Entrepreneur
Name
Olfa
Member since
February 2015
On-time repayments
16 installments • 63%
About Me
My previous loan application was a success in which I had sought to build a shed where I would be able to sell second hand clothes so as to support the orphaned and vulnerable children that are in my care. The money generated as profit, I have pumped it back into the business so that the business can increase its capital base. For that I am grateful to the lenders that had faith in my project and through their help I have covered a significant milestone. Now, the clothing sales have continued to increase gradually and thanks to this I have been able to raise enough money to provide for these children. In this loan application, I seek to expand the shed because the one that I had built is not enough to store the bales of clothes and also sell during market hours. The problem that this creates is that I have to carry the bales of clothes to my house at times when the stock is more as the storage is limited. This means that I usually have to incur a transportation fee when ferrying these bales to my house, which can be quite costly especially when the services are provided by hand cart puller. I feel that if I expand the shed to include a storage area I would be able to save more rather than incur transport overheads, which I can also use to support the kids.
My Business
My business currently involves the sell of second hand clothes at a shed in our local market with the aim of earning a living so as too support the orphaned and vulnerable children that I have pledged to support. I hold these children with much regard because I feel that if I support them in any way I can, then they will be able to change their fortunes in future. At first I began by selling second hand clothes to my friends so as to make an extra income to support these kids but I saw an opportunity in building a shed at our local market so as to reach a wider market. Based on this, I applied for a loan facility here and I was given the opportunity to build a shed which would not have been possible were it not for the lenders that understood my vision. Now I seek to expand the shed because the one that I have does not provide enough storage space and I have to move the bales of clothes at night to my house because they they do not fit in the shed when I have plenty of stock. Once I have created more room, I would be able to minimize on some costs such as transportation costs or the ones that I incur at times when I have to store in a storage space that is within the market which attracts at a fee.
Loan Proposal
I intend to build a shed at a cost of 25$ at our local market where I can sell the clothes on a daily basis as compared to twice a week. I also intend to buy more clothes with the other 50$ so that I can be able to provide for the orphans that I take care of and also myself. The expected increase in the profit percentage is around 60% because I will engage in trade on a daily basis and from a permanent location where customers can access my products with ease.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$50.00
Date disbursed
Feb 9, 2015
Repayment status
On Time
Projected term
6 weeks
Other loans
Lenders
Montreal, Canada
South Africa
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