Motorbike for transportation of commodities for retail shop

Stephen Karanja

Nairobi, Kenya

69% repaid

Entrepreneur

Name

Stephen Karanja

Member since

February 2015

On-time repayments

271 installments  •  40%

About Me

My names are Stephen Karanja Mwai and I am 29 years old. I was brought up in a humble background in a remote village in Ndia Constituency in Kirinyaga County. As the last born in a family of ten, I was fortunate to have elder brothers and sisters who supported me in my education. Nevertheless, I was not lucky enough to enjoy the warmth and soothing words of my mother who died of hypertensive stroke when I was only three years old. I attended a local primary school where I studied for 9 years. Waking up at the crack of dawn and walking 2 kilometers to school every day on bare foot for 9 years is an experience that will always linger in my mind. Despite lack of school fees on a number of occasions, my persistence enabled me to score good grades that landed me in a reputable high school in 2001. Six years later, I joined Kenyatta University where I pursued a Bsc. degree in Biotechnology for four years. After graduating in Dec 2010, my expectations and hopes of securing a good job were high. Moreover, people at my place always have a lot of hope in the few individuals who are lucky to acquire university education. After looking for a job for four months without success, I consulted my friends who offered to train me as a freelance writer. Since I did not have a personal computer, I had to learn typing and writing research papers in the cyber. At first, it was challenging because of my slow typing speed and lack of money to settle my bills. After one year of hard work, I managed to buy my own laptop which made my work much easier and convenient. In the meantime, my relatives and friends at home were constantly asking me whether I got a well-paying job. I felt bad to disappoint them when I told them that I was still hustling for one. Once I became proficient as freelance writer, I decided to save some money with the aim of starting a small business. Given that freelance writing is a seasonal job, I saw it prudent to invest $940 of my savings in a retail shop. Before I managed to save this money, I had struggled with the problem of unwise spending of my money. After realizing that I needed help to overcome this problem, I took the initiative to attend various seminars where I gained useful tips on how to inculcate a culture of saving. With the help of my niece, the business has picked up well. When I am not in my shop, I am writing research papers while my niece operates the business. Moreover, the business is young and therefore requires more investment so that it can reach a stage where it can sustain itself. As such, a certain percentage of the money that I earn from freelance writing is channeled towards expanding the range of products available in my shop. Before making the decision to invest my hard-earned savings in the shop business, I took time to locate the best location that had the potential for doing the business. With the help of my brother who have many years of experience in business, I was able to locate a good place in Kayole Nairobi. My hope is to grow the business gradually with the goal of having my own supermarket. My hobbies include playing guitar, swimming, writing academic papers, and posting comments on social media.

My Business

My business is a retail shop that deals with selling food items such as rice, maize flour, wheat flour, sugar, cooking oil, baked products such as cakes and bread, milk, eggs, and juices. Recently, I have added hair gels and lotions to the stock. The shop is located in the outskirts of Nairobi City in a town called Kayole. I started the business about one year ago with a capital of $940. The shop serves a fairly large number of customers since it is strategically located at a junction along a busy street with many residents and passersby. The goods that I sell at my shop have a high demand since the area is residential with many low and middle income earners who need to do frequent shopping of food items to feed their families. The name of my business is "Nafuu Budget Shop." The reason I chose this name is because I wanted to catch the attention of potential customers in an area where some shop owners have even posted the prices of their items on the windows of their shops just to enable customers compare prices. The term "Nafuu" means better. As such, customers have been flocking at my shop, curious of doing their shopping at better prices. Moreover, the area is dominated by middle and low income earners who are often keen to compare prices before they make their purchasing decisions. My typical costs include the cost of buying stock to re-stock the shop and also introduce new items. On a weekly basis, approximately $300 may be spent on stock and transport of the goods from the wholesalers' premises to the shop. In terms of revenue, the business generates about $550 every month. Out of this, the net profit is about $330. Part of the profit is used to pay for the rented space while some is used to pay the salary of my assistant. Nevertheless, the largest percentage of the profit is reinvested into the business to expand the range of products available as per customers' demands.

