Loan to Purchase Wheelbarrows and Wastepipes for Business

Patrick

Nairobi, Kenya

100% repaid

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How it Works

Entrepreneur

Name

Patrick

Member since

May 2015

On-time repayments

128 installments • 56%

About Me

I was born and brought up in Lamu district in Kenya. Growing as a fourth born in a large family of 11 sibling was a great challenge to me because my poor family could not afford us a standard lifestyle. Despite being very bright in school my parents could not take me to high school just like the rest of my siblings. I was devoted so I repeated in class 8 for three years till my teachers joined hands to take me to a Alliance High school. After learning and completing my degree in the university of Nairobi I could not go back home due to the alshabaab terrorists activity in the area. I approached a hardware supplier with my laptop as my capital. He gave me some goods that I started my bussiness

My Business

I operate a small hardware store where I collect orders from small construction sites and small hardwares in the interior for very light hardware. These goods are normally imported by some people in the city. Building material and fitting are in high demand owing to the booming real estate business. I have been doing the supply for two years now but my major drawback being lack of sufficient capital. 80% of all net profits i plough them back to this bussiness as i use the20% on social needs. I would really want to bring aboard two of my elder brothers living in Lamu in their destitute plights but am pulled back by lack of operating capital. I have founded my business in an initiative to change lives for my customers and people back home. I love visiting orphanages and the poor during my free time.

Loan Proposal

I am inclined to buy six wheelbarrows at 25 US dollars and ten waste pipes at 5.2 US dollars each. This will total to 202 Us Dollars. I will sell each wheelbarrow at a retail price of 35 US dollars each. Each waste pipe I shall sell at 7 USD on retail price. I prospect that the two commodities will sell two rounds a month due to the high demand they are in presently. This is a season where most of the construction works are in progress in every part of the country thus demand for wheelbarrows and waste pipes is high. These goods will give me a gross profit of 156 US dollars that translates to 77% of the total buying cost. Due to their bulky nature, the two goods might have transportation costs and storage costs of about 55 US dollars. This will leave me with a profit of about 101US dollars which is 50% of the borrowed amount. I shall be very grateful having made this difference in my business and in my life.