Purchase of additional inventory

Dennis

Chuka, Kenya

1% repaid

Entrepreneur

Name

Dennis

Member since

January 2018

On-time repayments

34 installments  •  44%

About Me

Hi. My name is Dennis Gitonga, aged 32 years,the first borne in a family of one sister and two brothers. I live in an area which is rapidly growing in the business sector and the population growth experienced in the recent past has led to a sudden need for supply of basic household commodities which encouraged me to start the business i'm running. I am a trained accountant and holding a bachelor of commerce (finance) degree with accounting experience and knowledge having worked in a busy company for the past five years. I started my business about six month ago after realizing that in order to succeed in this world one as to make extra money to cover my expenses. Seeing the population numbers had grown rapidly in the past two years, i noticed a great need for me to meet the demand for house hold commodities. is an encouragement to many people who may not be able to access small bank loans due the lack of resources to act as security for their loans. I wish could open local offices to facilitate this service to individuals who may not have technological known how to be able to receive the same services.

My Business

I run a distributorship business (Household commodities like sugar, rice,salt,cooking oil and fat, maize flour, wheat flour and biscuits) in the heart of one of the fastest growing metropolitan town in Tharaka Nithi county - Chuka Town. With a small starting capital i had of about Ksh. 100,000($1000), I've been able to establish a strong customer base that has helped me stabilize the enterprise. There is great demand for my products, This is profitable for me since i can get the products directly from the main suppliers and sell directly to to the wholesalers. The risks i face are customer preferences change from time to time but as long as i have the capital needed to acquire the different types of products available in the market, it would go along way to sort that challenge.My costs are basically staff salary and transportation of goods to the wholesalers and my revenues so far are quite good. But lack of enough stocks to meet the great demand for the goods is a great hindrance to my growth and eventual success.

Loan Proposal

The loan will be used to purchase additional stock for my business which will include Maize flour, wheat flour and cooking oil.
These additional stock will increase my overall turnover by 40% which will result to an increased margin(Profit) by at least 20%

Income Source

Currently due to Covid 19 pandemic situation in Kenya we will do delivery door to door to our customers.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$734.00

Date disbursed

Oct 22, 2020

Repayment status

Late

Projected term

4 months

Lenders

sderickson

Berkeley, CA, United States

JG

Jake Gibson and Beverly Picardo

San Francisco, United States

M

Melissa

United States

F

Fonz

United States

Ask Dennis a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.

Loading...

Loading...

Loading...