I am called Christian Amoashie from Ghana in the west Africa, I am married with two kids and they all wish to become chartered accountants in future. I am a christian by faith and the treasurer of the men fellowship in my church. I started my own business by acquiring some loan from a bank.
I sell made in Ghana slippers and sandals. Due to the rampant use of the African wear clothing, people buy the made in Ghana slippers and sandals for their dressing and that pushed me into that business. This business make me get some income to support my kids education.
I will buy made in Ghana slippers and sandals with the loan for resale. This will help my business to expand to increase my profit and also help my customers get all types of designs to buy.
Due to the rampant use of the African wear clothing, people buy the made in Ghana sandals and slippers frequently so it will be very difficult for me to run at loss but in case of any risk I will repay with profit from my other business.
May 1, 2021
Cost of loan
Service fee: 5% of $34.22 = $1.59
Credit risk payment: $4.42
Optional expediting fee: $5.12