Loan for my cosmetics business

Samuel

Kitale, Kenya

27% repaid

Entrepreneur

Name

Samuel

Member since

September 2017

On-time repayments

173 installments  •  54%

About Me

I have been raised to with hardships from childhood. My father did not have a formal income during our upbringing. I was born in a family of five, two brothers and two sisters.

My parents used to pay just a fraction of my school fees forcing me to have frequent absenteeism from school. It is only by grace that I managed to complete primary school.

I enrolled in a mission day high school. Even in high school i was absent in most of the times due to lack of school fees. I used my part time to work and raise school fees.

I worked for a chain store after graduating from high school. I worked for three years to raise my university fees which I joined in 2014 to study business and economics online.

After graduating in 2016, I started a cosmetics venture with the savings I had made. My cosmetics business is fairing well. However, I want to expand it to create employment for the needy.

I have chosen cosmetics business because it targets ladies. Also, ladies like beauty products so they can provide a good market for my business.

I have employed a single mother to enable her raise her children from the salary she gets from my business. I want to impact on more needy people like her.

Also, I am supporting an orphan with school fees. I would like to empower youth through creating employment for them.

My Business

I sourced the capital for my current business from my past savings. I deal with beauty products and boutique.

These products are always in demand because ladies provide a great market owing to their behavior of going with current fashion.

I raised 130 US $ in my last loan which has helped me to grow my cosmetics business. My budiness is worth 3000 US $.

I need to raise 400US $ to grow my business by increasing stock and generate more profits for my growing demands. Also, I will use the profits to create more employment for the youths.

I currently have190 US$ and intend to raise 210 US$ through Zidisha. I have hired a youth who assist in running my business and she is able to save for her future from the salary that I pay her.
- I will buy braids and weaves because I have realized that they are in demand.

I intend to buy twelve types of hair weaves each two pieces at a cost of 70US $
-I will buy braided artificial hair 400PCs at a cost of 100US$. Braids are always on demand and
therefore I need to stock them well.
- I will spend 20US $ to pay for transportation of that stock.
- will spend 20 US $ to pay for business license.
I expect this loan to boost my business profits by 35%

I wantto help other people in our community develop economically by creating more employment.

To achieve this, I will use profits from my business to enlarge it so that I can create more employment for the youth.

I will also spend Part of my profits to pay for an orphan school fees.

Loan Proposal

I intend to raise 210 US $. I will buy hair braids and weaves for my cosmetics business.

With this loan I will buy about seventy two pieces of hair weaves.
I intend to buy about 400 pieces of braids. Also, I will pay for transport.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$206.00

Date disbursed

Jun 24, 2019

Repayment status

Late

Projected term

23 months

Lenders

johnfay

Lusaka, Zambia, South Africa

J

Jason

New Jersey, United States

AltruisticSelfishnes

Chicago, United States

M

mason243

Denver Colorado, United States

B

briansedz

Canton, Ohio, United States

KM

British Columbia, Canada, Canada

Cloudways

Malta, Malta

J

jzidi

Los Angeles, United States

I

ivanill

Lansing, United States

A

Andy

Berlin, United States

fairspirit

Utrecht, Netherlands

JTShorty

Gorham, Maine, United States

G

Goldrivermob

Gold River, Canada

L

laidas

Vilnius, Lithuania

MrMichigander

Marquette, United States

J

jenda

Czech Republic

L

Leemcd

Australia

Lisbeth

Perth, Australia

Michelle

Sydney, Australia

S

Sven

Netherlands

E

Erich

Zurich, Switzerland

MW

Matt Willis

United States

MC

Mark Cowburn

United States

Benjamin Kniaz

Boston, United States

D

Dalton

San Francisco, United States

daniel

maryborough, Australia

BA

Burf and Patsy

St. John's, Canada

E

Eduardo

Paraguay

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

Please log in to comment.

  • Madesto    Apr 4, 2021

    Samuel said he will pay by 10th next month

    Log in to reply • Share
  • Samuel    Mar 13, 2021

    I would like to be paying Kshs 100/=. This is the amount that I am comfortable with

    Log in to reply • Share
  • Madesto    Mar 3, 2021

    i called samuel but promised to repay on time without failure.

    Log in to reply • Share
  • Samuel    Feb 1, 2021

    I am not able to pay more than that amount

    Log in to reply • Share
  • Samuel    Nov 24, 2020

    Dear lenders,

    Covid 19 pandemic affected my business like many others. I am working on its recovery after which I can be able to make ontime repayments.

    Thank you for your patience.

    Log in to reply • Share
  • Samuel    Nov 24, 2020

    Facing financial challenges

    Log in to reply • Share
  • Jenipher    Nov 9, 2020

    Mr. Samuel has requested to be given enough time since his business is hardly hit by Corona pandemic.

    Log in to reply • Share
  • Samuel    Oct 11, 2020

    I need time to adjust

    Log in to reply • Share
  • Lilian    Oct 1, 2020

    Halo lenders,, I have spoken to samwel who is really down financially but promises to adjust repayment to a lower amount to continue paying the loan when this will be a bit easy on him

    Log in to reply • Share
  • Samuel    Sep 6, 2020

    I cannot pay the instalment due to financial constraints

    Log in to reply • Share
  • Lilian    Sep 1, 2020

    Samwel has promised to pay though his business is down

    Log in to reply • Share
  • Samuel    Jul 11, 2020

    I am not able to pay the current instalment amount.

    Log in to reply • Share
  • Lilian    Jun 13, 2020

    Samwels business is down but promises to pay

    Log in to reply • Share
  • Samuel    May 24, 2020

    Current Economic times are challenging. Hope to clear the arrears when things get better. Thank you.

    Log in to reply • Share
  • Janet    Apr 28, 2020

    I contacted Samuel, he said his business is not doing well at the moment but he's trying to find a way he can make the loan payment, I advised him to adjust to an amount he can pay for now till his situation improves.

    Log in to reply • Share
  • Samuel    Mar 29, 2020

    Dear lenders,
    I have not been able to honor my loan repayment schedule due shut down of my business by the government following Covid 19 crisis..
    Thank you for bearing with me.

    Log in to reply • Share
  • Samuel    Mar 29, 2020

    Stiff economic times following Covid 19 crisis

    Log in to reply • Share
  • Timothy    Mar 28, 2020

    I have advised Mwangi to adjust the installments because from the communication he said he was unable to repay using the earlier scheduled repayment. He further assured to repay some amount by the end of the month.

    Log in to reply • Share


Loading...

Loading...

Loading...