Entrepreneur
Name
Richard
Member since
April 2016
On-time repayments
146 installments • 49%
About Me
Born and raised in Obuasi, Ashanti Region of Ghana, I have always loved this town for its business opportunities it creates. At elementary school, I developed an intense enthusiasm for business management and entrepreneurship. So I pursued business electives as my course of study at high school and graduated with distinction mostly due to my urge for trade. Coming from a less privileged home, I still overcame the challenges of spending and saved quite an amount of money to realize my dreams of becoming a renowned businessman in my town. Though it has not being all roses but I have developed a philosophy of saving more, reinvesting more and expecting more. This philosophy has helped me throughout these years.
My Business
Bags retail has being my business since graduating from school. I conceived this business idea whilst still a student. This was due to the fashion trend that hit the school and the nation at large. Ladies would prefer once daily meal with luxurious wardrobe to a less-fashionable three square meal a day. After graduating, I commenced this ladies bags business with the little savings I had accumulated over time. With a 20% profit at start, mainly due to the high demand of the bags, I knew straight ahead that with a high business capital I would soon become a big businessman. Though supporting my little siblings, I always manage to reinvest at least 55% of the business profits.
Loan Proposal
With the high prospects for my bags business due to its inelastic demand, and through your generous lending I have positioned my business to a level I much appreciate today, exploring several online avenues to market and sell my products during this pandemic season.
As strength and growth comes only through continuous efforts and struggle, I seek a fifth loan to help me expand my business. With this loan fund, I believe my profits would increase to about 35% and with all certainty I know it will put a smile not only on my face but also on the faces of the whole family that depend on my livelihood.
Thank you for your endless support and benevolence.
Income Source
Even though the pandemic has slowed many economies and businesses, I have adopted social media marketing strategies that is really helping me sell more in addition to the sales I make at the shop. I believe I would be able to make more revenue to repay this loan without any difficulty.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$571.00
Date disbursed
Mar 17, 2021
Repayment status
Late
Projected term
11 months
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