41 installments • 2%
I am Dennis Nakholi 25 years old and currently a final year student doing electrical and electronic engineering. I live in Nairobi's eastlands area and I am a car enthusiast, this passion and hobby has driven me to work on cars at a local garage,Hum Auto works, as a mechanic to enable me pay my university tuition.
While from garage duty I also do repair and maintenance of electronic equipment such as TV sets, radios and refrigerators. The income from this has also helped put me through university without relying on my parents.
My main source of income apart from working as a mechanic is the small maintenance and repair business I have set up. I do repair and maintenance of house hold electronics such as TV sets, radios and refrigerators. I occasionally also do electrical installation for houses.
In recent days there has been an increase in the number of customers requiring refrigerator repair services and also an upsurge in demand for electrical installation technicians due to the high number of buildings coming up in our area.
Most customers go long distances in order to acquire these services especially refrigerator and freezer repair this has given me a big opportunity to expand my business in order to capture this emerging market. Given this loan I would use it to buy new tools and equipment required to carry out my work with precision and great workmanship. I would also purchase supplies required to work with the current generation of refrigerators and freezers and equipment required for electrical installation jobs in order to cope with customer demands.
The loan would be used to purchase refrigerator gas cylinder, compressor repair kit, soldering iron and bits, bending springs for conduits, steel tape, PVC adhesives.
Through purchase of this tools and equipment i will be able to bring these services closer to residents in my area saving them time and money they would otherwise use when acquiring these services from far.
Oct 9, 2014
Cost to entrepreneur
Lender interest: $149.55 at 5.29% annual rate over 9 months = $6.30
Service fee: $4.36