Loan to build my electrical shop inventory
Kenneth
Karuri, Kenya
49% repaid
Entrepreneur
Name
Kenneth
Member since
September 2014
On-time repayments
162 installments • 27%
About Me
My name is Kenneth Ndungu, born and brought up in Kiambu County near the capital city of Kenya –Nairobi 26 years ago. I am the first born in a family of 5. I was brought up in a typical rural set up of Kenya’s countryside, where my parents struggled a lot to raise us and put us through the school system. The y are peasant farmers who eke a living from their farming activities.
In spite of the odds, I managed to complete my primary school and later secondary school. I later joined a tertiary college in Nairobi where I did a diploma in Electrical Engineering. I graduated last year and I worked on short contract jobs on building sites. The jobs were paying well but quite irregular and I could not plan my life well. With serious saving program, I managed to raise some money and opened an electrical shop where I sell electrical equipment to consumers.
I spend the income that I get from this venture to pay my bills and also support my parents and my little brothers.
My Business
I started this business in April this year and I can confidently say that it's future is bright. Although it is yet to break even, I am getting enough to pay the bills and even more important the business is growing. I sell items such as installation cables, bulb holders, sockets, fluorescent lamps etc.
The income is still fluctuating a lot but on average I am making a net profit of $160 per month. I am projecting a much bigger income in coming months. Despite my relative success so far, I am still facing some challenges, key among them is lack of finances to build my inventory. I started on a weak financial base and the stock is not at the level that I would like it to be.
If I get credit, I will be able to buy more items for sale and increase my sales and income. I am certain of a continuous flow of customers; hence repaying the loan will not be a problem.
Loan Proposal
If I get this loan, I will spend it as follows:
• 20 wall sockets at a total cost of $40
• 3 dozens bulb holders at a total cost of $20
• 4 dozens fluorescent lamps at a total cost of $50
• 2 dozens energy saver bulbs at a total cost of $40
All the above items are fast moving and I believe I will be able to sell them within a short time. This will make my business grow rapidly while at the same time repay the loan comfortably.
Thank you for taking time to read my story and my proposal and you are requested to donate towards this project.
Thank you.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$150.00
Date disbursed
Oct 3, 2014
Repayment status
Late
Projected term
38 months
Lenders
United States
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