Inventory of electronic items for my electronic shop

Vincent Cheruiyot

Kapkoros, Kenya

100% repaid

Entrepreneur

Name

Vincent Cheruiyot

Member since

January 2015

On-time repayments

29 installments  •  38%

About Me

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

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.

Loan Proposal

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.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$50.08

Date disbursed

Jan 26, 2015

Repayment status

On Time

Projected term

6 months

Cost to entrepreneur

Lender interest: $50.08 at 5.92% annual rate over 6 months = $1.70

Service fee: $1.06

Lenders

B

betagal

Geneva, Switzerland

L

leniwiec

Poznan, Poland

C

Caalve

Bratislava, Slovakia

W

wally

Torino, Italy

C

Colt

United States

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