Purchase of inventory for my retail shop

Paul Meltus

Springs, Kenya

27% repaid

Entrepreneur

Name

Paul Meltus

Member since

January 2015

On-time repayments

220 installments  •  35%

About Me

I am 31 years of age and single, not having a family yet. will work on this later when all works well and am financially stable.

I was born and raised in Kari Muguga, I attended primary and secondary school education from the years 1991 – 2002. I lost my father in the year 1994 while in class for in primary, my mother a nursery school teacher worked hard to take me through education.
In finishing high school in the year 2002 and at the age of 18 years, I wouldn’t join campus through government sponsorship as I was 2 points below the cutoff points. This was after the results were released in the year 2003. For me to get to campus I therefore had to get some job and work my way to campus as a privately sponsored student as I still had qualified to join campus.
I travelled from the urban area to a rural area Kericho, to find work in a tea factory. I managed to secure a job at Litein Tea factory as a cleaner, which I did for 18 months, I took my self for driving lessons (part time) and passed the test in 2004 getting a driving license. A friend then invited me in Mombasa in the year 2008 and secured me a driving job in a car rental business Pervig Car rentals, which I worked for two years and later joined Avenue prestige car hire which I worked for another two years. I mainly drove clients to the North coast ( Malindi , Kilifi, Lamu) , south coast (Diani, Kwale, Likoni) other than that also to Nairobi, Voi and Wundanyi ,Taita. I loved the places I was a tourist too in my country Kenya. I also picked clients from the Moi international airport in Mombasa and took them to various hotels they had booked. As much as I liked the adventures I still thought of school .
I therefore decided to find a place that I would have a good environment to do my studies and found Moi university Main campus Eldoret to be the right place for me. I therefore had to travel to Eldoret and find a place for me to live, a job to do too so that I could be able to take care of myself. With my saving I managed to secure a room and after a week of searching I found a job as a retail shop attendant. I worked for one year and with the amount I had raised in my saving $437.00 bought the shop from my boss who was travelling abroad. The same year I too applied for a course Business Management degree and was admitted. I am currently in my second year just finished the first semester waiting to start the second semester on 11th May 2015 to August 2015.
I didn’t think I would get to wherever I am now, in campus and also own my own business. I am hoping to be in a position to assist my mum as she is about to retire, just as she took care of me and show her the worth of investing in me.

My Business

My retail store deals with the purchase of inventory at wholesale and selling in retail to the student population in the campus not only are my services extended to the students but also to the teaching and non teaching staff in the campus.

Location and customers
My retail shop is located next to the main stage and here my customers surround me in a radius of 4Km. the area is densely populated as the students live in hostels some of storey buildings. And it is from this main stage shops that the same customers come to buy their necessities. The campus has a population of 50,000 students when in session and a working population of approximately 6,000 teaching and non teaching staff.
The campus has two graduation ceremonies that is in August and December every year and during these times the activities in my retail shop are high with so much traffic that increases the daily sales volume resulting to high returns in terms of profit.

Competitors
As for competitors I have several with one with supermarket, but this encourages me to work hard to get to that level. Students too are in the business some offering a wide range of services from beauty to computer services and shops. To be above my competitors quality services provided to the customers is essential to have the customers coming back for more.

Products and services
My business sells or offers the following items cereals ( maize, beans, green grams, peas, and rice), foodstuff( bread, cakes, cooking fat, maize flour, and wheat flour) , others (scratch cards, sweets, salt, and sugar) just to mention but a few. These are purchased in bulk hence enjoying economies of scale and selling at a margin in small quantities in order to make a profit for my self so as to cater for my expenses and ploughing back a certain percentage in the business.

Monthly expenses and profits earned
My retail shop expenses are as follows
Rent $ 32.00
Electricity $ 6.50
Water $ 5.40
License $ 43.00 (yearly)
Salary $ 70.00
Misc expenses $ 20.00

Monthly income $ 600.00
Less expenses $ 134.00
Net Profit $ 466.00
Inventory $ 391.00
Tuition fee $ 75.00
From the net profit I use 12.90% to save for my tuition fee and 87.10% in purchase of inventory.

Since joining Zidisha my profits have risen by 24% and am hoping this will continue increasing.

