23 installments • 61%
I am 43 years old business graduate, married, and a father of two children. Before I ventured into business 10 years ago, I was employed as a management accountant where I worked for 13 years.
I decided to venture into business full time to pursue my long-time hobby in order to improve my standard of living and also create employment opportunities for young people.
I have been operating the timber business, for the last ten years. Initially, I took it as a hobby which I was only engaging on weekends only.
Five years ago, I decided to resign from my employment and concentrate on the business full time. I have since expanded and acquired milling machines in order to reduce costs and also be able to offer market competitive prices.
I have engaged 10 people on a full-time basis and 7 on a casual basis.
The loan facility will be used in hiring a truck to transport timber to the market. This will help in meeting delivery timelines.
The money to repay the loan will be generated from the sales made after I deliver. Generally in the timber business, the major risk is an accident when felling trees and also weather patterns as no milling is done during rainy seasons. I try and fully utilize the dry periods to ensure that I have enough timber to last during the rainy season. As for the accident, I take an insurance cover to indemnify in case of any accidents.
Mar 30, 2021
Cost to entrepreneur
Service fee: $6.12
Credit risk payment: $13.46
Optional expediting fee: $12.24