Loan to buy a wood working lathe machine for my workshop

James

Limuru, Kenya

24% repaid

Entrepreneur

Name

James

Member since

January 2015

On-time repayments

124 installments  •  9%

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.

Feedback

None

None

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Loan Info

Project Type

Classic Loan

Disbursed amount

$100.00

Date disbursed

Jan 18, 2015

Repayment status

Late

Projected term

29 months

Lenders

numbat

Perth, Australia

G

gertrude

Cumberland, Canada

K

Krish

Dubai, United Arab Emirates

PulsoJewelry

Los Angeles, United States

W

WenShiDi

mobile, China

S

Sclodfelter

Los Angeles, United States

I

icmoonchild

Haddon Heights, United States

B

b_plok

Granada, Spain

J

jocke

Stockholm, United States

L

LongTallSallymander

Menomonee Falls, United States

Benz0

Reno, United States

A

anonalender

Hampshire, United Kingdom

G

gradient

KFAR SABA, Israel

I

idakaren

bonlez, Belgium

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Summary

Amount repaid

$30.36

Amount remaining

$94.52

Expected completion

Jun 25, 2017

Status

Repaying late

Installment amount

$1.12

Repayment History

Expected Payments Actual Payments
Jan 25, 2015 $16.88 Jan 25, 2015 $16.88
Feb 1, 2015 $0.00
Feb 8, 2015 $1.12 Feb 1, 2015 $1.12
Feb 15, 2015 $1.12 Feb 8, 2015 $1.12
Feb 22, 2015 $1.12 Feb 15, 2015 $1.12
Mar 1, 2015 $1.12 Feb 23, 2015 $1.12
Mar 8, 2015 $0.00
Mar 15, 2015 $0.00
Mar 22, 2015 $0.00
Mar 29, 2015 $0.00
Apr 5, 2015 $0.00
Apr 12, 2015 $0.00
Apr 19, 2015 $1.12 Apr 20, 2015 $1.12
Apr 26, 2015 $0.00
May 3, 2015 $0.00
May 10, 2015 $0.00
May 17, 2015 $0.00
May 24, 2015 $0.00
May 31, 2015 $0.00
Jun 7, 2015 $0.00
Jun 14, 2015 $0.00
Jun 21, 2015 $0.00
Jun 28, 2015 $1.12 Jun 29, 2015 $1.12
Jul 5, 2015 $1.12 Jul 4, 2015 $1.12
Jul 12, 2015 $1.12 Jul 18, 2015 $1.12
Jul 19, 2015 $1.12 Jul 18, 2015 $1.12
Jul 26, 2015 $1.12 Aug 9, 2015 $1.12
Aug 2, 2015 $0.00
Aug 9, 2015 $0.00
Aug 16, 2015 $0.00
Aug 23, 2015 $1.12 Sep 2, 2015 $1.12
Aug 30, 2015 $0.00
Sep 6, 2015 $0.00
Sep 13, 2015 $0.00
Sep 20, 2015 $0.00
Sep 27, 2015 $0.00
Oct 4, 2015 $0.00
Oct 11, 2015 $1.12 Oct 28, 2015 $1.12
Oct 18, 2015 $0.00
Oct 25, 2015 $0.00
Nov 1, 2015 $0.00
Nov 8, 2015 $0.00
Nov 15, 2015 $0.00
Nov 22, 2015 $1.12
Nov 29, 2015 $1.12
Dec 6, 2015 $1.12
Dec 13, 2015 $1.12
Dec 20, 2015 $1.12
Dec 27, 2015 $1.12
Jan 3, 2016 $1.12
Jan 10, 2016 $1.12
Jan 17, 2016 $1.12
Jan 24, 2016 $1.12
Jan 31, 2016 $1.12
Feb 7, 2016 $1.12
Feb 14, 2016 $1.12
Feb 21, 2016 $1.12
Feb 28, 2016 $1.12
Mar 6, 2016 $1.12
Mar 13, 2016 $1.12
Mar 20, 2016 $1.12
Mar 27, 2016 $1.12
Apr 3, 2016 $1.12
Apr 10, 2016 $1.12
Apr 17, 2016 $1.12
Apr 24, 2016 $1.12
May 1, 2016 $1.12
May 8, 2016 $1.12
May 15, 2016 $1.12
May 22, 2016 $1.12
May 29, 2016 $1.12
Jun 5, 2016 $1.12
Jun 12, 2016 $1.12
Jun 19, 2016 $1.12
Jun 26, 2016 $1.12
Jul 3, 2016 $1.12
Jul 10, 2016 $1.12
Jul 17, 2016 $1.12
Jul 24, 2016 $1.12
Jul 31, 2016 $1.12
Aug 7, 2016 $1.12
Aug 14, 2016 $1.12
Aug 21, 2016 $1.12
Aug 28, 2016 $1.12
Sep 4, 2016 $1.12
Sep 11, 2016 $1.12
Sep 18, 2016 $1.12
Sep 25, 2016 $1.12
Oct 2, 2016 $1.12
Oct 9, 2016 $1.12
Oct 16, 2016 $1.12
Oct 23, 2016 $1.12
Oct 30, 2016 $1.12
Nov 6, 2016 $1.12
Nov 13, 2016 $1.12
Nov 20, 2016 $1.12
Nov 27, 2016 $1.12
Dec 4, 2016 $1.12
Dec 11, 2016 $1.12
Dec 18, 2016 $1.12
Dec 25, 2016 $1.12
Jan 1, 2017 $1.12
Jan 8, 2017 $1.12
Jan 15, 2017 $1.12
Jan 22, 2017 $1.12
Jan 29, 2017 $1.12
Feb 5, 2017 $1.12
Feb 12, 2017 $1.12
Feb 19, 2017 $1.12
Feb 26, 2017 $1.12
Mar 5, 2017 $1.12
Mar 12, 2017 $1.12
Mar 19, 2017 $1.12
Mar 26, 2017 $1.12
Apr 2, 2017 $1.12
Apr 9, 2017 $1.12
Apr 16, 2017 $1.12
Apr 23, 2017 $1.12
Apr 30, 2017 $1.12
May 7, 2017 $1.12
May 14, 2017 $1.12
May 21, 2017 $1.12
May 28, 2017 $1.12
Jun 4, 2017 $1.12
Jun 11, 2017 $1.12
Jun 18, 2017 $1.12
Jun 25, 2017 $1.26

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