Loan Proposal

Dear Lenders,
I do kindly request for your assistance in funding my loan, which will be used in the purchase of retail shop inventory such as sugar, cooking fat, maize and wheat flour, rice, green grams e.t.c.) This will assist me increase my sales volume and profit which will enable me pay for my tuition fees in January 2016, as I start my 3rd year. The fee is at $1324 per academic year. I receive Kenyan government funding from the Higher Education Loan Boards (H.E.L.B) of $526.00 which is paid directly to the institution. Profits generated from my retail shop will pay the remaining balance of my fees $798 by saving $75 per month from September 2015. The 3rd academic year will run from January 2016 – August 2016 and, I will complete my fees by the end of July 2016. Thus will sit for my end of year examinations without tuition fee problems.
I will ensure that I also pay my Zidisha installments in time and as stated in my repayment schedule abiding by the rules and regulations stipulated.
Thank you.
Paul Meltus

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Loan Info

Project Type

Classic Loan

Disbursed amount

$594.13

Date disbursed

Aug 28, 2015

Repayment status

Late

Projected term

65 months

Cost to entrepreneur

Service fee: $24.67

Lenders

Pranjal

Noida, Kenya

Zidisha

Sterling, United States

T

thomashult

Bromma, Sweden

E

elhanan

Columbus, United States

Matthew

New York, NY, United States

W

wogman

Evanston, United States

S

samuk

Nottingham, United Kingdom

OzKiwi

Brisbane, Australia

madnomad

San Francisco, CA, United States

C

cczapp

Hilliard, United States

Jalene

Redmond, Oregon, United States

A

Aastra

Los Angeles, United States

K

Kinger

Dublin, Ireland

S

snizlefoot

Edina, United States

ATrain

Nashville, United States

W

Woodyrocks

London, United Kingdom

southcentral

Zürich, Switzerland

L

loistf

Madrid, Spain

M

mrsdshomestead

ash fork, United States

W

wildnis

Seattle, United States

danielytao

Boston, United States

RoryWitt

San Diego, United States

K

Katehar

Maple Valley, WA, United States

B

BobJames

Toulouse, France

J

jwharding

Hamburg, Germany

JennyinParis

Paris, France

P

pellm

Ashland, United States

K

katykoo

New York, NY, United States

S

seatea1967

Madison, United States

N

Nassara1

Evergem, Belgium

D

Dettmann1

Atlanta, United States

J

janharg

Garland, Tx, United States

T

Travelbear

Asheville, United States

C

creightonr

Buffalo, United States

E

eirccharrie

Cupertino, United States

FrederikMatthijs

ghent, Belgium

T

ThomasGermany

Wuppertal, Germany

bryancain

Toluca Lake, United States

O

Oktober

North Kingstown, United States

Echo

Wellington, New Zealand

H

hchsmicroloans

New York, United States

U

UmSaeed

Southfield, United States

D

Dionne

Pembroke, Bermuda

M

mwkelley2

Columbus, OH, United States

A

amnesiac

Adelaide, Australia

D

Dave22202

Arlington VA, United States

yorick

Springfield, United States

Alina

Amsterdam, Netherlands

A

Aaron

Zurich, Switzerland

F

FuzzyHat

London, Canada

Z

zblongladder

Somerville, United States

W

WellingtonPFClass

Columbus, Oh, United States

M

Mooper

Los Angeles, United States

R

rawlo5660

san jose, United States

D

djschin

Heber City, United States

C

cescotet

Needham, United States

D

Diane

Blue Hill, United States

RandyPetersen1

Colorado Springs, United States

R

Roxyclark

Heber City, United States

J

justincomish

Riverton, United States

H

hivervan

watou, Belgium

B

Bluejay

Magrath, Canada

OlyRhys

Olympia, United States

C

christina

Heber City, United States

A

Aziza

Washington, United States

ohlandtmann

Moorestown, United States

J

jerryq

Redding, United States

S

sdamani

Duluth, United States

C

cutebird2

Seattle, United States

U

UsefulDrivel

Fort Worth, United States

J

jackieric

Folsom, CA, United States

M

moneypatch

Heber City, United States

L

lilbsedz

Raleigh, United States

T

Tui1974

nuenen, Netherlands

Tania

Antwerpen, Belgium

H

hetultel

Ahmedabad, India

HMS_5th_Grade

Honolulu, United States

1

