Loan to expand my motorbike business

James Wambugu

Ndenderu, Kenya

100% repaid

Entrepreneur

Name

James Wambugu

Member since

June 2014

On-time repayments

308 installments  •  81%

About Me

I am James Wambugu, a Kenyan IT professional, but with a passion for farming.
I was brought up in a rural setting, where indigenous chicken was reared as a hobby as opposed to a commercial venture. Am also venturing in the transport industry which has a lot of potential.
I am currently working as an IT officer with a logistics company, and at the same time rearing indigenous chicken at my rural home.
I am married, with two daughters.
During my free time, i watch a game of football with friends. I am a diehard fan of Arsenal FC.

My Business

The current pandemic has dealt a blow to many businesses and mine was no exception. My motorbikes were unable to bring in any income, as their hours of operation coincided with the curfew hours that was put in place by the government to curb the spread of Covid-19.
I had no option but to sell them.
This time, i want to buy land, with the objective of settling on it and doing commercial poultry farming. I have identified a piece of land that is in a strategic place. I have done due diligence and it is genuine. The land is costing $ 5,000.

Loan Proposal

If i get this loan, I am going to buy another motorbike. This will add to the previous motorbike that i bought with the previous loan. I will also sell the first motorbike, (That i had bought myself without the loan), because it is now more than two years old, and has started requiring more money for servicing.
The money i get from the loan and the sale of this old motorbike will be added together to buy the new motorbike. This will maintain my fleet at two.
I still hope to be able to generate 3 USD per motorbike daily, giving me a total of 6USD.
This will help me in repaying the loan and meeting other expenses like servicing, paying for insurance, and local government licenses.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$690.61

Date disbursed

Sep 23, 2017

Repayment status

On Time

Projected term

16 months

Cost to entrepreneur

Service fee: $28.95

Lenders

SuperMario28

Cudahy, United States

Mike and Jacqui

United Kingdom

NS

Natalie Stone

United States

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