4 installments • 100%
I run a business called Prov 31. I sell beauty products, jewellery and accessories such as belts, purses, pouches and wallets. In the business, I also market Oriflame products and do sell these products to Prov 31 customers and encourage people to join. The money gotten from the profit is used to run Prov 31 on a daily basis. i wish to grow this business as I enjoy doing what I do with it, selling is not easy but it is fun. I wish to make it grow and im hopeful, in the next 10 years, Prov 31 will be a multi millionaire business income earner.
Prov 31 is a small enterprise worth Kshs. 10,000. It is a mobile business, i,e We sell to people on delivery/ upon requests. Our products can be classified into beauty and accessories as described above. Our market target is mostly ladies and a few products for men. The goods we sell are in high demand since people use them on a daily basis and also, they require replacements after some time due to new fashion designs, boredom towards the old goods, etc
I chose the business because its a good income earner, only when it is financed well.
Prov 31's typical costs include 118 USD per month and revenues include 200 USD per month ( Both on average basis)
the profits are used in reinvesting for the business at the moment as what is gained is not enought o sustain other expenses outside the business.
When issued with the loan:
I will buy more products to be sold and reinvest the moeny to be able to pay the interest and improve the loan limits until Prov 31 is stable to finance itself.
To be specific, I will buy purses and sell them as shown below:
Cost : 9 USD PER PURSE
Revenue: 16 USD per purse
Profit 7 USD to be reinvested + repay loan.
Oct 27, 2014
Cost to entrepreneur
Lender interest: $49.85 at 6.18% annual rate over 1 month = $0.35
Service fee: $0.19
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