New binding machine for startup

Francis

Nairobi, Kenya

100% repaid

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How it Works

Entrepreneur

Name

Francis

Member since

August 2016

On-time repayments

144 installments • 60%

About Me

I am the last born of 6 children. I have a wife and a beautiful daughter. My parents have both retired in the village and they depend on us to sustain them. I have a bachelors degree in information technology. After 5 years of looking for work and failing, i decided to open a small shop next to a college in my area. I focused on offering photocopying, printing and typing services to the college students. I started 2 years ago and now the business has grown in leaps and bounds. Through hard work and dedication, i hope 2018 will be even better for me. When i am not at work, i spend alot of time with my family, watch movies in the house and read novels.

My Business

I have a Shop offering Cyber, Copy and Printing Services. Apart form this, i also bind special reports that need to be bound and collated, Scan and Laminate documents. The secret to succeeding in this business lies in diversification. In future, i wish to open an online business and run an eCommerce store using my cyber cafe as my physical address.
An average of total revenue per month is $500. With the profit, i am able to pay for my business rent and re invest in the business, house rent and general house expenses.

Loan Proposal

I want to buy a new binding machine.
I bind approximately 22 reports per day at the cost $0.5 per report. Total is around $11.
I buy binding spirals at a cost of $0.1 per spiral. That is $0.1*22 which is $2.2
Binding covers cost $0.2. Thats a total of $ 4.4. So my total expenses are $6.6. Which leaves me with a profit of $3.4 per day. With a bigger binding machine i can increase my output by double. Your help will be greatly appreciated.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$15.00

Date disbursed

Aug 26, 2016

Repayment status

On Time

Projected term

8 weeks

Other loans

Lenders

Dean Suminski

Portland, Oregon, United States

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Francis Mar 21, 2019

I need to finish repayment faster.

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Francis Dec 6, 2018

Business not doing so well. I will resume normal payments in 2 weeks time

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Angela Dec 5, 2018

Francis has promised to pay Kshs. 500 but he has personal and financial issues that he is sorting out

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Ceciliah Oct 12, 2018

Hello family,

I have just talked to Francis and he has promised that he is making arrangements to pay as soon as possible.

Best regards

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Ceciliah Sep 3, 2018

Hi family,
I have talked to Francis and he has promised to pay back coming next week.

Thanks for your patience.

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Angela Jun 20, 2018

Francis has some financial difficulties and he has promised to pay his loan next week.

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Ceciliah Jun 5, 2018

Hi family
Francis has told me that he is very sorry for the delay and he has promised to pay back soon.
He said on 7 th June he will do something.

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Francis Jan 23, 2018

I would like to reduce my loan repayment to KES 200. I will later on increase to KES 800 as business picks up and venture into online business

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Francis Jan 8, 2018

I received 51,177 KES. I am in the process of negotiating a service level agreement with the best service provider. The balance i will buy a laptop. Will post a picture asap. I would like to thank you all for the loan.

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Francis Jan 4, 2018

I would like to thank my lenders. It is not what we have; but what we give that makes us rich.
I will sign a service level agreement for maintenance for my machines and buy a new laptop to enable me setup an online business. Thanks again...I will surely keep you up to date.

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Francis Dec 29, 2017

Enjoying the holiday season with my daughter at home. Happy New Year!

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Francis Dec 9, 2017

Hi guys,
Good news, my business has been doing so well i have managed to repay the full amount of the loan. I wish to commend you guys for the good work that you are doing. My family and I have really benefited from this and my business has grown in leaps and bound. I will post a photo of my family soon.

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Francis Nov 8, 2017

I received $342.25 which i plan to repay before Jan 16 2018 so that i can get the bonus. I will buy a new machine to increase the output in my business.
Thank you for the loan.

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Francis Oct 12, 2017

I wish to thank my lenders for the loan. I will buy a new photocopier to enhance business

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Francis Oct 10, 2017

Dear Lenders;
I would like to commend you on the great work you are doing. Through your help, my hardwork and help from above. Mt business has grown on leaps and bounds. I now employ 4 pple in my shop. I no longer have to stay there since the business runs itself. I am now able to concentrate on other projects, my family.

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Francis Oct 9, 2017

Hey good people. I have finished paying loan. I must say, the early repayment bonus is amazing.

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Francis Aug 23, 2017

Dear Craig,
Thanks for the loan. I will setup my second shop with this loan...photos coming up shortly.

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Francis Aug 22, 2017

Dear Team,
Now that the political situation in Kenya has returned to normal after the elections, normal business resume. I was able to clear my loan and i hereby wish to borrow and open a new shop outsite a local university here. I want to take advantage of students need to photocopy notes, type assignments and finish projects. Once it catches on, i will buy afew computers and open a cyber for students to research. Hope all goes well.

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Francis Aug 21, 2017

Dear Lenders,
I would like to take this opportunity to update you on my current loan. Although business was slow at the beginning of the month, it has started picking due to stable political condition and also an influx in tenders, work and return of university student.
I have been looking to open another shop near Technical University of Kenya where i will get enough traffic from university students who need photocopy, binding of reports, typing and cyber services.
I will be able to finish the current loan soon, and start on the new project with the next loan.
All this wouldn't have been possible without your help.
Oh and about my family,,,my daughter has just turned 3 months today :))))

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Ceciliah Aug 4, 2017

Hi family,
Francis paid back his weekly loan contribution yesterday.
I have just talked to him.
I think it's the delay with the system update.
Thanks

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