Inventory of ladies' bags

Richard Baffour

Obuasi, Ghana

49% repaid

Entrepreneur

Name

Richard Baffour

Location

Obuasi, Ghana

On-time repayments

124 weekly installments  •  56%

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.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$577.51

Date disbursed

Mar 17, 2021

Repayment status

Late

Projected term

8 months

Cost to entrepreneur

Service fee: 5% of $577.51 = $26.97

Credit risk payment: $108.20

Lenders

A

Anninymouse

Southampton, United Kingdom

P

Peter

München, Germany

AltruisticSelfishnes

Chicago, United States

F

FHult

Stockholm, Sweden

T

troberson

Lake Stevens, WA, United States

MindMuse

Talking Rock, United States

Sundstroms

Falun, Sweden

Cloudways

Malta, Malta

Ingela

Falun, Sweden

P

Peksa

Espoo, Finland

RckyMntFamily

Colorado, United States

numbat

Perth, Australia

Freewolf

Salt Lake City, United States

MrMichigander

Marquette, United States

R

richdullaghan

Encinitas, United States

BuckeyeBob

Ohio, United States

B

bugdaniel

Switzerland

mepster

San Francisco, Ca, United States

S

simonthompson99

United Kingdom

L

luckiestmonkey

United States

Grant Xavier Storer

Seattle, Wa, United States

S

satheajay

United States

S

Schwartz

United States

M

mbarbier

United States

Mike and Jacqui

United Kingdom

S

Stephan

Netherlands

BM

Brian Mickel

United States

MB

michael breen

United Kingdom

Craig

Memphis, TN, United States

Richard

Shrewsbury, United Kingdom

moursund

Beaver Nation, United States

I

Ian

United Kingdom

ME

Manaal Eisa

Washington DC, United States

Carla

Amsterdam, Netherlands

Paul Smithson

Leeds, United Kingdom

Rory McLaughlin

Dallas, United States

Tam Thao Nathan

United States

JG

James Greer

United States

United States

V

Vasil

Belarus

JA

Jan Andresen

Hamburg, Germany

L

Laura

San Francisco, United States

Bart Vogelzang

Ladysmith BC, Canada

S

Suzannah

New York City, United States

JA

Joshua Axtell

United States

AH

Ari Helgason

United Kingdom

VC

Victor Chong

United States

Ken

Mequon, WI, United States

Dean Suminski

Portland, Oregon, United States

Bo Rosén

Eslöv, Sweden

Paul Buchheit

Mountain View, United States

M

marton

United States

LM

Lee Montecucco

Washington State, United States

E

EJOBIV

United States

Brian Thomson

Lyndoch, South Australia, Australia

MO

Markus Oma

United States

C

Carol

Bayswater, WA, Australia

LT

Lisa Taylor

California, United States

Outi

Finland

C

Charles

Australia

C

Cianna

United States

MD

Mark Dunphy

United States

J

John

Minneapolis, United States

AR

Arjun Ram

United States

JB

Juan Busco

United States

DB

David Buchanan

Ilmenau, Germany

H

HJ

Switzerland

Black and White Zebra

Vancouver, Canada

Utahna

United States

Денис

Кишинев, Moldova

Michael Chew

Melbourne, Australia

MH

Martin Hammick

United Kingdom

N

Nosa

Germany

B

Berend

Netherlands

E

Eva

United States

TM

Toby Minton

United States

Ask Richard a question about this loan project, share news and photos of your own, or send a simple note of thanks or inspiration.

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