Loan to purchase inventory for my cloth, beads and earrings business
Elizabeth
Ho -kpetoe - Posmonu, Ghana
100% repaid
Entrepreneur
Name
Elizabeth
Member since
February 2016
On-time repayments
59 installments • 80%
About Me
My name is Elizabeth Akonu from Ghana in West of Africa. i grew up in a family of Four with me been the only girl but i was the first too. my father was a pupil teacher and my mother was a trader. Thus i did went to the market so many times with my mom in my childhood days. i had quiet a nice time growing up as my schooling was my parents priority. However everything changed when my other siblings were born and as the number increased so did our standard of living. now my father and us were stationed in one Village in the Ashanti region of Ghana.
Then my father got sick with prostrate along the way and everything changed drastically such that we have not really been able to recover from it till today. he had to go on compulsory retirement and with it associated problems.
as a results, i decided to not continue with my education right after my senior high school certificate exams and i joined my mom in the trade. It was difficult but with time i really picked it up and with the hard working attitude that was instilled in my from childhood, i was able to go through it.
As mom grew older, the responsibilities as a woman in the house felt on me and i took it gladly even though i was not of the legal age then. i have managed this local cloth, beads and ear rings business for more than seven years now and with hard work and dedication to a dream to help push my young brothers through school and to grow the business to the best of my abilities and to help myself in the process to avoid been vulnerable, this is how far i have come now.
I like cooking as a hobby and also swimming.
My Business
As we speak, i deal and sell local cloth, all kinds of beads, and all kinds of jewry most especially ear rings and hand bangles for ladies and women.
these are everyday goods, since women always buy cloth and beads for their dressing styles. For me, choosing this kind of business was due to the fact that we were given these inventory on credit and which we pay latter. and the initial amount was not that much and then the profits was great and there were an already market for the cloth, beads, and the ear rings.
Selling cloth in Ghana is very lucrative, when you invest say a $100, you make around 45%to 50% of the invested capital. so i will make from $45-$50 of profit and the same run for the beads but the ear rings makes more than a 50% profit of invested capital.
The profits are used to cater for the rest of my brothers school expenses, and to keep the home, then i safe a very small percentage and invest the rest into the business.
Loan Proposal
When my loan is fully funded, i will invest the entire amount straight into the business. i will buy the following items;
Local made textile cloth of all kinds..............$75.00
local made beads like those i am standing closer to in my profile picture..............................................................................$75.00
Ear rings of all kinds for both the young and old.........$50.00
This funding will really instill confidence in to my business and will help me to sell more to realize my dream of building a great business even though it is so small today.
since this capital is for business, i will be making close to a 50% profit on the entire capital which i am going to invest.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$200.00
Date disbursed
Mar 3, 2016
Repayment status
On Time
Projected term
18 months
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