
Accra, Ghana
100% repaid
Entrepreneur
Name
Abednego
Member since
January 2015
On-time repayments
137 installments • 14%
About Me
I'm a Ghanaian and Ransford Abednego is my name. I have lived with my elder brother at Mampong from age 6 since we lost our parent at that time. My Brother is a mechanic and has been the one who took care of me through my upper primary education to Junior high school. It got to a point in time that my brother found it difficult to cater for me when I was about to complete my Junior High School because he was only an apprentice not a master on his own. I decided to go to work with him so that the little I get, i can use to support myself and it turn out to be a great success for my brother and I. When I completed Junior High School, my brother set up his own business and I also turned out to be a full time worker with him. This made me accumulate enough money which I used to cater for myself through my Senior High School. Through the experience I gained, I was there alone at the shop one day when a work came and to my surprise i was able to solve the problem without any difficulties and I was greatly amazed.
My Business
Now I have set up a business on my own, not that big but quite encouraging, I am into the retail of products used in cars like brake fluids,rim for tires, second hand car tires and others. Because cars are always in use and we can do without them, it is necessary for the owners of private cars and commercial vehicles to keep their cars in a good condition to prevent damaging and this has caused to raise the demand of these good high on the market. I chose this good because of the little experience I have in mechanics, i know how they work and the ones which the customers will buy quickly. On a normal base, any amount you invest into this business, you are likely to get about 20-30% profit from it. Most of the time I use the profit to support myself in my and reinvest in the business as well.
Loan Proposal
If I get the opportunity of getting my loan funded, I am going to invest 45% into the purchasing lubricants for which I expect about 12% profit from it. I will also invest 20% in purchasing of second hand car tires because its demand on the market is also high with a profit expectation of 7-10%. I will then use the rest to purchase front bumpers and back bumpers for my shop, head light and tail lights which I know also goes well on the market in terms of demand.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Jan 26, 2015
Repayment status
On Time
Projected term
3 months
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