Loan to buy a wood working lathe machine for my workshop

Entrepreneur

About Me

I was born on 14th November 1984 in Limuru, Kiambu County. I joined primary school in 1991 and went to Manguo Primary School. I cleared in 1998. I enroled at Kanunga High School in 1999 and left in 2002 with a C+ (Plus). My dream was to be a teacher and my parents could not afford the high college fees. I stayed at home for two years upon completing high school. My parents sold a portion of our land to finance my college education. I joined Murang'a Teachers Institute in 2004 and cleared in 2007 with a diploma in teaching. I searched for a job afterwards for the succeeding 6 months and after failing to secure one, I decided to attend carpentry and joinery classes in my neighborhood. I attended for almost a whole year and was trained to be a carpenter . Afterwards, my parents gave me a $150 to start my own workshop in our home. Its the only money they had and i started by buying essential tools like hammers, chiesel, saws for $50 and bought timber with the remaining $100.

My Business

I began my workshop in 2009 in one of the rooms in my parents' compound. It began as a small business and 6 years down the line has established. I started by making furniture for my neighbors who kept referring more clients to me after making for them firm, quality, and good-looking furniture. I have hired two young men who are my co-workers. We make chairs, sofa-sets, tables, wardrobes, beds, cupboards and so on. I pay the a salary of $100 each per month and we generate the revenue by selling furniture. Most of the business expenses go to timber which is very expensive here in Kenya. The average cost of timber in a month is $500. My average profit is $220 in a month. I use the profit by buying more stock of timber, tools and saving like $25 in a month.

Loan Proposal

I am planning to buy a Wood Working Lathe Machine. An owner is selling it at $520. I have $440 as savings. I will add my savings to the loan and buy the Wood Working Lathe Machine. The machine will be beneficial in the workshop. It will help by carrying out various operations like drilling, facing, cutting, threading, sanding, parting, grooving, reaming, knurling, and boring wood when used with other tools. The machine will make work easy and efficient and will ensure that more timber is designed and cut into required shape within a short time. Currently, my monthly profit on average is $220. The machine is expected to double this income.

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