Entrepreneur
Name
Foster
Member since
July 2016
On-time repayments
85 installments • 87%
About Me
I am Foster Amuzu Korto from Mepe Agortigagorme, one of the underdeveloped towns in the Volta Region. Both my father and mother were/are uneducated but they cherished education so much. Consequently, they tried their best and sent me to school amidst financial challenges as the eldest son.
Despite all these struggles to make it, one of the major challenges then was the lack of electricity for studies at night. As a result of this, I was using a lantern to study by, "freely giving myself to mosquitoes" that refused to grant me a peaceful atmosphere in which to study. It was so bad that I fell sick several times until the mosquitoes became my friends. In addition to farming and fishing, my father taught me how to tap palm wine and use it for local gin (Akpetechie) distillation. He also taught me how to use sugar and mango for local gin distillation.
Hmmmmm....tears roll down my face any time I remember the hardships I went through. Things were so difficult in such a way that the proceeds from the farming, fishing and local gin distillations were "from hand to mouth." So, at class or stage three, I started looking after myself by weaving and selling baskets, searching for snails in thick forests for sale, and working on people's farms.
The story was different when I went to my Tertiary institution (Ho Polytechnic). At Ho Polytechnic, because I left my hometown, I depended on friends and student loans to be able to survive. God being so good, I graduated from Polytechnic and was posted to the Ghana Armed Forces (GAF) to do my National Service. The kind of training and coaching I had from the military environment really reshaped my life.
Summarily, these are the phases of my life so far. Thank you.
My Business
As indicated in the later part of my story, I was able to save GHS 2,000.00 from my National Service allowances after I have rented a single room in Accra where I did the service. In October 2015, I visited a friend in the Northern part of Ghana, Tamale to be precise. On the second day in Tamale, he (my friend ) asked me to accompany him to market which I happily granted. In the market, I saw different kinds of farm produce (an example is local brown rice) that are not common in Accra. I was like, gosh!, this is a business I must venture into.
Having observed the market, I informed my friend about buying the local brown rice from Tamale and selling it in Accra. He then took me to the local rice processing center (Lolandi Rice Processing Center). I quickly placed an order for 20 bags of 2.5kg brown rice and 20 bags of 2.5kg white rice at a cost of GHS 10.00 each just to test the market and see how consumers in Accra would respond. To my amazement, the consumers responded positively and all 40 bags of rice which I sold at GHS 15.00 each got finished within a week.
Having been convinced how lucrative this business would be, I called my suppliers and placed an order for 100 bags of rice comprising 50 bags of 2.5kg of brown and white rice apiece. The second order (100 bags ) got finished within two weeks. With this, I went and advertised on a radio station so more consumers called me and placed orders.
Based on the requests of my clients, I went and bought 100 bags of 2.5kg, 20 bags of 25kg and 10 bags of 50kg each of brown rice and white rice which I distributed to them. The major cost involved in the business is transportation and/or carriages.
Furthermore, I gave my parents GHS 2,500.00 from the proceeds or profits I have accrued to rent a store room so as to run a legal business that is stress-free. I am currently doing my first degree top-up in Accounting at Open University, Malaysia (OUM) on Accra Institute of Technology (AIT) campus. The remaining profits are being invested in Treasury Bills.
Loan Proposal
I am into retailing of Local Brown Ghanaian Rice at cost price of USD2.52 per 2.5kg bag which I sell at USD3.78 and make a profit of USD1.26 on every 2.5kg bag.
This business is very lucrative; however, I don't have a warehouse to keep my goods (rice) so I wanted to buy a 2 metal containers so house my goods in Tamale( where I buy the rice ) and one in Accra where I sell the goods.
However, a 20 x 25 metal container is going for USD755.85 (GH¢3,000.00). This means that, the two containers will cost USD1,511.70 (GH¢6,000.00). So what intend doing is that, if I take this second, I will use it buy some more goods then after selling, whatever profit I get, I will add it to the principal and make part payment for one container.
Finally, because I want to firmly establish my business, all profits accrued from the business will be reinvested into the business.
I meekly need your your usual support to shift my business to a different level.