Loan Proposal

If my loan proposal gets fully funded, I intend to invest the whole amount of $554 into a transportation project. A motorbike for my business will make a significant difference in my retail shop business because I will be able to penetrate into areas where products are sold at very low prices. Currently, I depend on the services of the nearest wholesalers who supply products at prices that make it impossible to compete with bigger shops. Since my competitors have enough capital to order large stocks, they are able to compete on a higher level by offering cheaper prices. In order to attract more customers and retain my loyal customers, the motorbike project will facilitate access to wholesalers who sell commodities almost 10% lower.
While a 50 kilos bag of sugar is being sold at $44 by the nearest wholesaler, I will be able to get it at $40 from markets further from my business. The same case applies to all other commodities. The cost implication in terms of fuel will be insignificant because I will no longer rely on wholesaler's transport services. The motorbike will also be ferrying passengers when it is not being used for carrying stock.
On average, I anticipate a monthly increase in net profit from the current $330 to $430. In addition, the proceeds obtained from carrying passengers will help me to meet my loan obligations without any delays. A $100 increase in monthly net profit will mean better savings and higher wages for my assistant. Overall, the project will give my business a new beginning.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$554.01

Date disbursed

May 5, 2016

Repayment status

Late

Projected term

52 months

Cost to entrepreneur

Service fee: $22.81

Lenders

M

marvin24

Giessen, Germany

C

Christian

Saarbruecken, Germany

N

nsamberger

London, United Kingdom

Elinor

Maple Lake, MN, United States

mbunifu

San Jose, United States

AltruisticSelfishnes

Chicago, United States

E

Emerald

Pompano Beach, United States

ErikN

Stockholm, Sweden

F

FHult

Stockholm, Sweden

R

Roman

Barcelona, Spain

AnnaChristina

Pittsburgh, United States

T

ToddK

Indianapolis, IN, USA, United States

giullina

Torino, Italy

M

mogensh

København V, Denmark

G

GLWall

Iowa, United States

tmisch

San Jose, California, United States

M

MarleyZiggy

Colorado, United States

N

ningli

Charlotte, NC, United States

Y

Yasha

Beer Sheva, Israel

Jeff and Marcie

Portland, OR, United States

B

BigLender

Austin, TX, United States

RockinRobin

Centennial CO, United States

MichaelR

Los Angeles, United States

B

briansedz

Canton, Ohio, United States

L

LiquidH

Elmhurst, United States

S

Siegerman1

Portland, United States

D

Dplayer33

Sydney, Australia

T

tmsaddress

Orlando, Florida, United States

nelson637

Greenbrae, California, United States

C

chrisherron

Chicago, United States

tasos

hove, United Kingdom

F

farwest

Alamo, United States

H

hanh352

Homosassa, United States

pbosakov

Sofia, Bulgaria

indeh

London, United Kingdom

B

Bouwina

Rotterdam, Netherlands

A

Alexandre

Sherbrooke, Canada

P

portlandloans

Portland, United States

J

JandC

Watsonville, United States

chrsve46

Stockholm, Sweden

Myrar

Aarau, Switzerland

K

KDeath

Dublin, Ireland

A

Aleks

Oslo, Norway

Z

Zippo

Berlin, Germany

A

Aman

Johannesburg, South Africa

Susansfund

Colorado Springs, United States

S

Serge

Bascharage, Luxembourg

IA

Ismini and Jerry

Stamford, USA, United States

D

danderson1953

Plainsboro, United States

AdvancingCompassion

San Diego, United States

L

loistf

Madrid, Spain

B

BobJames

Toulouse, France

R

RealUtopia

San Diego, United States

dhulsterwim

LIER, Belgium

swendl

Iowa, United States

D

Dave22202

Arlington VA, United States

Cadwah

Barcelona, Spain

E

eboleaga

Mexico City, Mexico

S

spesalvi

Houston, United States

rfriedenberg

New Jersey, United States

E

erogers

Vancouver, Canada

postnihilist

Honolulu, United States

J

jerryq

Redding, United States

L

lilbsedz

Raleigh, United States

Vla911

Milan, Italy

A

Andy

Berlin, United States

C

chrono

Toronto, Canada

M

Marod

Edmonton, Canada

EstanislaoCruz

Ewa Beach, United States

M

marcmesich

Kaohsiung, Taiwan

A

Andrii

Kiev, Ukraine

N

Navigator

Alavus, Finland

F

Fritzimax

Pacific City, United States

A

anonalender

Hampshire, United Kingdom

A

AndrewC

London, United Kingdom

P

peaceandcarrots

Hilltop, United States

H

HobbyCollector

Beach City, United States

P

Pavane

Kungsbacka, Sweden

N

NickLuder

London, United Kingdom

A

Alaska

Roscommon, United States

L

LenoMetus

Perth, Australia

D

doublehelix

Philadelphia, United States

MarshFamilyUK

Canterbury, United Kingdom

L

Lolababalola

Ames, United States

D

Draka

South park, United States

ibc123

Seattle, United States

JoaoManuel

Santiago Do Escoural, Portugal

somuchjackson

Boston, United States

