Buy more stock (brown rice) in anticipation of Easter

Foster

Mepe, Ghana

3% repaid

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How it Works

Entrepreneur

Name

Foster

Member since

July 2016

On-time repayments

85 installments • 87%

About Me

I am Foster Amuzu Korto from Mepe Agortigagorme, one of the underdeveloped towns in the Volta Region. Both my father and mother were/are uneducated but they cherished education so much. Consequently, they tried their best and sent me to school amidst financial challenges as the eldest son.

Despite all these struggles to make it, one of the major challenges then was the lack of electricity for studies at night. As a result of this, I was using a lantern to study by, "freely giving myself to mosquitoes" that refused to grant me a peaceful atmosphere in which to study. It was so bad that I fell sick several times until the mosquitoes became my friends. In addition to farming and fishing, my father taught me how to tap palm wine and use it for local gin (Akpetechie) distillation. He also taught me how to use sugar and mango for local gin distillation.
Hmmmmm....tears roll down my face any time I remember the hardships I went through. Things were so difficult in such a way that the proceeds from the farming, fishing and local gin distillations were "from hand to mouth." So, at class or stage three, I started looking after myself by weaving and selling baskets, searching for snails in thick forests for sale, and working on people's farms.

The story was different when I went to my Tertiary institution (Ho Polytechnic). At Ho Polytechnic, because I left my hometown, I depended on friends and student loans to be able to survive. God being so good, I graduated from Polytechnic and was posted to the Ghana Armed Forces (GAF) to do my National Service. The kind of training and coaching I had from the military environment really reshaped my life.

Summarily, these are the phases of my life so far. Thank you.

My Business

As indicated in the later part of my story, I was able to save GHS 2,000.00 from my National Service allowances after I have rented a single room in Accra where I did the service. In October 2015, I visited a friend in the Northern part of Ghana, Tamale to be precise. On the second day in Tamale, he (my friend ) asked me to accompany him to market which I happily granted. In the market, I saw different kinds of farm produce (an example is local brown rice) that are not common in Accra. I was like, gosh!, this is a business I must venture into.
Having observed the market, I informed my friend about buying the local brown rice from Tamale and selling it in Accra. He then took me to the local rice processing center (Lolandi Rice Processing Center). I quickly placed an order for 20 bags of 2.5kg brown rice and 20 bags of 2.5kg white rice at a cost of GHS 10.00 each just to test the market and see how consumers in Accra would respond. To my amazement, the consumers responded positively and all 40 bags of rice which I sold at GHS 15.00 each got finished within a week.
Having been convinced how lucrative this business would be, I called my suppliers and placed an order for 100 bags of rice comprising 50 bags of 2.5kg of brown and white rice apiece. The second order (100 bags ) got finished within two weeks. With this, I went and advertised on a radio station so more consumers called me and placed orders.
Based on the requests of my clients, I went and bought 100 bags of 2.5kg, 20 bags of 25kg and 10 bags of 50kg each of brown rice and white rice which I distributed to them. The major cost involved in the business is transportation and/or carriages.
Furthermore, I gave my parents GHS 2,500.00 from the proceeds or profits I have accrued to rent a store room so as to run a legal business that is stress-free. I am currently doing my first degree top-up in Accounting at Open University, Malaysia (OUM) on Accra Institute of Technology (AIT) campus. The remaining profits are being invested in Treasury Bills.

Loan Proposal

I wish to meekly use this opportunity to thank the entire ZIDISHA membership and all LENDERS who have greatly contributed to the success of my business so far. I ask for more divine blessings upon your lives and businesses.
I wish to humbly apply for a loan (third loan) of GHS 1,919.00 to enable me to buy inventory (local brown rice). With this loan, when approved, I will buy:
2.5Kg of rice (200 pcs @ GHS 5.00 each) = GHS 1,000.00
50Kg of rice (9 sacks @ GHS 100.00 each) = GHS 900.00
carriages/transport = GHS 100.00
TOTAL PROJECTION = GHS 2,000.00
Having set the record straight, my maintaining a 100% rate of on-time repayment since I joined Zidisha, I wish to assure all lenders that any money lent to me would be repaid with NO hesitation.
I am counting on your usual humane consideration and swift funding. Thanks.

