Entrepreneur
Name
Mike
Member since
April 2014
On-time repayments
91 installments • 78%
About Me
I AM THE SECOND BORN AND THE ONLY SON IN A FAMILY OF FIVE. I COMPLETED MY SECONDARY EDUCATION IN 2004 AND SHORTLY AFTER JOINED THE KENYA ARMY CURRENTLY KNOWN AS THE KENYA DEFENCE FORCES. DURING THE LAST ONE YEAR, I HAVE BEEN IN A PEACEKEEPING MISSION IN SOMALI WHICH HAS BEEN ONGOING FOR QUITE SOME TIME NOW. I RECENTLY CAME BACK TO MY BASE IN LANET AND HAVE DECIDED TO PURSUE FURTHER EDUCATION SINCE I HAVE A LOT OF TIME TO SPARE. DURING MY FREE TIME, I ENJOY WATCHING AND PLAYING FOOTBALL, BEING WITH FRIENDS AND FAMILY AND HIKING. WITH MY SAVINGS FROM THE MISSION, I WANT TO UPGRADE MY BUSINESS WHICH IS A PUB LOCATED IN MIGORI. I DECIDED TO OPEN THIS BUSINESS IN 2011 TO AID ME IN PAYING MY SIBLINGS SCHOOL FEES SINCE MOST OF THE TIME AM AWAY ON MISSIONS.
My Business
MY MONTHLY SALARY IS 400DOLLARS. MY BUSINESS BRINGS IN ROUGHLY 625DOLLARS DEPENDING WITH THE SEASON SINCE MIGORI IS A TOWN WHICH IS INFLUENCED BY SUGARCANE CULTIVATION. DURING A GOOD MONTH, I MAKE A PROFIT OF 210DOLLARS. MOST OF THE MONEY GOES TO THE LOCAL LICENSE LIQUOR WHILE I PAY A RENT OF 44DOLLARS. THE ALCOHOL BUSINESS IS QUITE PROFITABLE CONSIDERING YOU CAN BUY A BOTTLE OF LIQUOR AT 4DOLLARS AND SELL IT AT 6.25DOLLARS. MY LOAN REPAYMENTS WILL BE MADE USING MY MONTHLY SALARY SINCE I WILL BE USING THE PROFIT FROM THE BUSINESS TO PURCHASE MORE DRINKS i.e WATER,SODAS,ALCOHOL AND JUICE.
Loan Proposal
My business is a restaurant that deals with; drinks,alcohol. Since the restaurant deals with the drinks only, i would wish to expand it so that the customers would get somewhere within the same roof where they could get cooked food so easily. Since i want to introduce food in my restaurant it will benefit me a lot. I would like to use the loan to buy different types of food and when i introduce it i would be able to get a lot of profit.
In addition, if i use 36 dollars to buy 60 pieces of fish, i would be able to get a profit of 36 dollars. If i use 22 dollars to buy a bundle of wheat flour, i would be able to get a profit of 15 dollars. If i use 36 dollars to buy a life goat i would be able to get a profit of 72 dollars.
This idea of food inventory is a good idea because in a restaurant where people drink alcohol, you will find that people will have to eat food before or after taking the drinks. Also most of alcoholic people like meat e.g. roasted or boiled e.t.c.
Since the customer are many in my restaurant i would like lenders to support me in the business, so that i increase the number of furniture, utensil and when i do that i will create a comfort zone for my customers. THANKS IN ADVANCE.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$149.00
Date disbursed
Jul 1, 2014
Repayment status
On Time
Projected term
20 months
Other loans
Lenders
Hong Kong, Hong Kong
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