To buy a new printing machine

Paul Mwangi

Zambezi, Kenya

100% repaid

Entrepreneur

Name

Paul Mwangi

Member since

March 2014

On-time repayments

112 installments  •  26%

About Me

I am the second born in a family of four boys,i have been brought up in central Kenya in Nyandarua county. I attended primary school in my rural area from 1997 to 2004 and later joined Naivasha mixed secondary school in Riftvalley. I performed well in high school and managed to join University of Nairobi for a bachelor of commerce degree. All this time my mother was a farmer and i used to help her when out of school. most of the time we did not sell our produce because of the low yield. I used to feel discouraged by the fact that we spent alot of energy and time on farming yet we were not making money from it,however we used to have enough for household consumption and so we had to do it anyway.
When i completed my high school studies and before joining the university, i got a teaching job in a high school called Muthomi Secondary School. I used to earn ksh 6000 per month but it was still enough to help my mother buy fertilizer and high quality potatoes and pea seeds. There was noticed improvement on the yield of our 1 acre farm but still it was low compared to the input. I was determined to ensure that one day my mother benefits from all her efforts to raise us from the small piece of land. After two years of teaching in the school and saving ksh 40000 i joined the university to undertake my degree.
At the university i was forced to spend my savings yet i was hoping to keep them and help my mum construct a green house. by the end of my first year i only had ksh 12000, i realized i had to do something if my mum has to raise my other siblings. I started to do online writing to raise some cash for my up keep and to support my siblings. i was unfortunate not to have a laptop and so anytime i got a job i had to borrow one. All in all i managed to get some cash and i used to send my family members some cash. in my third year as a student in the school, the management was leasing some tuck shops in the school. one of the requirements to win the tender was to have ksh 80000 in cash which i had. i won the tender of running a printing and photocopy bureau for one year. i made some good cash in that one year from the variety of services i was offering. i used to print, photocopy, scanning, binding, selling scratch cards and other fast moving goods. i used to make between 3000 and 4000 in a day and i was paying my two employees ksh 250 each in a day, rent was ksh 7500 per month. by the end of the one year i had enough cash to construct a small green house in my rural area which costed me ksh 180 000. For the past one year my mother has managed to sell tomatoes in wholesale in the neighboring centers and she is in a position to to pay fees for my young brothers.
Some of the machines i was using in the photocopy business were mine and i never sold them,i continued with the photocopy business outside campus but here customers are few and i don't make much money. fortunately i had managed to buy my own laptop and so i continued with online writing during my free time. I am now 23 years old and i completed my studies in January 2014 and am waiting graduation in December. i still run my photocopy business in a place called Zambezi but i don't have all the machines required to run the business. i still do online writing when i get a job. am planning to construct a big green house in the future.

My Business

currently i am running a photocopy bureau in a place where there are several colleges and so many students who do not reside within the school premises bring their work here. I also have customers who are not students but who requires the services of printing,scanning,laminating,binding and purchase of other fast moving goods. there are five such business in the locality but many students prefer my services because i understand their needs better being a former student. I also do online writing when am free and i earn 3 dollars per page and i usually write between 3 and 5 pages in a day,however i do not get the job every day. I have a green house at home but i usually don't take that revenue, instead i leave it for my family use. in my photocopy bureau i earn approximately 340 dollars in a month,pay rent for the premises 70 dollars per month, i pay my house rent of 45 dollars per month, i pay electricity bill of around 50 dollars in a month,i pay for other utilities for around 65 us dollars and 70 dollars for food in a month. the profits from my photocopy bureau plus earnings from online writing will enable me to repay you in time. I can also receive some cash from the green house.

Loan Proposal

I have an old printing machine which prints very quality papers. Despite having a wide customer base, they are moving away to competitors because of this printer. The printer am intending to buy costs 150 us dollars. I also want to purchase a binding machine but this one i will buy using my retained earnings. I am confident that with the new printer i will attract more customers leading to higher sales revenue.

