Shaving equipments and expansion of barbering saloon or shop
Mohammed
Tanoboase, Ghana
100% repaid
Entrepreneur
Name
Mohammed
Member since
August 2017
On-time repayments
21 installments • 43%
About Me
I am Mohammed Bature from a family of five children and two parents, thus my father and mother. I am the first born of my parents. My area is a farming land as such the main activity is farming. Due to economic hardship I had no option than to learn apprenticeship after completion of Junior High School. A friend of my father was operating a barbering shop and I was asked to learn from him in the next Town or community. Upon completion of my apprenticeship I started working under a Mango Tree in front of where we were staying by then. Gradually, with a little savings I was doing and proceeds from farming I engaged in I managed to open barbering shop which I am operating now. I have four children I am taking care of. Since I could not aspire high in education; I want my children get higher education. Some of them would like to be nurses, teachers and others join the security forces.
My Business
I am a Barber shaving peoples hair and bear for living. Every now and then people shave their hair, whether being an adult or children including school children. I learnt barbering because my parents could not afford to let me further my education.
The cost of my business ranges from $200 to $1500 annually which involves the cost of energy, equipments, creams, etc. I earn about $35000 annually. Part of this income is reinvested in the business and the rest is used to pay school fees and use as housekeep money. I also use some to provide accommodation.
Loan Proposal
Part of the loan will be used to buy shaving equipments and other materials needed for the smooth operations of the shop. I will use some pay for my energy cost. I would like to also do some decoration or refurbishment in the current shop or saloon.
I have planned to open a new saloon in a nearby community where there is no barbering saloon. So part of the loan will be put there. This will help the people there mos especially the elderly and the school children stop walking for about 5 km to shave their hair. This will increase my profit by about 35% to 60%.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$60.00
Date disbursed
Aug 31, 2017
Repayment status
On Time
Projected term
8 weeks
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