Renewal of premises lease for the next five years

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

Once I receive this money I am planning to renew my businesse shop lease for the next five years. I am expected to pay rent for one year to the Landlord which we have already negotiated terms.
Monthly rent will be usd 150 which is kes 15,000/- which will cost me usd1, 800 and in kes. 180,000/-
I have already save the remaining balance, so I was requesting zidisha to lend me so that i can be able to proceed with my business.
So once am done, i will be released from monthly repayment for a period of one year. This will give the perfect opportunity to repay back to zidisha.
Thank you zidisha

Feedback

6

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Loan Info

Project Type

Classic Loan

Disbursed amount

$767.00

Date disbursed

Aug 9, 2017

Repayment status

On Time

Projected term

17 months

Lenders

nicole

Worcester, Ma, United States

Paul Buchheit

Mountain View, United States

Craig

Memphis, TN, United States

Pedro R-C

Cambridge, United States

PG

Paul Graham

United States

A

Andrei

United States

Craig Newmark

United States

The Zinc Team

San Francisco, United States

Humble Bundle Community

San Francisco, United States

Paul Buchheit

Mountain View, United States

A

Anonymous

United States

CN

Craig Newmark

United States

JG

Jake Gibson and Beverly Picardo

San Francisco, United States

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  • Frank    Jul 6, 2022

    I was involved in the road accident, am currently down but i hope will resume back to my repayment as soon as possible

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  • Frank    May 17, 2022

    Business is reviving and i want to clear my installments

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  • Frank    Apr 5, 2022

    I will bounce back as soon as possible, because business has now starting resuming back

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  • Frank    Apr 5, 2022

    things will never be easy am paying this amount so as i bounce back

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  • Frank    Apr 5, 2022

    things willl never be easy am paying this amount so as i bounce back

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  • Frank    Feb 20, 2022

    i will bounce back to normal repayment once business has fully recovered from the covid 19.

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  • Frank    Jan 25, 2022

    business is not doing well, currently. But i hope normalcy will resume soon so as to update my account.

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  • Frank    Nov 17, 2021

    i would like to adjust my schedule so as to be able to repay the whole amount in installments

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  • Frank    Sep 4, 2021

    Business climate if not favorable due Covid 19 pandemic, but we hope normalcy will resume very soon.

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  • Frank    Sep 4, 2021

    Business climate is not favourable but once normalcy has resumed I will bounce back to My schedule

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  • Frank    Sep 4, 2021

    Business climate is not favourable

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  • Frank    Aug 28, 2021

    Business is slow due to Covid 19 Pandemic.

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  • Frank    Aug 28, 2021

    we have resumes services after long break so i will begin to repay back as from next week.

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  • Frank    Aug 3, 2021

    Business climate is not favourable due to lock downs

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  • Frank    Aug 3, 2021

    Currently business is very slow.

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  • Frank    Jun 26, 2021

    we are currently on lockdown so business is not going well

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  • Frank    May 31, 2021

    i would like to reduce my installments, so that i can organise my personal finances.

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  • Frank    Apr 13, 2021

    We are under succession of movement, hope the our government will lift the ban on movement.

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  • Frank    Mar 8, 2021

    Am expecting, to resume usual normalcy by next week.

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  • Frank Mwenda    Jan 30, 2021

    Frank said business has not picked up but he's trying to find a way to keep repaying his loan.

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