Beauty salon

Margaret Akoth

Kombe Village, Kenya

5% repaid

Entrepreneur

Name

Margaret Akoth

Member since

February 2015

On-time repayments

203 installments  •  59%

About Me

I am Margaret Akoth, I grew up in a single parent headed family, we were six children living with our mother who didn't have a stable source of income. My father was a polygamist and opted to stay away from the family, absconding his duty as the head of the family. my mother was a stay at home mum. I went through my education and later dropped out due to teenage pregnancy. After leaving formal schooling, I joined a vocational skills course on hair care and beauty and graduated with a Certificate in beauty therapy.

I got married at the age of 18, I started my business of hair care and it helped me to raise money to meet the family obligations of food, shelter, clothing, medical and education when my husband was in College. In my Mbita community, women are not economically empowered though most of the households are headed by women.

I have four daughters and two sons. My eldest daughter has completed High School and the 2nd born daughter is a 3rd year in high school. The eldest want to be a nurse and my youngest son wants to be a pilot.

I like watching and visiting friends in my free time.

My Business

Hair beauty is a fast growing career. I provide hair care, styling and weaving. I would like to buy hair beauty and therapy products like weaves, oils and cleaning detergents for use in the my saloon business. The business is helping me raise money to meet my family economic obligations.

In a single day, I do serve upto 10 people in my hair and beauty shop. I do get a profit of KES 2,000 per day and I work 6 days a week. I intend to expand my business and buy new equipment, supplies and employ two people to help me meet the growing business demands. I am seeking a loan of KES, 79,034 that I will use to expand my business. With the boosted capital, I will be able to buy more hair beauty products and detergents in this August Holiday and serve upto 20 clients per day with a profit margin of Ksh 4,000 per day translating to Ksh 24,000 per week. I will be able to repay the loan in time pay the high school fee for my daughter in high school.

Loan Proposal

My business is growing up so fast and the demand for hair making products is high, i seek a loan of KES, 79,119, in which I will use KES 50,000 to purchase new hairmaking products. The remaining KES 29,119, I will use to buy assorted hair beauty products and detergents for use in my hair beauty and therapy workshop.

With the new and improved hair beauty inventory and detergents, I will be able to serve more clients and increase my profit by 40% per day. Increased profit will enable me to meet my family financial needs and repay the loan in time.

Feedback

8

None

None

  • BernadetteV    Aug 1, 2018

    Margaret repaid the loan already after 3 months. It’s a pleasure to lend to her.

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  • Mary    Jul 24, 2018

    Dear Margaret,
    thanks for paying back your loan. Best wishes for your continued success!

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  • BernadetteV    Oct 24, 2017

    It's a pleasure to lend to Margaret. She made repayments whenever she could and repaid the loan early.
    Best of luck, Margaret with your business.

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Loan Info

Project Type

Classic Loan

Disbursed amount

$779.66

Date disbursed

Aug 17, 2018

Repayment status

Late

Projected term

11 months

Cost to entrepreneur

Service fee: $32.84

Credit risk payment: $131.40

Lenders

TheMoonDuster

Brisbane, Australia

V

Vivek

Arlington, VA, United States

Mary

Germany

J

James

United States

A

Anonymous

United States

A

Anonymous

United States

M

Malte

Switzerland

GA

Gal Ashuach

רעננה, Israel

Darrell Burgan

Dallas, TX, United States

Nico Robin

Osaka, Japan

Cambium Foundation

Kirkland, United States

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