Loan to expand my hire-to-purchase clothes business
Thomas Kwame Billa
Sunyani, Ghana
100% repaid
Entrepreneur
Name
Thomas Kwame Billa
Member since
October 2014
On-time repayments
370 installments • 60%
About Me
About Me
I am Thomas Kwame Billa,30 years old, am married and I live in Sunyani . Professionally , I am an Accounting officer . After I completed high School I had good grades but cold not go to the University direct because of finance. So I worked as a sales boy in both charcoal and fish for four years before furthering my education . I then proceeded to the Polytechnic where I read HND Accountancy as my programmed of study and proceed to Kwame Nkrumah University of Science and Technology where I had my first Degree in Bsc. Business Administration Accounting. My passion is entrepreneurship . My desire is to owe a group of companies .
My Business
l am into Hire purchase business where I deal in cloths, ladies panties, ladies under wears, ladies slippers, braziers, men singlets , boxer wears, materials etc. The name of the business is TRUST GOD HIRE PURCHASE.
The goods are useful and of hire demand because they are goods of necessity which human cannot do without. This is because after eating, one must cloth him or herself without walking naked.
I chose this type of business because it is most flexible for the clients to afford in terms of payment since it does not involve "cash and carry" that is instant cash payment for the goods. I give the goods to my client on credit by taking an initial deposit and with the support of my wife she goes round everyday to the clients and take the money in bits for the one month period.
The typical cost of the goods are the purchasing cost , transportation cost and delivery cost to clients since that one involve boarding a taxi from area to another. With the current cost I incur for a consignment 470 US Dollars . 400 US Dollars is the cost of buying the goods from the distributors and then 70 US Dollars for transportation to my destination of business and delivery cost to client in their various areas .
The business is so lucrative with only 0.1% risk of default for the one month period of payment . Some of the goods are bought at a unit price of 10 US Dollars , 8 US Dollars, 7 US Dollars and others 5 US Dollars and 2 US Dollars.
Therefore the revenue stream is as follows; A profit of 5 US Dollars is added to each of the unit price of the goods with the fact that the goods are given out on credit without taking instant cash and also,by taking into consideration element of inflation and price changes in the market. However there must always be an initial deposit before the products are delivered to the clients. The profit gain is reinvested in growing the business.
Loan Proposal
Hello my precious and able lenders, I would like to request for additional funding of of USD 104 my previous loan has been very productive. My business is taking better shape now. I would want to increase my stock to 30 pieces of cloths and also increase the other wears by 3 dozens each. This will help me make more profit since there is not more than 1% default in my sales with strategy am using. I will sincerely appreciate it if I am am funded this loan and I will definitely pay it back on time I honestly promise as i paid the first loan . Thanks you so much for your support .
Loan Proposal
Once, again I say thank you to my able lenders for the past loan granted me. Please , I need additional loan to by more goods to extend my operational areas because the business has now become very competitive and therefore need more capital injection. To make profit and to be able to grow the business I need to travel to the Villages to make sales. I will be very grateful if am granted this loan to help in the building of my dream Company and I promise to payback in time and on time without defaulting.
Thank you and trusting on my precious lenders.
Feedback
Positive
None
Neutral
None
Negative
None
Loan Info
Project Type
Classic Loan
Disbursed amount
$696.25
Date disbursed
Jul 23, 2015
Repayment status
On Time
Projected term
10 months
Cost to entrepreneur
Service fee: $17.60
Other loans
Lenders
Atlanta, United States
Reston, United States
[email protected], Belgium
Chicago, United States
Sevenoaks, United Kingdom
Plainsboro, United States
Germany
Kaohsiung, Taiwan
Honey Grove, United States
Hilltop, United States
Singapore, Singapore
World Peace, United States
Silver Spring, United States
Oslo, Norway
Brussel, Belgium
Tulsa, United States
San Jose, United States
United States
Australia
United States
Moscow, Russia
United States
United States
United Kingdom
United States
United States
Canada
United Kingdom
United States
Canada
Portugal
United States
Amsterdam, Netherlands
Austria
Germany
Denmark
Waverton, Australia
Switzerland
Montreal, QC, Canada, Canada
Kiel, in the very north of Germany, Germany
United States
Australia
United States
United States
United States
United States
France
Sweden, Greece
United States
United States
United States
United States
Canada
Australia
United States
Bulgaria
Australia
United States
United States
Germany
Sweden
United Kingdom
United States
United States
Ask Thomas a question about this loan project, share news and photos of your own, or send a simple note of thanks or inspiration.