Loan to rejuvenate / stock my barbershop

Thomas Mwanza

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Thomas Mwanza

Member since

December 2014

On-time repayments

278 installments  •  65%

About Me

My name is Thomas Mwanza and I have a passion for making a difference in my local urban community. I believe that if every person contributes positively to the society, our world will be greatly improved in no time. In addition, I know that sacrifice is the reason for a better tomorrow. I was raised and educated up to college level in the rural areas of Eastern Kenya before relocating to the city in search of work. Since I could not secure a formal job, I opted to work in a barbershop as an assistant and saved some money with which I began my own business. Beginning the business was not easy since I had to skip meals to save some money . In the end, I was able to accumulate enough money because I was patient. In my culture there is a wise saying that: little by little fills the drum, and I completely agree with it.

My Business

My business is a barbershop where I offer the service of shaving people according to their desired styles. The reason for getting in to this business is because it was my hobby since childhood. Demand for barber services is constant and I always have customers. I am particularly good in relating with customers in addition to shaving them excellently so I have many new and return customers. The typical costs I incur in this business are related to buying shampoos, rent, electricity bill, and salary for one assistant. These costs are usually lesser than the income I get. Therefore, I will get money to repay the loan in timely manner.

Loan Proposal

This loan I will use to buy some inventory including the new shaving machine and the assorted oils used in the shop. Some of the money will be used for observation of the Covid 19 protection eg masks, sanitizer and water.

Income Source

I will work hard and offer good service that will help me get the money to repay the loan installment in the coming weeks and through out the loan duration. Strict adherence to Covid 19 protection will be critical to the success

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$328.20

Date disbursed

Feb 1, 2021

Repayment status

Late

Projected term

8 months

Cost to entrepreneur

Service fee: $15.38

Credit risk payment: $52.29

Optional expediting fee: $30.76

Lenders

M

marycb

United States

Paul Buchheit

Mountain View, United States

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