Loan for african beads

Gladys Boamah

Accra, Ghana

81% repaid

Entrepreneur

Name

Gladys Boamah

Member since

April 2014

On-time repayments

19 installments  •  26%

About Me

I am Gladys Boamah, a Ghanaian, and a graduate From the Accra Polytechnic. An HND holder in Hospitalty management. I am from a family of eight and the third of my siblings. I am currently working. Despite my educational background I have entrepreneurially driven.
I am young lady who is aspiring to become an entrepreneur in order to contribute to the socio-economic development of my community and encourage and support new start-ups in my Region and Ghana has whole.

My Business

My small-scale business is basically about the buying and selling of African beads. Ghana, Agomenya to be precise, is modernly considered the epicenter for recycled glass bead-making on the continent. Wearing of beads cuts across cultures, religion, ethnic barriers and gender in Ghana. African beads in Ghana comes in many forms ; as bracelets, anklets ,chains, pendants, rings, and waist chains, purse, sandals, etc. It used to be worn by Royals to display their beauty and wealth.
Over time, the wearing of beads has become more widespread due to the prestige attached to it hence increasing the demand for the product. However, its importance has remained and it is held in high esteem by all cultures in Ghana, not only by Africans in the diaspora but also tourists. Since I find myself in the Hospitality industry, this business venture has been amazing because I am always in contact with tourists who create a ready market for my beads. As a business strategy, I sell out my African beads to individuals, students, and government workers at a relatively lower prices and this has attracted a high demand for my goods.
Despite the high demand for my beads, I am financially challenged and would like to use this platform for a loan to expand my business

Loan Proposal

My first zidisha loan helped my business very much.Over time, the wearing of beads has become more widespread due to the prestige attached to it hence increasing the demand for the product due to its colorful and lasting nature. However, its importance has remained and it is held in high esteem by all cultures in Ghana, not only by Africans in the diaspora but also tourists. As a business strategy, I sell out my African beads to individuals, students, and government workers at a relatively lower prices and this has attracted a high demand for my goods. Despite all these, financial challenge has not permit me to meet my customers demand because there are daily introduction of new beads of all kinds and colours which appeals to most of my customers, unfortunately, I can't provide them. This has made me loose most of my customers to others in the business and I would like to use this platform for a loan of $450 to expand my business. Acquisition of this loan shall help me in these ways: It will help me attract my old customers as well as new ones, sustain my business , encourage locally produced goods as well as help in the preservation of our tradition. I am appealing to all lenders to help me by funding this loan. Thank You

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Loan Info

Project Type

Classic Loan

Disbursed amount

$513.00

Date disbursed

Oct 23, 2014

Repayment status

Late

Projected term

3 months

Cost to entrepreneur

Lender interest: $513.00 at 7.55% annual rate over 3 months = $10.75

Service fee: $2.79

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