Loan to buy five bags of rice for my provisions store

Entrepreneur

About Me

My name is Prince Arhin from Akwatia in the Eastern Region of Ghana. I am the third born to my mother and the tenth born to my father. As you can see competition to schooling won't be easy. Father had about 20 children I mean those that I know so with this if you are not clever then forget that he will take you to school. In fact I was very poor at learning so he decided not to waste his time and money on me at all but all these while my mum was fighting for me. This woman caught for me throughout my elementary and junior high school. As a poor learner repetition in class was my food. I wasted three years throughout my elementary and Junior high school. God being so good to me I passed my finally exams with grade 10.

With this grade I got an admission into the senior high school. There too it wasn't easy for me at all. My mom had little money so whenever I am going to school I get few provisions; just gari, sugar and a bar of key soap and my pocket money was a hell. That time which is between 2004 to 2007, I was given just USD3.00 as pocket money while some were bringing USD50.00 and above, so I always told myself it is well. I passed through all these hardships then completed in 2007 and since my grade wasn't good I had to stay home for three year before going to the tertiary school.

In the year 2010 I started my tertiary school and there God really did me a favour. I was counted among the best three students of my class so during my second year I was asked to become a Teaching Assistant to one of our lecturers. I graduated with a second class upper division and my dad who hated me for being poor at learning now begun to embrace me.

My Business

I own a provision store at Sadams, a suburb of Akwatia and in the store I sell a lot of goods. Among the product I sell are a tin of Milo, sugar, saops and detergents, canned foods, cereals and grains, toothpaste and toothbrush and many more.

Since Sadams is a suburb and for that matter a new site, more and more people move to settle there so the sale of these above mentioned products keeps on increasing thereby increasing my profit margin.

Of late I have realized that people normally ask of iced blocks and chilled minerals as well as cold water so I have decided to buy a refrigerator which will help me sell those product I have mentioned above.

It cost me monthly USD850.00 for the products I buy and sales revenue is USD1100.00. Out of this sales revenue USD55.00 take care of my expenses USD195.00 is my profits.

Also, I have started an online course in Business Administration Level 7 Diploma of which I need money to pay for my school fees.

Aside this business I am operating I am a salaried worker of which I receive USD330 every month so when I am being given this loan I would be able to pay it to the smallest gram.

Should I be offered this loan I would pay it to the lenders satisfaction as I did to my previous loans.

Loan Proposal

My business supplies the community in which I stay with the basic necessities. Due to the number of people moving to settle at Sadams over the past years, there has been an increase in the demand of the goods that I sell on daily basis and for that matter most of the products get finished within a day. This make it more lucrative and profitable.

I sell a lot of provisions which include milk, tomato paste, milk powder, rice, beverages and many more. Those that I have listed are the ones which are highly demanded by my customers. Among these products, I buy them on regular basis since my working capital is not enough. Over the years, I used to buy half boxes of each of the products I have listed so they normally get finished within a day of which am to go to the market regularly thereby increasing my expenses.

Now I want to add rice to it cos the demand is high now. I use to buy the rice in five kilos but since the demand is high now I would want to buy five bags now. Now there is new school beside my house and all the rice they cook for their students are being bought from my store so I believe this will add a lot of profit to my working capital.

There are some setbacks my business is currently facing which include lack of adequate working capital to buy more goods. Every month it cost $600.00 for goods. Sales revenue per month is $770.00 of which $150 is profit after paying off some expenses like carting of the goods. With this profit that I get monthly and even more sometimes, when given the loan, I can pay it accordingly as I have stipulated.

Should I be granted the loan, I will buy a box each of the products that I have listed and also buy five bags of rice which will help me increase my sales revenue per month thereby increasing my profit per month. Again, I will reinvest the profit into the business. The previous loan that by your help you gave me really added to my life and I am sure this too will greatly add abundantly to my life and even those around me.

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