Joe
Rhoda, Nakuru, Kenya
6% repaid
Name
Joe
Member since
February 2017
On-time repayments
16 installments • 6%
I was born in 1982 in North East Karachuonyo location, Kotieno Gumba village in Rachuonyo District of the current Homabay county. I did my primary education in 1998 where I sat for the Kenya Certificate of Primary Education. After completing primary school, I proceeded to New Kisumu Secondary School
In 2000, I joined the informal sector (Jua Kali) sector in nakuru and started making and selling improved cookstoves. I am blessed with one daughter. I look forward to growing the business to a level that I will generate enough income that will improve my livelihood and that of my family. I hope to educate my child to the highest level possible and also buy land for building a house.
My business was started in 2000.The business deals in production of improved cookstoves such as Kenya Ceramic Jiko and Uhai stove. The business faces the challenge of an ever increasing cost of production brought about by increase in prices of primary raw materials. This requires one to increase production so as to lower the costs. Scaling up of production requires additional working capital. Access to capital is also is not easy due to lack of collateral required by the financial institutions.
Together witth my savings, the loan will be used to purchase raw materials for metal cladding at Ksh. 3,000 and to pay labourers Ksh 2,500. The loan will enable me to produce additional 100 units of complete stoves in a month. This will increase my profit by Ksh.5,000 a month. Because of the additional capital, the business will scale up production , increase profitability and serve more customers. This increase in income will enable me feed my family well and invest in proper housing for them.
Positive
None
Neutral
None
Negative
None
Project Type
Classic Loan
Disbursed amount
$16.00
Date disbursed
Feb 8, 2017
Repayment status
Late
Projected term
3 months
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