To finance my university education

Entrepreneur

About Me

I am 43 years old. Born in farming community in the northern part of Ghana. I lost both parent when I was 14 years old in flood disaster. I was the oldest among three siblings. I work on peoples farm to earn income to pay my school fees and also to take care of my brother and my sister. Things became difficult for me and my siblings but my one and only motivator is educating myself and my siblings so as to free ourselves from the shackles of poverty. I successfully completed secondary school and entered Polytechnic where I studied Higher National Diploma (HND) in Marketing, Where I work for myself by selling suit from office to office and town to town.
I earn little income to take care of my family by paying their school fees.

My Business

My business involves buying and selling of both ladies and men suits. I move from office to office, from one location to another, and from one town to other for sales.
Because lots of people use suit as offices wear, for church and for social activities. The demand for my type of suit is high, therefore this business is really viable.
l chose this business because it is less risky and does not involve a huge startup capital, products have longer life span compare to others.
The costs I incur are mainly in the remuneration of my two workers and transportation. In all, I incur an average cost of about GHS 650.00 per week. My average total revenue is about GHS 1400 out of which I defray the costs I incur use part to pay for the family bills.
I use my profits in paying for the education of my own children, dependents and also reinvesting back into the business and also assisting some needy students at my workplace.

Loan Proposal

I intend to use the loan to part payment for my school fee

1. Payment of monthly hostel fees of $ 100 a month for three months @300
2. Part payment of school fees for the semester @ $340
3. Buying of books for academics work @ $ 120
4.Transportation @ $ 80
5. Feeding @ $ 100
6. To invest $ 200 into my clothing business as well as sales of hand sanitizer and soap

In all, I need a loan of $ 1,140 into my next activities in the semester

Income Source

The effect of coronavirus on business across the continent, has made me introduced the buying and selling of hand sanitizers, soaps and nose mask into my business. Observing the WHO health protocol for COVID-19 has led to the increasing demand of alcohol base hand sanitizers, hand washing soaps and nose mask. There is a new law in Ghana that has wearing of nose mask compulsory, therefore the demand for these items are on increase, hence I can generate enough revenue to repay my loan on time.

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