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.
Feedback
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Neutral
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Negative
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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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Summary
Amount repaid
$5.00
Amount remaining
$188.00
Expected completion
Dec 23, 2014
Status
Repaying late
Installment amount
$4.50
Repayment History
| Expected Payments | Actual Payments | ||
|---|---|---|---|
| Mar 4, 2014 | $4.50 | Mar 4, 2014 | $4.50 |
| Mar 12, 2014 | $4.50 | Mar 4, 2014 | $0.50 |
| Mar 19, 2014 | $4.50 | ||
| Mar 26, 2014 | $4.50 | ||
| Apr 2, 2014 | $4.50 | ||
| Apr 9, 2014 | $4.50 | ||
| Apr 16, 2014 | $4.50 | ||
| Apr 23, 2014 | $4.50 | ||
| Apr 30, 2014 | $4.50 | ||
| May 7, 2014 | $4.50 | ||
| May 14, 2014 | $4.50 | ||
| May 21, 2014 | $4.50 | ||
| May 28, 2014 | $4.50 | ||
| Jun 4, 2014 | $4.50 | ||
| Jun 11, 2014 | $4.50 | ||
| Jun 18, 2014 | $4.50 | ||
| Jun 25, 2014 | $4.50 | ||
| Jul 2, 2014 | $4.50 | ||
| Jul 9, 2014 | $4.50 | ||
| Jul 16, 2014 | $4.50 | ||
| Jul 23, 2014 | $4.50 | ||
| Jul 30, 2014 | $4.50 | ||
| Aug 6, 2014 | $4.50 | ||
| Aug 13, 2014 | $4.50 | ||
| Aug 20, 2014 | $4.50 | ||
| Aug 27, 2014 | $4.50 | ||
| Sep 3, 2014 | $4.50 | ||
| Sep 10, 2014 | $4.50 | ||
| Sep 17, 2014 | $4.50 | ||
| Sep 24, 2014 | $4.50 | ||
| Oct 1, 2014 | $4.50 | ||
| Oct 8, 2014 | $4.50 | ||
| Oct 15, 2014 | $4.50 | ||
| Oct 22, 2014 | $4.50 | ||
| Oct 29, 2014 | $4.50 | ||
| Nov 4, 2014 | $4.50 | ||
| Nov 11, 2014 | $4.50 | ||
| Nov 18, 2014 | $4.50 | ||
| Nov 25, 2014 | $4.50 | ||
| Dec 2, 2014 | $4.50 | ||
| Dec 9, 2014 | $4.50 | ||
| Dec 16, 2014 | $4.50 | ||
| Dec 23, 2014 | $4.00 | ||
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