Genady

Münich, Germany

P

pvranas

Boulder, United States

S

skohli

san francisco, United States

zZola

Gilford, United States

C

Clben7

Cincinnati, United States

M

Mystery15

Winnipeg, Canada

S

SanderBeckers

Brussel, Belgium

S

Smadori0

United States

D

Dianatalk

Netherlands

D

dajja

Stockholm, Sweden

E

elhh82

Petaling Jaya, Malaysia

Shemuel

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Matching Fund

Sterling, United States

C

chrishol

United States

T

tlbtlbtlb

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M

misaheat

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J

Jonas

Linköping, Sweden

A

adiipienaar

South Africa

T

theironbank

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jonnyhj

Stockholm, Sweden

E

Eleorest

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P

plhughes

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poorinvest

Sandefjord, Norway

S

salonasante

United States

K

Kimbo

Vietnam

S

sarah4d2

Saint Louis, United States

E

ewaters1

Australia

R

rakchickenman

Perth, Australia

mepster

San Francisco, Ca, United States

VK

Vasily Kudrin

Moscow, Russia

O

OzMonkey

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L

luckiestmonkey

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D

dscottprod

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B

blambert

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J

JonAlec

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H

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P

pfeng

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Grant Xavier Storer

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S

sarahb

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J

jacquelyn264

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A

aajmp

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R

Rajendra

Jamkhed 413201 Maharashtr, India

S

satheajay

United States

D

dh1423

United States

B

Bennphoto

United Kingdom

G

Gfunkey

United States

C

cocolo

United States

N

Nicolaas

Doha, Qatar

adrianz

United States

I

ident

Horsholm, Denmark

K

Kebrenagast

New York, United States

P

Paul

United States

P

pnrjulius

United States

Matthias Schulz

Berlin, Germany, Germany

reluck

Marseille, France, France

Kyle Hoback

Jersey City, NJ, United States

K

Kelly729

United States

Kallwejt

Warsaw, Poland

A

andreab

United States

J

Jack123

United States

SK

Sebastian Krohn

Amsterdam, Netherlands

Michelle

Sydney, Australia

M

Marcus86257

United States

Gab

Singapore

B

Bruce

Hong Kong

MJ

Matt Jenkins

United Kingdom

Justin Boswell

Reedley, CA, USA, United States

Villa Maria Outliers

Montreal, Canada

AA

Adam Atlas

Montreal, QC, Canada, Canada

Elias

Ulm, Germany

Gerald Sporbert

Chemnitz, Germany

A

Alan

United Kingdom

S

sa

Canada

MW

Matt Willis

United States

T

Teresa

Australia

JD

Jo Dane

Melbourne, Australia

PT

Pattie Thomas

United States

DN

Don Nichols

United States

Elly

Woudrichem, United Kingdom

jtreyes

United States

H

Hakon

Drammen, Norway

JM

John Meserve

United States

BS

Bart Sturm

Amsterdam, Brazil

Kate Courteau

United States

MA

Mary Art Hunt

United States

B

Beth

United States

A

André

Basel, Switzerland

R

Ryan

United States

E

erica

antwerpen, Belgium

Matthias

Seattle, United States

BV

Ben Veal

United Kingdom

ME

Mike Engsberg

United States

ward

Netherlands

Max Lettenberger

Madison, WI, United States

KL

Kevin Law

United States

Kevin

San Francisco, United States

HS

Harry Shulman

United States

M

Marc

Newcastle upon Tyne, United Kingdom

DB

Divya Bhat

United States

EB

Erica Brescia

United States

Sandi Kaucic

Stow, Ohio, United States

R

Roger

United States

M

Michal Švec

Czech Republic

Mouhamed

United States

MG

Meron Gribetz

United States

Paul

Seattle, United States

JD

Jeff DePree

United States

Oliver Hasenberg

Iserlohn, Germany

John Prendiville

Portland, United States

kristina

Dneprodzerginsk, Ukraine

Marcus M

San Antonio, Texas, United States

ME

Manaal Eisa

Washington DC, United States

RM

Robert Mulley

United States

NW

Nelson Wong

United States

BC

Best Chapman

United Arab Emirates

BB

Ben Bellows

United States

Framework Eyewear

Utrecht, Netherlands

MD

Michael Dahl

United States

C

chryddi

United States

Justus

Switzerland

OS

Omar Silas

United States

KD

Katharina dK

United States

NO

Nancy Owen

United States

PG

Paul Graham

United States

John Minges

United States

Diego

Monza, Italy

Christopher Hey

Sudbury, Canada

Craig Newmark

United States

The Zinc Team

San Francisco, United States

Humble Bundle Community

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JG

Jake Gibson and Beverly Picardo

San Francisco, United States

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