Project Everest

[Experiment Results] 4-8 Week Timewarp Microfinance Amisen April 2019

Results:

5 customers signed the loan contracts and took out loans at an average amount of $1000 each. 

After 8 weeks all 5 customers had made the monthly repayments that was required of them meaning that we had a 100% repayment rate for this period

Reinado was happy with the outcome of this and offered to change the required collateral to 10% versus the original 20% in the contract.

We agreed to a $10,000 convertible note from Reinado to cover the costs of starting the business. This was at an interest rate of 12% and was at a discount to future raising of 25%. If you don't raise capital within 2 years the conversion valuation is $50,000.

We made another 7 sales in the second month of the business at an average loan amount of $1000.

We were able to secure initial funding from PEV to the value of $2000 to cover the initial amount required for the loan pool. 

edited on 2nd May 2019, 22:05 by Charlotte Crofts
No comments yet, be the first to post one!
Share