To purchase equipment to set up mushroom and red earthworm farm
Joel
Thika, Kenya
100% repaid
Entrepreneur
Name
Joel
Member since
May 2014
On-time repayments
239 installments • 27%
About Me
I am the second son in a family of 6 siblings and our home is located at Makuyu. I have completed my undergraduate degree with a lot of challenges. It has always been my aspirations to become a pioneer among local youths of my area, who have been ruined by alcohol. I have been a Mentor leader of a youth group called "Valley land" which I was a founder members with an aim of grooming youths minds to become entrepreneurs and eradicate poverty among them, which is the biggest reason why youths are involving themselves in to drugs and drugs abuse.
Secondly, currently it has become a challenge for students to secure employment after studies and the only good option for such student to remain industrious is to engage into business which is giving them opportunity to become independent and self reliant people.
I am happy since my first , second and third loans were successful and I have also managed to repay them without any problem. I hope to secure another loan package to assist me to heavily venture in the business I have indicated below on My Business part. I will be grateful to repay the loan after my investment which is carefully managed for better results. My assurance to my lender is to remain committed in repaying my loan to the latter, I will never let you down, because currently I have a regular income which can allow me commit at least 2000 KES every week that translate to 8000 KES every Month.
Thank you in advance.
My Business
Dear lenders I would like to most sincerely thank you for your continuous support you have been giving me through periodic funding. I would like to assure you that I will never let you down because were it not for you I don’t know where I could be.
Secondly I would like you to know this time round am planning to employ innovation in my proposed project am planning to undertake. It will involve farming of RED ONIONS. The purpose of choosing this kind of projects is because its one of the most potential in the current market.
This is how am planning to use my master plan on this project:
1. Preparing of an Acre of land i.e tilling and harrowing: 20,000 KES
2. Purchasing of Jamba F1 Onion seed 1kg: 20,000 KES
3. Purchasing of chemicals, fertilizer and herbicides 50,000 K ES
4. planting of seedlings from seedbeds to the field 30 laborers @ 1000 =30,000 KES
5. Irrigation: 10,000 KES
6. Marketing and Contingency 20,000KES
The proposed master plan will require me at least 150, 000 KES.
The expected return:
The current market for a kilo of red onion bulb is going at 50 KES and the expectation for this commodity is even higher, last season the price rose up to 100 KES per KG.
One Acre of land under proper management can yield at least 7 to 10 tonnes of red Onion bulbs.
If I assume that this project will go well as planned and yield 8 tonnes, this translate to: 8000 kg by 50 KES = 400,000 K ES, if you subtract initial cost of production of 150,000 KES, you will find there is 250,000 KES on return in a period of 6 Months of project life.
In conclusion, the project is worth undertaking it.
Thank you in advance
Loan Proposal
Dear lenders I would like to most sincerely thank you for your continuous support you have been giving me through periodic funding. I would like to assure you that I will never let you down because were it not for you I don’t know where I could be.
Secondly I would like you to know this time round am planning to employ innovation in my proposed project am planning to undertake. It will involve farming of MUSHROOMS and also setting up of organic production plant through rearing of RED EARTHWORMS. The purpose of choosing these kinds of projects is because they remain under exploited and there is a lot of potential in these two projects.
This is how am planning to use my master plan on these 2 projects:
1. Training at JOMO KENYATTA UNIVERSITY for each project to cost 10,000 KES
2. Setting of House for keeping of MUSHROOM SPAWNS: 20,000 KES
3. Setting up of Beds for rearing the RED EARTHWORMS: 20,000 KES
4. Purchasing of 10 kg of EARTH WORMS each at 2500: 25,000 KES
5. Purchasing of MUSHROOM SPAWNS 15,000 KES
6. Other logistics: 9,000 KES
The proposed master plan will require me at least 109, 000 KES.
The expected return:
1. The current market for a kilo of earth worm is 2500 KES; my project will be producing 10 kg per month after maturity period of three month: 25,000 KES.
2. I will also produce Foliar approximately 20 liter per month on each bed, am planning to have 5 beds; which is translating to 100 liters per month; each liter is retailing at 100 KES: 10,000 KES
3. I will also use compost harvested from my beds every 6 months to farm and produce organically grown food which sell at a higher price compared to the rest.
4. I am also expecting to earn an extra 10,000 KES from MUSHROOMS.
The total expectation out of the 2 projects is 45,000 – 50,000 KES per month, because this kind of business remain under exploited thus creating a lot of opportunities for someone willing to tap into its potential. I have also liaised with Jomo Kenyatta University of Agriculture and Technology (J.K.U.A.T) for the purpose of training for a 10 day period which after completion I will be issued with a Certificate. I call upon even my lenders to be coming at my site and witness this Massive project.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$1,216.00
Date disbursed
Mar 11, 2015
Repayment status
On Time
Projected term
10 months
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