Sale of electrical appliances

Michael Ofosu

Berekum, Ghana

100% repaid

Entrepreneur

Name

Michael Ofosu

Member since

January 2015

On-time repayments

32 installments  •  72%

About Me

My name is Michael Ofosu. I am 30 years of age. I come from Berekum in the Brong Ahafo Region of Ghana. I am in a family of three and the first son of my parents. Am married, and have a one year old child .I started my education at Berekum Methodist Basic School and furthered at the Berekum Senior Secondary School. After a successful completion, I went to St Joseph College of Education where I pursued a Diploma in Education. Had my Degree in Education at the University of Education Winneba. Currently I am a Basic school Teacher. Aside my teaching profession
I am into sale of home appliances. I started the sale of home appliances due to the high demand of such goods in my community. Currently I have one store and a warehouse for keeping my goods I hope to expand my business to meet the market demand of my community

My Business

I started the sale of home appliances in the year 2007. I started my business with a capital of about 500 dollars from a loan I secured from a bank. I opted for this business due to the demand of such goods in my community. People had to travel for miles to the cities to buy their home appliances. I found out the need to go into the business because electricity was first introduced to most of the communities around and peoples taste and preference for home appliances rose. I stared the business with one store assistant but now I have four assistants. I have in stock televisions, pressing irons, electric fans, sound systems, blenders, hand dryers, microwaves and other home appliances. I hope to extend my business to include the sale of computers and their accessories’ I will need about 3000 dollars to embark on this business plan. I will use the requested amount to rent new store rooms and add other stock. I hope with Zidisha I will be able to make it.This loan facility will help me employ other assistants thereby creating employment for them to assist in taking care of their wards in school. with this loan I expect to make a prifit of not less than 250 dollars amonth.

REPAYMENT
I will be able to repay the loan from the sale of the appliances I make.

Loan Proposal

I will use the loan to buy more appliances to extend my business this will help me to employ other people thereby helping them and their families to put bread on the table.
i look up to using the loan to buy computers, and other goods such as television,pressing iron and cookers which are of high demand.
i expect that if i get 3000 dollars to invest into my business i will make a profit of not less than 200 dollars every month.

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$111.67

Date disbursed

Feb 3, 2015

Repayment status

On Time

Projected term

6 weeks

Cost to entrepreneur

Lender interest: $111.67 at 7.95% annual rate over 1 month = $1.15

Service fee: $0.38

Lenders

Umair Mahmood

Raleigh, United States

Kysera

Crawfordsville, United States

S

SelvaMarcus

Green Cove Springs, United States

B

BobHope

United States

P

Panda6689

United States

A

AlexH

United Kingdom

S

stryker75

United States

SV

sven vdk

Twickenham, United Kingdom

S

Symoneous

Netherlands

Roy

Espoo, Finland

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