Loan to purchase stock for bar and restaurant

Vincent Nyagaka

Nairobi, Kenya

1% repaid

Entrepreneur

Name

Vincent Nyagaka

Member since

September 2018

On-time repayments

15 installments  •  40%

About Me

My name is Vincent Chweya Nyagaka. I was born in Kisii County in a country known as Kenya. I started school at the age of 4 years Ribate Academy before I joined Eronge Adventist. I passed very well and Joined Cardinal Otung'a Mosocho. After finishing high school I started to run a small business back at home to be able to assist my mother financially.
However, things were not that easy since you know back in rural areas businesses don't work well because most people don't have a main source of income and are in poverty.
I had to continue my studies after the results were out in 2011. I went to learn Business Management at the Nairobi University.
But due to the high unemployment rate in Kenya and lack of Jobs, I decided to venture into business.

My Business

I ran a business or Bar and Restaurant in Masimba, Kisii County. I have been running this business for 3 years now but unfortunately, last year was so worse since of Covid-19 pandemic. Our business was hit badly and I am looking for some money to add stock so that my business can recover fully. I also do small-scale farming I sell alcohol and beverages. Apart from selling liquor I also sell food. The business also has some lodgings.
I a good day I can make a profit of up to $80 and on the worst day, I can make $20.

Loan Proposal

I have a bar, lodgings and a small restaurant. Although I offer some services I need some stock to be able to balance the business.
Therefore that is why I am requesting the loan to be able to buy stock for my bar and restaurant business. Due to the Covid-19 pandemic last year my stock is not enough since some liquor and foodstuffs expired and I accumulated some bills. So thereby I am requesting a loan to fund my business so that I will be able to have all the customers' needs and increase sales.

Income Source

Business is resuming slowly although not fully but if I get the loan I will be able to buy some liquor and wheat floor to be able to push my business to the net level. In case the business doesn't work as planned I also do small-scale farming of food crops and cash crops. I farm Tea and maize.
Therefore believe you are funds are in safe hands and will be paid back fully within the stipulated time.
Thank you

Feedback

None

None

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Loan Info

Project Type

Classic Loan

Disbursed amount

$42.50

Date disbursed

Feb 21, 2021

Repayment status

Late

Projected term

7 weeks

Cost to entrepreneur

Service fee: $2.09

Credit risk payment: $6.28

Optional expediting fee: $6.28

Lenders

L

ldron7

Utah, United States

AF

a f

washington, United States

kuebel

Vienna, Austria

D

danderson1953

Plainsboro, United States

A

Austrian

Graz, Austria

H

HomesteadSchool

Glen Spey, United States

T

Travelover

Northville, United States

T

Trooperdan

United States

S

Sven

Netherlands

MW

Matt Willis

United States

TH

tom hd

United Kingdom

Carla

Amsterdam, Netherlands

Aran Dunlop

United States

M

mariamfula

United States

BG

Bruce Garretson

Portland, Oregon, United States

A

Alex

United States

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