Vincent
Kapkoros, Kenya
100% repaid
Name
Vincent
Member since
January 2015
On-time repayments
29 installments • 38%
My name is Vincent Cheruiyot. I was born and raised in Kapkoros area of Bomet county in the south of the Rift Valley. Though the area is agriculturally endowed, I was born to peasant farmers who fended for us by doing menial work in other people's farms. I attended Maaset primary school and often missed going to school so as to help my parents in their farm work. I could not proceed to secondary school because of the financial difficulties our family was facing. I started helping them in our kitchen garden and from the little income that we generated, I made small savings. Alive to the fact that inability is not disability and driven by the need to guarantee myself a source of income, from the little savings that I had I decided to open an electronics shop. In my past time I love watching soccer.
My business is christened Ngocho Digital Electronics shop. I sell a variety electronic items such as bulbs, meter boxes, bulb holders amongst other things. I chose to venture into this business driven by the need to engage myself in an income generating activity but more prominently because of the high demand for electronic goods in my neighborhood. The cost that I usually incur mainly arises from rent, wages for my shop assistants,licence costs and are normally in the region of Ksh. 30,000 per year. My revenue fall in the region of Ksh. 50,000. From the profits that I generate, I plough part of it back and the rest I use it to support my siblings who are schooling.
I will utilize this loan to purchase bulbs, bulb holders, meter boxes, switches and other assorted electronic items. This will cost me in the region of $60. By increasing my stock I will be guaranteeing more sales and in turn more profits. This will greatly improve my standards of living and those of my dependants.
Positive
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Neutral
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Negative
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Project Type
Classic Loan
Disbursed amount
$50.00
Date disbursed
Jan 26, 2015
Repayment status
On Time
Projected term
6 months
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