Purchasing power backup and additional stock for my cyber
Frank
Kisii, Kenya
100% repaid
Entrepreneur
Name
Frank
Member since
March 2014
On-time repayments
289 installments • 63%
About Me
I Frank Ogega Mageto i was born in 29th October 1984 at kisii county. I am the second born in our family.The family of mr. David Ogega Mageto and mrs. Martha Ogega our family consists four siblings, among them i am the second born. in our family Cliff Okindo Mageto is our first born followed by me, then Levin Nyanusi who is currently doing is bachelors degree at kenyatta university and our last born is Job Mageto who is in form one.
I hold the bachelors of arts in education degree from Makerere University college of Kampala. I am a businessman who is running the multiple business from Mobile banking, cyber cafe, stationery and Berber shop. i started business right from the time i was still at the university, running small scale business in our hostel.
while at college i met Rose and our relationship grew each day until we graduated. after graduation in January 2010, we had little capital from our savings of profits made from the business in college.we rented a single room and comforted our selves and hoping for the brighter morning each and every day.
After which we rented shop in kisii town in kisii county which we are paying $150 dollars a month.
Today we are a blessed with one charming beautiful daughter called Hazel Jerusa Mageto.
My Business
I am running the mobile banking business in kenya (m-pesa) which is worth $2000. cyber cafe which is worth $ 1000 and berber shop worth $800. i have four workers who i pay $ 50 each. i pay my shop rent $150 and eletricity $ 120 and lastly internet for $ 110.
I pay my house rent $ 120 whre eletricity i pay $ 20 , my budget at home is $ 150 and lastly i pay my house keeper $ 40.
my business keeps expanding each amd every month because i don't pay myself salary. so all the profits i return to business for the expansion. I want to grow my business and take it to the next level in couple of years and create massive job opportunities for the majority of unemployed youths in kenya. our business has done well for the past two years because of our dedicated efforts from me and rose.
Loan Proposal
I am planning to buy power back for my cyber and additional stock for the cyber, therefore once i receive these money i will buy the following;
Power backup at Usd. 350 in Kes. 35,000/-
20 reams of photocopying papers at Usd. 66 in Kes. 6,600/-
2 Carriages(tonners) ink for my printers at Usd. 60 in Kes. 6,000/-
Buying a Chair for our Church at Usd 15 in Ksh 1,500/-
The power back up will solve blackout problems since power is the major challenge in the cyber business and there are sometimes we can go the whole day without power. During the black out periods the prices are doubled. These will facilitate me to work any time weather there is power or not work must be done. we loose close to Usd 20 in a hour when there is no power, so i will be able to maximize the profits
The photocopying papers i will be selling at Usd 4 in Ksh 400/- and i will be making profit of Usd 05 in Ksh 50/- per ream and the carriages will be for my printers and photocopying machines
These what i have planned to Use this money for once my loan is fully funded.
Feedback
Positive
6
Neutral
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Negative
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Loan Info
Project Type
Classic Loan
Disbursed amount
$495.00
Date disbursed
Dec 20, 2016
Repayment status
On Time
Projected term
22 months
Lenders
San Francisco, Netherlands
Croatia
United States
United States
Houston, United States
Ask Frank a question about this project, share news and photos of your own, or send a simple note of thanks or inspiration.
nicole Oct 11, 2017
BernadetteV Oct 11, 2017
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