Ladies' and children's shoes for my shop

Nelly Mwaka

Nairobi, Kenya

6% repaid

Entrepreneur

Name

Nelly Mwaka

Member since

February 2014

On-time repayments

326 installments  •  8%

About Me

Am a kenyan lady aged 35. I live in umoja iii Estate in Nairobi. I studied at Bunyore Girls high school, later Kaimosi college for research and Technology. I have worked for various organisations here in Nairobi and currently I work at Creative village Africa ltd and also have a small cosmetic shop. i have two kids. one is 6 years old the other one is 3 and half years. Am married. My husband has his own business. He deals in car hire business. I would like to get a loan to boost the stock at my current cosmetic shop. This is because most of my customers keep giving me orders of more and more items that i have not yet stocked or some even request for already stocked items but in bulk which is currently overwhelming. i would be very greatful if i could get a loan. During my free time. i like going out and meeting new people.

My Business

I would like to take this opportunity to thank you for the hand you extended to me in my previous loan The $37 I received I used to purchase 10 pairs of ladies shoes at a cost of $3 dollars each and sold at $5. The small but humble profits I made I used to re-invest in the business and also settle a few bills in the business. The other cosmetics are also doing well especially the weaves which have a great turnover.
The greatest challenge I face right now is the size of the shop am operating in. It is quite small and displaying items in the shop is quite challenging. It always look congested. With this new loan which I greatly believe you will support me, I plan to move to a new premise next to where am operating. The new shop is a bit bigger and more spacious. I won’t suffer the risk of losing my clients since I can still see them come. I have already paid a downpayment of $50 and still need to pay another $50 before moving in. In Kenya you have to pay the deposit + rent before moving into a premise. I plan to divide this shop into 2 parts. To display cosmetics on one side and ladies and children shoes on the other side.
This is how I intend to use the loan:

Purchase 100 pairs of ladies shoes @ $3 each = $300. Re sell @ $5each
Purchase 100 pairs of children shoes @ $1each =$100. Re sell @ $3 each
Use $200 to increase stocks on lotions,weaves,creams,cutex,earings necklaces bangles which I purchase in downtown Nairobi at fair prices, later re sell in my shop at a profit.
I intend to use $50 to complete paying for the new premise so as to move in.
I will use $50 on transportation and other miscellenous expenses related to the business

I still work at Creative village Africa Ltd where I report every week day at 8am. I have reliable relative who takes care of my business when at work.
I plan to use part of my salary + my profits to repay the loan and promise never to disappoint.

Loan Proposal

I would like to take this opportunity to thank you for the hand you extended to me in my previous loan The $37 I received I used to purchase 10 pairs of ladies shoes at a cost of $3 dollars each and sold at $5. The small but humble profits I made I used to re-invest in the business and also settle a few bills in the business. The other cosmetics are also doing well especially the weaves which have a great turnover.
The greatest challenge I face right now is the size of the shop am operating in. It is quite small and displaying items in the shop is quite challenging. It always look congested. With this new loan which I greatly believe you will support me, I plan to move to a new premise next to where am operating. The new shop is a bit bigger and more spacious. I won’t suffer the risk of losing my clients since I can still see them come. I have already paid a downpayment of $50 and still need to pay another $50 before moving in. In Kenya you have to pay the deposit + rent before moving into a premise. I plan to divide this shop into 2 parts. To display cosmetics on one side and ladies and children shoes on the other side.
This is how I intend to use the loan:

Purchase 100 pairs of ladies shoes @ $3 each = $300. Re sell @ $5each
Purchase 100 pairs of children shoes @ $1each =$100. Re sell @ $3 each
Use $200 to increase stocks on lotions,weaves,creams,cutex,earings necklaces bangles which I purchase in downtown Nairobi at fair prices, later re sell in my shop at a profit.
I intend to use $50 to complete paying for the new premise so as to move in.
I will use $50 on transportation and other miscellenous expenses related to the business

I still work at Creative village Africa Ltd where I report every week day at 8am. I have reliable relative who takes care of my business when at work.
I plan to use part of my salary + my profits to repay the loan and promise never to disappoint.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$706.02

Date disbursed

Jun 17, 2014

Repayment status

Late

Projected term

73 months

Cost to entrepreneur

Lender interest: $706.02 at 5.74% annual rate over 73 months = $245.49

Service fee: $152.73

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