Loan for my knitting business

Jane Otiu

Eldoret Road Bloak, Kenya

30% repaid

Entrepreneur

Name

Jane Otiu

Member since

January 2015

On-time repayments

312 installments  •  87%

About Me

-I am a Married woman aged 53 I am the bread winner in my family
-I went to school up to primary level.
-One day I tried to start a business of selling paraffin but due to the high interest that the bank needed the business collapsed,I was supposed to pay the loan monthly but after taking the loan they changed to weekly which made me strain a lot to service.
-I started knitting when my business collapsed because I still needed to support my family and husband I started by knitting to my friends who after displaying my products in there Homes I got new customers which made the number to increase that’s how my business has been expanding.In Eldoret the population is so high and this is a good environment for my Business to grow.
I come from Kiambu and married to my Husband Who comes From Siaya I have been living in Eldoret for the past 30 yrs.

My Business

-I buy knitting threads from Eldoret town a role cost 1 $ each 1 set takes about 32 roles of thread which cost about 3200 /=(36 Us dolars) Kenyan shillings it varies with pattern in one month I can make 4 sates Which gives a nett profit of 5400/= (62 US Dollars)profit while my monthly expense are approximately 18200/=(209 US dollars)
The following is how I use my profit

10% give tithe to the Church
75% upkeep and food
10% support my grand Children
5% saving.

Loan Proposal

When am given this loan amount am applying for this time then I will be able to buy the knitting thread for this business worth eighty thousand shillings and also to
employ two young men to help me in this business and the their wages of the two will be forty thousand shillings.
I expect this loan amount to make make a major change in this business and it will grow by fifty percent .

Income Source

When am given this loan amount ,I will be able to make sure that I make much sales to enable me pay back the whole loan amount am given.
I have other supplementary business that am doing part time that can also help me pay back the loan amount.the money lending business am doing part time is also able to help me pay the loan am given .
Am promising to be faithful and honest to Zidisha and pay the loan am given the organization Zidisha.
Thanks so much in advance for considering my application.

Feedback

6

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  • nicole    May 5, 2019

    My fifth (!!!!) loan with Jane -- still recommended!

    Log in to reply • Share
  • nicole    Dec 7, 2017

    My fourth (!) loan with Jane, still one of the best!!

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Loan Info

Project Type

Classic Loan

Disbursed amount

$1,102.72

Date disbursed

Nov 20, 2020

Repayment status

Late

Projected term

10 months

Cost to entrepreneur

Service fee: $99.81

Credit risk payment: $149.72

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