Restock existing store & open a new branch
Alex Masumbuko
Mombasa, Kenya
22% repaid
Entrepreneur
Name
Alex Masumbuko
Member since
December 2014
On-time repayments
340 installments • 88%
About Me
My name is Alex Masumbuko. I was born in Kitui County of Eastern region of Kenya. I was born in a family of farmers where my parents practised small scale farming. I spent my childhood years assisting my parents with their day to day chores.
I went to local schools where I studied up to secondary school but I could not proceed with my education since my parents were unable to afford college fees. I then decided to move to Mombasa in search of a job. I did not secure a job as expected and I started hawking small wares from door to door.
I made savings which enabled me to open a small electrical shop which I am running to date.
I am married with one child who is 2 years old. I am a committed member of my church where I am involved in many group activities.
My Business
My business deals with sale of electrical items such as wiring cables, wall sockets, bulbs etc. I am a retailer and I source my merchandise from wholesalers. I normally sell my items to contractors and technicians who do electrical work.
I decided to start this business due to the rapid expansion of Mombasa city where many new buildings are coming up and there is a big demand for electrical items. This is the main reason why I started this business since I wanted to get a market share of the boom.
I make a profit of about $380 which I use to support my family and also for business expansion.
Loan Proposal
I am glad my business has grown over time and I have increased my stock which in turn has boosted my sales and profitability. My store is in the city center but I need to open another branch in an peri-urban area. This will enable to reach more people who are unable to reach the city due to the prohibitive transport costs.
The new store will cost me around USD 1000 which will be enough to lease the store and put fixtures and branding. I will then use another USD 2500 to buy stock for the new store and the existing one too.
My clientele has grown over time and I am sure of doing well in my new venture. I will repay the loan on time as I have done previously.
About Me
My name is Alex Masumbuko. I was born in Kitui County of Eastern region of Kenya. I was born in a family of farmers where my parents practised small scale farming. I spent my childhood years assisting my parents with their day to day chores.
I went to local schools where I studied up to secondary school but I could not proceed with my education since my parents were unable to afford college fees. I then decided to move to Mombasa in search of a job. I did not secure a job as expected and I started hawking small wares from door to door.
I made savings which enabled me to open a small electrical shop which I am running to date.
I am married with one child who is 2 years old. I am a committed member of my church where I am involved in many group activities.
My Business
My business deals with sale of electrical items such as wiring cables, wall sockets, bulbs etc. I am a retailer and I source my merchandise from wholesalers. I normally sell my items to contractors and technicians who do electrical work.
I decided to start this business due to the rapid expansion of Mombasa city where many new buildings are coming up and there is a big demand for electrical items. This it the main reason why I started this business since I wanted to get a market share of the boom.
I make a profit of about $480 which I use to support my family and also for business expansion.
Loan Proposal
I am glad my business has grown over time and I have increased my stock which in turn has boosted my sales and profitability. My store is in the city center but I need to open another branch in an peri-urban area. This will enable to reach more people who are unable to reach the city due to the prohibitive transport costs.
The new store will cost me around USD 1000 which will be enough to lease the store and put fixtures and branding. I will then use another USD 2500 to buy stock for the new store and the existing one too.
My clientele has grown over time and I am sure of doing well in my new venture. I will repay the loan on time as I have done previously.
Feedback
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Loan Info
Project Type
Classic Loan
Disbursed amount
$3,787.07
Date disbursed
Jan 21, 2019
Repayment status
Late
Projected term
34 months
Cost to entrepreneur
Service fee: $150.34
Credit risk payment:
$751.73
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