Feedback

None

None

None

Loan Info

Project Type

Classic Loan

Disbursed amount

$149.87

Date disbursed

Apr 1, 2014

Repayment status

On Time

Projected term

26 months

Cost to entrepreneur

Lender interest: $149.87 at 4.76% annual rate over 26 months = $15.64

Service fee: $11.60

Lenders

R

RielCanadian

Lethbridge, Canada

P

Philippe

Adliswil, Switzerland

joaoferraz

RINCHOA, Portugal

Jason

Auckland, New Zealand

A

adiipienaar

South Africa

S

Segura

United States

H

Hyetigran

United States

D

dmontgomery

United States

S

spenceryen

United States

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  • Paul Mwangi    Jun 6, 2016

    Hello zidisha team, am now in a position to pay the remaining balance in a shorter period as business is doing well. would like to pay the higher amount to complete paying soonest possible. thanks for your continued support

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  • Paul Mwangi    May 2, 2016

    hello Zidisha team. Apologies i have not been able to pay 500 as initially agreed. Have not been doing well but schools are resuming from tomorrow and so i expect things to get better. i will be comfortable paying 300 for the time being

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  • Paul Mwangi    Apr 11, 2016

    Hello Zidisha team, thanks for your continued support. I hereby request to reduce my installment payment. My wish was to pay a higher amount and finish this week but it has not been possible. I feel 500 is a more reasonable amount that i will be able to meet . Thank you

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  • Paul Mwangi    Mar 21, 2016

    Hello Zidisha team.. Thanks for your continued support and for the good work you are doing.. Am doing well in business and employment and as such I can afford to pay a higher limit and settle the remaining part soonest.. Thank you once again

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  • Paul Mwangi    Feb 8, 2016

    Hello Zidisha team, apologies i have not been able to clear my loan as at now. January has been a tough month in our business and as such i have not been able to meet my monthly targets. I however believe 300 is a reasonable amount and i will be able to clear in the next few weeks. Thank you for your continued support

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  • Paul Mwangi    Jan 4, 2016

    Hello Zidisha team, thanks for your continued support . i had pledged to complete paying my loan by 31st of December 2015 but i was unable. This is due to some challenges i had not foreseen. Am requesting to pay 500 so that by next month i will be through. thank you

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  • Paul Mwangi    Dec 7, 2015

    Hi zidisha team, thank you for being supportive through out this business adventure. There have been up and downs but you have been patient. Am pleased to inform you that am now to pay a higher installment as I have a good income this December and January.. 800 will not strain me. Thank you

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  • Paul Mwangi    Nov 10, 2015

    Hello Zidisha team, due to the current constraints am currently having, am unable to pay the agreed installment of Kenya shillings 400 . Am however hoping to be in a better position in a months time and i will be able to clear the remaining balance. thank you

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  • Paul Mwangi    Oct 19, 2015

    Hello Zidisha team, i will first appreciate you for the good work. The loan amount i received from you have helped me to grow in business and am intending to clear soonest possible. the business is doing well and i can now be able to pay a higher installment for a shorter period. thank you

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  • Paul Mwangi    Aug 24, 2015

    Hello zidisha team, thank you for your continued support and understanding. It is through you that I have been able to survive in business even when the market is hostile. I wanted to be paying 700 per month so that by end month I have cleared the debt but it is proving to be hard for me.. Requesting to change the installment plan from 700 to 400

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  • Paul Mwangi    Jul 13, 2015

    Hello zidisha team, let me first appreciate you for your continued support and bearing with me even when am unable to pay on time. The business has not been fairing well but in a weeks time students will start preparing for exams and the business will pick again and I feel I will be able to pay 700. Thank you

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  • Paul Mwangi    Jun 1, 2015

    Hello zidisha team, thank you for how you have continued to support me and enabling me to be still in business. I had promised to be repaying 800 per week but my target did not bear fruits as I thought. Am still hopeful that soon I will be able to pay in large installment to pay the loan quickly and qualify for a big one. As for now I will be comfortable paying 500. Thank you zidisha team

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  • Paul Mwangi    Mar 30, 2015

    Hello zidisha team, i appreciate you for having helped me raise funds to increase my business. in the initial stages i struggled to even raise enough amount to pay the installments as promised. the business went from bad to worse to a point i thought of closing it. However, as from last week i managed to get another source of income... i boosted my business and am also able to earn little money from my second source.. again, thanks zidisha team

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  • Paul Mwangi    Sep 14, 2014

    Hello zidisha team, first and foremost i would like to thank you for your help to see my business grow. ever since i took the loan, prospects has been high but the business is yet to pick. the period which i expected sales to increase concided with the closure of many schools and most of my customers are students. however in the month of may the school will be reopened and am planning to reschedule again to a higher amount. i can promise that as soon as the business picks, i will be able to pay promptly

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  • Paul Mwangi    Jun 18, 2014

    My business has not really picked as i expected and thus the earnings i make every week are not enough to enable me pay shillings 400. However, i still expect the business to pick in the future and if this happens i will be able to reschedule the payments again. In my initial planning, there are certain factors i did not take into account ignoring them as minor issues but now am feeling their effect. It is my projection that by August my business will be performing well because of the strategic measures i have taken. Despite the challenges am facing now, the loan was beneficial and i know i will realize its benefits in the long run.

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