Entrepreneur
Name
George
Member since
October 2014
On-time repayments
230 installments • 35%
About Me
I am 31 years old, married still not blessed with a child. Professionally I am an Accountant and part time entrepreneur. Financial constraints is an ever present thing in employment life, so I do small scale business besides to raise extra income to support my other siblings and also get college fee for my ongoing degree program.
I love soccer and rugby and I like financial reports and business news. I started working as a casual employee then enrolled for accounting courses, from that I was able to be employed permanently, I still believe business is the way to go!
My Business
I am selling second hand shoes, I buy in bulk at lower price and the profit margin is good, usually I buy bales 2 bales per week, each bale contains approximately 150 pairs, each bale costs USD37 so by 2=USD74 , I sell each pair at 5USD, so if sell the two bales completely I will make (5USD*300)=1500USD which gives me a good profit margin.
I chose this business because second hand shoes is fast moving and does not go bad, and the business is also flexible in that I am able to juggle it up with my part time studies.
I use the profit for reinvestment into the business,my college fees, upkeep and also fees to my younger sisters who are in high school.
Loan Proposal
I will buy more stock, with the loan of USD200, I will buy 5 bales each costing USD37, the stock moves in bits since I sell in pairs. If I sell the 5 bales completely, I make a profit of USD100, (USD20 each bale).
With my fourth loan, I anticipate my business to grow bigger, this will make my cash flow to improve and improve my general livelihood.
I will also ensure prompt loan repayment so that I increase my credit limit. Thank you very much!
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Loan Info
Project Type
Classic Loan
Disbursed amount
$207.00
Date disbursed
Aug 25, 2015
Repayment status
Late
Projected term
46 months
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