How Gideon turned Sh300,000 loan into a fortune

Gideon Waweru was a bank customer
until he realized that it was more
expensive to apply for a loan from
this bank.
It was at this point that a friend introduced
Waweru to Tai Sacco where he
registered as a member. Eight months
later, Waweru took out a loan of Sh
300,000 to implement personal projects.
The loan took two days to be processed.
Waweru was able to repay the loan within
9 months Waweru, who is a distributor of raw
milk in South B, South C and Nairobi
West, decided to buy a personal car for
which he applied another loan of 750,000
to be repaid in three years.
While still repaying the 750,000 loan
a neighbour, who was relocating to the
USA after acquiring a green card, approached
Waweru to sell him a Sh 1.4
million plot of land. This neighbour was
assisted by Waweru to acquire a 50 by
100 metres plot at the Eastern bypass
in Nairobi at a cost of Sh 65,000 back
in 2003. Waweru was therefore the preferred
choice and buyer of this plot from
his neighbour.
Gideon had 2 weeks to buy the Sh 1.4
million and so he repayed the car loan
balance of Sh 340,000 and then applied
for a Sh 950,000 loan. Gideon was able to
top up this remaining balance from milk
earnings in order to raise the required Sh
1.4 million.
“I now deposit proceeds from the milk
business with Tai Sacco. The Society has
instilled in me a savings culture which
comes in handy when one is in need of a
loan,” said Waweru.

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