1711mp

Brooklyn, United States

L

LenderTrender

Freeville, United States

Vla911

Milan, Italy

jhealy87

Silver Spring, United States

J

Jyoti

Herndon, United States

C

chrono

Toronto, Canada

chadgibbs

Loveliest Village, United States

J

jonesabankwa

Bronx, United States

F

FredBetty

San Antonio, United States

G

glh25

Winooski, United States

C

ComPASSIONateRafiki

Ft. Myers, United States

P

peter9

Victoria, Canada

davidt

San Francisco, United States

G

Gwencalon

Garching b. Muenchen, Germany

L

LukeTenney

Mayfield, Australia

GH

Gav H

Langley, Canada

B

Britteva

Oslo, Norway

M

Moamar

Grand Rapids, United States

J

JoeOmundson

Portland, OR, United States

Shamrock

Wicklow, Ireland

VintageCalifornia

San Diego, United States

shamrock1778

Bardstown, United States

F

Funnels4Jesus

Calgary, Canada

T

texasags

owasso, United States

D

d3witt

Cheyenne, United States

Bobrm2k3

Charleston, United States

M

mgnyc

New York, United States

R

Rondo911

sherbrooke, Canada

ericacamille

Brooklyn, United States

Richard100

Santa Ana, United States

nmatpt

Lisboa, Portugal

P

prashant

SUNNYVALE, United States

G

gregc

Calgary, Canada

S

solarkismet

Logan, United States

M

MarkGallagher

Glasgow, United Kingdom

Y

Yecats

New York, United States

M

mrsfit

Surrey. BC, Canada

E

ElliottGarlock

Palo Alto, CA, United States

A

arwaandali

Ottawa, Canada

A

AFGriffith

Woodinville, United States

J

jeremysherwood1

Cocoa, Fl, United States

W

Winniether

Rochester, United States

D

ddandipu

Calgary, Canada

S

shrike718

West Chester, United States

W

Walter1

Bergneustadt, Germany

H

Hobbit64

Milano, Italy

A

acolomitchi

Eynesbury, Australia

A

amish

San Francisco, United States

M

maxep06

Fairfax, United States

A

Avalokiteshvara

Yau Yat Chuen, Hong Kong

James

Paris, France

C

CJAnderson

Sydney, Australia

H

HomesteadSchool

Glen Spey, United States

Sheena47

Ottawa, Canada

N

Neveda

Flagstaff, United States

U

UTLonghorn

Lincoln, United States

colochef

Montevideo, Uruguay

J

jasonandvachi

Renton, United States

ashleeandjeanelle

Auckland, New Zealand

J

jasontoheal

Geraldton, Australia

M

MACH1351CJ

HOMMELVIK, Norway

1staidgirl

Surrey, Canada

B

Britams

Amsterdam, Netherlands

claire.mcleland

Springfield, United States

P

Phoint

Zurich, Switzerland

N

Navigator

Alavus, Finland

S

Somniferum

Ontario, Canada

numbat

Perth, Australia

larsandanika

Langen, Germany

M

Moonknight

Østre Gausdal, Norway

K

Krish

Dubai, United Arab Emirates

RebeccaW

Houten, Netherlands

melzisme

Kl, Malaysia

F

fredrikahl

Stockholm, Sweden

W

WenShiDi

mobile, China

C

caldw142

Whanganui, New Zealand

S

Sclodfelter

Los Angeles, United States

F

Fritzimax

Pacific City, United States

Bill2073

Florida, United States

O

ommthree

Egg, Switzerland

C

Colmena

Chicago, United States

B

b_plok

Granada, Spain

C

corvus

Paris, France

kivadoris

Vancouver, Washington, United States

DVM1417

Seaford, United States

J

jocke

Stockholm, United States

J

johanwinnubst

Amsterdam, Netherlands

paulclinton

malaga, Spain

S

sarapho

Hawkestone, Canada

L

LongTallSallymander

Menomonee Falls, United States

J

Justicar007

Longueuil, Canada

H

hokyplyr

Lincoln, United States

A

anonalender

Hampshire, United Kingdom

A

AndrewC

London, United Kingdom

G

gradient

KFAR SABA, Israel

R

RickRozemuller

Groningen, Netherlands

I

idakaren

bonlez, Belgium

3

381inc

Beverly HIlls, United States

P

Paleomagick

Eldred, United States

C

Carlos

Barcelona, Spain

S

Sreval

Manly, Australia

FriendinOregon

Hillsboro, Oregon, United States

L

Leonora

TÄBY, Sweden

KeenanT

Turner, OR, United States

H

howard

Vence, France

P

Pavane

Kungsbacka, Sweden

Freewolf

Salt Lake City, United States

Grant Xavier Storer

Seattle, Wa, United States

LH

Lisa Heinze

Milwaukee, Wisconsin, United States

Christopher Hey

Sudbury, Canada

M

Maggie

Australia

JG

Jake Gibson and Beverly Picardo

San Francisco, United States

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