Show original English

About Me

I am Foster Amuzu Korto from Mepe Agortigagorme, one of the underdeveloped towns in the Volta Region. Both my father and mother were/are uneducated but they cherished education so much. Consequently, they tried their best and sent me to school amidst financial challenges as the eldest son.
Despite all these struggles to make it, one of the major challenges then was the lack of electricity for studies at night. As a result of this, I was using lantern to study by "freely giving myself to mosquitoes" that refused to grant me a peaceful atmosphere me to study. It was so bad that, I fell sick severally until the mosquitoes became my friends. In addition to the farming and fishing, my father taught me how to tap palm wine and use it for local gin (Akpetechie) distillation. He also taught me how to use sugar and mango for local gin distillation. Hmmmmm....tears roll down my face anytime I remember the hardships I went through.
However, things were so difficult in such a way that, the proceeds from the farming, fishing and local gin distillations were "from hand to mouth". So at class or stage three, I started looking after myself by weaving and selling baskets, searching for snails in thick forests for sale and working on people's farms.
The story was different when I went to Tertiary institution (Ho Polytechnic). At Ho polytechnic, because I left my hometown, I depended on friends and student loan to be able to survive. God being so good, I graduated from polytechnic and was posted to the Ghana Armed Forces (GAF) to do my National Service. The kind of training and coaching I had from the military environment really reshaped my life.
Summarily, these are the phases of my life so far.
Thank you.

My Business

As indicated in the later part of my story, I was able to save GH¢ 2, 000.00 from my National Service allowances after I have rented a single room in Accra where I did the service.
In October 2015, I visited a friend in the Northern part of Ghana, Tamale to be precise. On the second day of arrival in Tamale, he (my friend ) asked me to accompany him to market which I happily granted. In the market, I saw different kinds of farm produce (example is local brown rice ) that are not common in Accra. I was like, gosh! this is a business I must venture in.
However, having observed the market, I have informed my friend of buying the LOCAL BROWN RICE from Tamale and be selling in Accra. He then took me to the local rice processing center (LOLANDI RICE PROCESSING CENTER). I quickly placed an order for 20 bags of 2.5kg brown rice and 20 bags 2.5kg of white rice at a cost of GH¢ 10.00 each just to test the market and see how consumers in Accra will respond. To my amazement, the consumers responded positively and all the 40 bags of rice which I sold at GH¢15.00 each got finished within a week.
Having been convinced how lucrative this business would be, I called my suppliers and placed order for 100 bags of rice comprising 50 bags of 2.5kg of Brown and White Rice apiece. The second order (100 bags ) got finished within two weeks. With this, I went and advertised on Radio station so more consumers called me and placed orders.
Moreover, based on the requests of my clients, I went and bought 100 bags of 2.5kg, 20 bags of 25kg and 10 bags of 50kg each of Brown Rice and White Rice which distributed to them. The major cost involved in the business is transportation and or carriages.
Furthermore, I gave my parents GH¢ 2,500.00 from the proceeds or profits I have accrued to rent a store room so as to run a legal business that is stres-free. I am currently doing my first degree top-up in Accounting at Open University, Malaysia (OUM) on Accra Institute of Technology (AIT) campus. The remaining profits are being invested in Treasury Bills.

Loan Proposal

I wish to meekly use this opportunity to thank the entire ZIDISHA members and all LENDERS who have greatly contributed to the success of my business so far. I ask for more divine blessings upon your lives and businesses.
I wish to humbly apply for a loan (third loan) of GHS 1,919.00 to enable me buy inventory (Local Brown Rice). This loan when approved, I will buy;
2.5Kg of rice (200 pcs @ GHS 5.00 each) = GHS 1,000.00
50Kg of rice (9 sacks @GHS 100.00 each) = GHS 900.00
carriages/Transport = GHS100.00
TOTAL PROJECTION = GHS 2,000.00
Having set the record straight my maintaining a 100% rate of on-time payment since I joined Zidisha, I wish to assure all lenders that any money lent to me would be repaid with NO hesitation.
I am counting on your usual humnane consideration and swift funding.

Thanks.