Making new welding machines

Agustine Omoro

Nairobi, Kenya

5% repaid

Entrepreneur

Name

Agustine Omoro

Member since

May 2014

On-time repayments

128 installments  •  65%

About Me

Am a kenyan aged 27 years.I come from Homabay county, Ndhiwa district,Nyarongi division,Kanyadoto west location,Kabura sub location.I started my primary education at Odhiambo Rambo Primary school where I did my KCPE in the 2003 and attained 324 marks out of 500 marks.I then joined Miranga secondary school Where I did my KCSE in the year 2007.I then joined a college and took engineering in Electrical Rewinders(This is like repair of welding machine, motors Grinders and radio transformers)and attained Diploma.I started this business to help me live a better life and assist my siblings.Have managed to purchase several wires and materials used for making new machines.My hobby is reading novels

My Business

Am currently running a workshop of electrical rewinders in Kayole, these deals with repair and making of new machines used for welding.I will use this loan to purchase more wires like copper,aluminum and transformers costing USD400 and other materials like holders,welding cables,paints costing USD 500 used for making new machines for resale.I intend to pay back this loan with money made from the sale of new machines and repairs made,I expect profit increase of around 250 per month I intend to use this profit on school fees and expanding my business by making more machines.My customers are mostly welders who make steel doors,widows,stair grill,metal beds e.t.c.Customers prefer my machines because they are durable and affordable to all customers compared to my competitors.My business is profitable because we have many customers.My business faces the risk of insecurity but we have mitigate this by employing a security guard.My Monthly cost is a round $850 and my monthly income is around $950.

Loan Proposal

I will use the $760 I will receive for making to make 7 new welding machines(the money will buy wires like copper,aluminum and metal for the cover as well as paint ).the cost for making each machine is $110 including the labor for the other young people who will be involved in helping .I will then sell the machines @$ 150-160 making a profit of $ 40-50 per machine .It is anticipated that i will be able to making at-least two machines daily and it we normally sell 2-3 machines a week.I will be able to make a profit of at-least $80 a week which will help me repay my loan,provide for my family needs as well as plough back a portion of the profit in buy materials for making new machines.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$897.00

Date disbursed

Apr 13, 2016

Repayment status

Late

Projected term

8 months

Cost to entrepreneur

Service fee: $36.98

Agustine opted to pay $107.96 into the Zidisha Members Loan Fund in return for a higher starting credit limit.

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