Loan to plant beans to pay school fees
Wycliffe
Busia, Kenya
73% repaid
Entrepreneur
Name
Wycliffe
Member since
February 2015
On-time repayments
16 installments • 44%
About Me
I am a Kenyan aged 50 years. I hail from Ekisumo village, Nambale district in western part of kenya. I had formal education upto 'A' level and trained as an accountant. After working for 8 years, I resigned to undertake agri-business.
I am a father of 5, 2 daughters and 3sons. The first daughter has completed training in teaching she's awaiting employment. The others are still schooling.
I am intending to expand my business so as to complete fees arrears for my children and also renovate my home.
My Business
I am a farmer, I grow maize,surgarcane,beans and peanuts. Currently I have 1.5 acres of sugarcane in the shamba after harvesting the others. In this part of the country,we plant twice a year, during long and short rains.
Typically, I harvest about 20 bags of maize,4bags of beans and 2 bags of peanuts.
This business is economically viable because I use about $800 per season from planting to harvesting and sell at about $1300 making a profit of approx. $500 every season. This ofcourse after putting aside produce for my family's consumption. Profits earned from this venture are used for schooling my children, meeting normal family needs and renovation of my home.
Because I plant both long term and short term produce, I will be able to pay any loan funded to me on time.
Thanks.
Loan Proposal
I inted to use $40 for ploughing my 0.2ha of land, $40 will be used to purchase seeds and fertilzer, another $20 will be used for weeding 2 times and applying herbicides.
After 60 days,the beans will be ready for harvest, I am expecting about 5 bags from the same. At the current market price of $50 per bag I will make a profit of about $150.
Therefore I am appealing for funding of this project which will help me to pay part of school fees for my son.Thanks in advance.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Feb 13, 2015
Repayment status
Late
Projected term
3 months
Lenders
North Carolina, United States
Germany
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