Introduce supply of fresh, fish maws in my business

George

Nairobi, Kenya

100% repaid

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How it Works

Entrepreneur

Name

George

Member since

April 2014

On-time repayments

276 installments • 65%

About Me

I’m George Omolo; I’m married with three children. I live in mathare are of Nairobi. At first I wanted to be banker. I enrolled for a diploma in banking but, a year later, I drop out of collage due to financial problems. I worked for several companies in Nairobi and Naivasha as a temporary worker. In 2012, with the little saving, I decided to venture into self employment. After learning a few tips from those who were already in that field of fish supply, I went out to market my product. At first, the business has been tricky where I made a few losses, but now it is picking gradually. I like business ideas groups were we share information, motivate each other and on how we can empower the community. Apart from business, I like much of outdoor activities, watching documentaries, technical things and participating in community activities. I like children, and it gives me pleasure to go and show love and have quality time with the orphans and rescued children’s in children’s homes. I’m a friend to two children’s home where I occasionally spend some time with those children.

My Business

I am business of supplying fish and chicken to small and medium Hotels and restaurants in Nairobi. I supply; fish fillet, whole fish and chicken products. I started to supply one small restaurant with fish, a month later I managed to get three more restaurants to supply. I realised that there was a huge demand for chicken and chicken products where I added chicken to my list. Most of the small and medium restaurants prefer to buy their food from small suppliers. The small suppliers, supply more fresh goods, can deliver small orders, are timely and flexible as compared to big established companies which tend to be rigid; and have standardized stock.
When the supply is abundant, the price goes down and that is when the profit margin is big on my side. After deducting all my expenses and cost of good, I’m left with some reasonable profit that is enough to carter for me and have some to re-invest in the business. Some of the challenges I face are like are; When a customer fails to pay on time for the good delivered; A customer cancels the order after purchase but before delivery; When the supply of goods in the market is very low while the customer places a big order; Traffic jams delay on the road when going to make delivery of goods to my customers. Despite all of this I still do manage to meet my obligations

Loan Proposal

I want to introduce the selling of fresh, fish float bladder/fish maws in my business. There is a great demand for fresh fish maws I would like to tap into this opportunity, which is quite promising in returns.
I plan to use the money received as following:-
Get a license from the ministry of fisheries, which cost $20,
In a week, I'll buy around 30kg of fresh fish maws worth around $551
Cleaning, sorting, transport and packaging will cost me US $ 10.
The remaining $83 will cover any unforeseen expenses that may arise
After sorting and cleaning, I will be left with between 27-28Kg of fish maws.
Sell the 27-28kg fish maws for around $ 750
I have done my research, and interacting with other dealers and noted that this is a viable venture. This new product in my business will give me a very good boost where I will be able to service the loan promptly, expand my business further.

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W
Will Nov 12, 2017

George repaid quickly and on time, while also providing updates.

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M
Mary Nov 4, 2017

George is an excellent borrower!

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