Purchase of a tracking device for my matatu

Entrepreneur

About Me

My Name Is Eric Wambugu. I am the first born in a family of four siblings. I am 30 old and a Travel Consultant with 10 years’ experience in the industry. I work in Nairobi town, the capital city on Kenya. I am married and a father of one daughter who is one year and eight months old.
I generally have a passion for the transport Industry which led me to invest in a Passenger Service Vehicle (PSV) and have been running this business since 2011 to provide extra income for me and my Family.
This year in may i managed to buy a piece of land at a place called isinya and i set up a green house. Its an eight of an acre and have planted tomatoes. I am also able to provide for my siblings and also my parents.
I wish to use this platform to get funds to expand my business having paid my previous Zidisha loans on time.

My Business

Part of my income source includes my salary from my job as a travel consultant.
I also run a Passenger Service Vehicle (PSV) business commonly referred to as Matatu(a fourteen seater van) business here in Kenya.
Basically my matatu plies route between Central Business District(Nairobi) to the outskirts of Town(Ngong). The business has employed two people: Driver and Conductor who collects payments from passengers.
Passengers in kenya always opt to use matatu’s, since they are faster and fill up fast as compared to the thirty three or thirty seven seater buses. The matatu's also makes quick turn-arounds and several trips compared to buses, thus an ideal competitor.
The business generates about $ 20/day gross and a net of $ 15/day.

From my job through the sacco and the matatu business, i managed to buy an eighth of an acre piece of land and bought a green house through a company called Nguzo international. The best thing about Nzuzo is that they manage the farm for you and even have a ready market for the produce. The contract with them is for five years and its renewable. Again, the crops are insured through an insurance company called jubilee insurance. They provide watering equipment, garden horse, hose connectors. water weep hose, coil hoses, PVC pipe fittings and sidllings all at a cost of USD 3000. The income is between USD 300-350 monthly.
I wish to apply for a loan of USD 1950 to purchase another green house, i will add the difference 1050 from my savings.

Loan Proposal

I am requesting for a loan of USD 910.00 which i will use to buy a tracking device for the van. (the cost is USD 700.00, USD 210.00 will be for the payment of annual subscription). The fee of USD 700.00 is also inclusive of installation. When I fit the tracing device, i know that the daily income for the vehicle will increase by around $4.00 nett per day as i will be able to monitor the vehicle from my phone and i will be able to repay the loan easily as i have done in the past without fail.

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