Funding for vehicle insurance

Andrew Maringa

Nairobi, Kenya

100% repaid

Entrepreneur

Name

Andrew Maringa

Member since

January 2014

On-time repayments

131 installments  •  69%

About Me

I am a Christian, a family man and entrepreneur. I live in a suburb of the city of Nairobi, Kenya. It’s a pretty good, well developed, relatively safe area of the city and can also be termed as a satellite town of the city itself, as the suburb has developed into a shopping centre complete in itself in availability of services.

I am holder of an undergraduate degree in Information Systems & Technology and also undertaking a graduate program currently. Previously for nearly 10 years, I was in paid employment in the transport service industry till about 9 years ago when I decided to venture out on my own in the same industry. And today, I run my own small car hire business. It is not much at the moment but it is growing and does put bread and butter on my family's table and pays rent.

My Business

Today, I run my own small car hire business. It is not much at the moment but it is growing . The market for car hire services is broad and therefore available in spite of stiff competition. I do offer competent services based on well maintained and serviced vehicles that are reliable, an ingredient that is basic to success in this industry. And I am therefore able to stay ahead of the competition by maintaining a steady stream of clients.

Risks to the business are really not much, other than vehicle breakdowns which are an interruption to the business cycle as it may take time to put the vehicle back on the road. This results in loss of business within that layoff period. However this is manageable with express repair and maintenance services from my very able and reliable garage and mechanics.

Also, seeing as how the vehicles are now chauffeur driven, the risk of clients disappearing with the vehicle has become lower and a tracking system in the car lowers this risk even further.

On an average month, my business generates in excess of US$2,100 in revenues. The running costs range between US$900 – US$1,000. That leaves profits of US$US$1,200 – US$1,100 a month. I am making good strides and very pleased about it.

Loan Proposal

It is that time of the year when vehicle insurance for my Double Cab needs to be renewed. The total amount needed for a full one year is about US$600. Though this amount is paid in full, I have an arrangement to pay it in three installments US$200 on a monthly basis.
I am therefore requesting your funding to supplement whatever difference I will be expected to raise to cover the first Installment.
I hope my proposal will meet your approval and favour.
Thank you

Feedback

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Loan Info

Project Type

Classic Loan

Disbursed amount

$93.55

Date disbursed

Feb 8, 2017

Repayment status

On Time

Projected term

2 months

Cost to entrepreneur

Service fee: $4.16

Lenders

G

GalantnostS

Hong Kong, Hong Kong

valentin

Stockholm, Sweden

torelizer

Reggio Emilia, Italy

W

Windsor

Calgary AB, Canada

BelleStarr

Albuquerque, United States

cyrus0302

San Francisco, United States

S

sebseb

The Hague, Netherlands

ErikN

Stockholm, Sweden

A

aliasadsj

Queens, NY, United States

S

Steveandson

Arlington, United States

C

cjmenchaca

Austin, United States

F

freewheelin

Perth, Australia

T

thejacobnorton

Jubail, Saudi Arabia

Cloudways

Malta, Malta

borscht

Golden, United States

P

PhilACK

Brampton, Canada

lorello

Vicopisano, Italy

ads68

Melbourne, Australia

BF

Bob Fitzjohn

Fontvielle, Monaco, Yemen

P

peaceandcarrots

Hilltop, United States

ibc123

Seattle, United States

R

rosebo

Bend, United States

Evan Lamos

Brussels, Belgium

sderickson

Berkeley, CA, United States

M

Malibu

Westwood, United States

S

spivurno

United States

Paul Buchheit

Mountain View, United States

S

sarahb

United States

R

Rajendra

Jamkhed 413201 Maharashtr, India

S

satheajay

United States

H

happyhappy

Switzerland

Haim Si

Mexico, Mexico

Dave Bogard

New York, United States

MB

michael breen

United Kingdom

JD

Jeff DePree

United States

PG

Paul Graham

United States

kt

Brush Prairie, United States

C P

Mazatlan, Mexico

Craig Newmark

United States

The Zinc Team

San Francisco, United States

Humble Bundle Community

San Francisco, United States

A

Anonymous

United States

Mike

Indianapolis, United States

WC

Walter Clarke

Phoenix, United States

Paul Buchheit

Mountain View, United States

L

Liz

Canada

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