Long live Zidisha, Long live our Lenders
Thanks
About Me
I am Foster Amuzu Korto from Mepe Agortigagorme, one of the underdeveloped towns in the Volta Region. Both my father and mother were/are uneducated but they cherished education so much. Consequently, they tried their best and sent me to school amidst financial challenges as the eldest son.
Despite all these struggles to make it, one of the major challenges then was the lack of electricity for studies at night. As a result of this, I was using lantern to study by "freely giving myself to mosquitoes" that refused to grant me a peaceful atmosphere me to study. It was so bad that, I fell sick severally until the mosquitoes became my friends. In addition to the farming and fishing, my father taught me how to tap palm wine and use it for local gin (Akpetechie) distillation. He also taught me how to use sugar and mango for local gin distillation. Hmmmmm....tears roll down my face anytime I remember the hardships I went through.
However, things were so difficult in such a way that, the proceeds from the farming, fishing and local gin distillations were "from hand to mouth". So at class or stage three, I started looking after myself by weaving and selling baskets, searching for snails in thick forests for sale and working on people's farms.
The story was different when I went to Tertiary institution (Ho Polytechnic). At Ho polytechnic, because I left my hometown, I depended on friends and student loan to be able to survive. God being so good, I graduated from polytechnic and was posted to the Ghana Armed Forces (GAF) to do my National Service. The kind of training and coaching I had from the military environment really reshaped my life.
Summarily, these are the phases of my life so far.
Thank you.
My Business
As indicated in the later part of my story, I was able to save GH¢ 2, 000.00 from my National Service allowances after I have rented a single room in Accra where I did the service.
In October 2015, I visited a friend in the Northern part of Ghana, Tamale to be precise. On the second day of arrival in Tamale, he (my friend ) asked me to accompany him to market which I happily granted. In the market, I saw different kinds of farm produce (example is local brown rice ) that are not common in Accra. I was like, gosh! this is a business I must venture in.
However, having observed the market, I have informed my friend of buying the LOCAL BROWN RICE from Tamale and be selling in Accra. He then took me to the local rice processing center (LOLANDI RICE PROCESSING CENTER). I quickly placed an order for 20 bags of 2.5kg brown rice and 20 bags 2.5kg of white rice at a cost of GH¢ 10.00 each just to test the market and see how consumers in Accra will respond. To my amazement, the consumers responded positively and all the 40 bags of rice which I sold at GH¢15.00 each got finished within a week.
Having been convinced how lucrative this business would be, I called my suppliers and placed order for 100 bags of rice comprising 50 bags of 2.5kg of Brown and White Rice apiece. The second order (100 bags ) got finished within two weeks. With this, I went and advertised on Radio station so more consumers called me and placed orders.
Moreover, based on the requests of my clients, I went and bought 100 bags of 2.5kg, 20 bags of 25kg and 10 bags of 50kg each of Brown Rice and White Rice which distributed to them. The major cost involved in the business is transportation and or carriages.
Furthermore, I gave my parents GH¢ 2,500.00 from the proceeds or profits I have accrued to rent a store room so as to run a legal business that is stres-free. I am currently doing my first degree top-up in Accounting at Open University, Malaysia (OUM) on Accra Institute of Technology (AIT) campus. The remaining profits are being invested in Treasury Bills.
Loan Proposal
I am into retailing of Local Brown Ghanaian Rice at cost price of USD2.52 per 2.5kg bag which I sell at USD3.78 and make a profit of USD1.26 on every 2.5kg bag.
This business is very lucrative; however, I don't have a warehouse to keep my goods (rice) so I wanted to buy a 2 metal containers so house my goods in Tamale( where I buy the rice ) and one in Accra where I sell the goods.
However, a 20 x 25 metal container is going for USD755.85 (GH¢3,000.00). This means that, the two containers will cost USD1,511.70 (GH¢6,000.00). So what intend doing is that, if I take this second, I will use it buy some more goods then after selling, whatever profit I get, I will add it to the principal and make part payment for one container.
Finally, because I want to firmly establish my business, all profits accrued from the business will be reinvested into the business.
I meekly need your your usual support to shift my business to a different level.
Long live Zidisha, Long live our Lenders
Thanks
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Loan Info
Project Type
Classic Loan
Disbursed amount
$248.00
Date disbursed
Oct 11, 2016
Repayment status
On Time
Projected term
6 months
Other loans
Lenders
CT, United States
United States
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