To buy a sewing machine for making laptop bags
Cynthia
Takoradi, Ghana
3% repaid
Entrepreneur
Name
Cynthia
Member since
February 2014
On-time repayments
43 installments • 5%
About Me
My name is Maame Cynthia Aseidu Nyarko. I am a 23 years old. I am a final year student of finance in takoradi poly. I live with two of my sisters, one older and one younger. Our parents are late, they died in a car accident about five years ago. My older sister is a seamstress by profession so that is how she takes care of the house and pays for the tuition of my younger sister and myself. I learn from my sister whenever she is sewing so I know a couple of things about sewing. I can use the sewing machine. As part of my own small way to help my sister with the burden of catering for the family, I make laptop bags and i-pad covers with locally manufactured fabrics.
My Business
I sew laptop bags and i-pad covers with locally manufactured fabrics that I purchase from the market. Am in a tertiary institution with a total student population of about 5,000. Rich Students all over Ghana, especially those of us at the tertiary level use laptops or i-pads. I started this business as an experiment with my course mates and before long students from other departments including faculty members started placing orders for the laptop bags and i-pad covers. I purchase locally manufactured fabrics from town, I buy some thread for sewing and I also purchase foam to line the fabric as cushion to protect the laptops and i-pads from damaging if they fall. I sell one laptop bag for GH20 and I sell one i-pad cover for GH12. Within a week I am able to sell five i-pad covers and five laptop bags. In total I make GH160.00 a week from selling five laptop bags and five i-pad covers. I use GH80.00 to purchase fabrics, thread and foam to work with the following week. This leave me with a profit of GH80.00. With the profit I make I am able to assist my older sister with money for utilities and also I am able to save some of the money to be able to purchase a sewing machine of my own.
Loan Proposal
When I acquire this loan I will add it to the little I have saved to buy a sewing machine of my own so I can increase productivity. Because I use my sisters’ sewing machine I don’t have the liberty to use it all the time. I only get to use it when she is not using it. I will be able to sew about 10 laptop bags and 10 i-pad covers every week because the demand is high. I plan to expand into a bigger business.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$150.00
Date disbursed
Feb 20, 2014
Repayment status
Late
Projected term
10 months
Lenders
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