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.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$734.00
Date disbursed
Oct 22, 2020
Repayment status
Late
Projected term
4 months
Other loans
Lenders
United States
Jake Gibson and Beverly Picardo
San Francisco, United States
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