In this 2020 project, David’s Isuzu 4.3 Truck was stuck in a garage after its differential developed problems, so he needed to install a new one. It also required some bodywork and general maintenance for smooth running. The problems developed when David was in dire financial straits, so he could not afford to cater for the repairs. In addition, no feasible long-term loan was available. He did not believe any short-term loan offers would be a viable solution since he could repair the truck and then fail to secure payments in time to make repayment – since his main business is log delivery to manufacturing plants.
Instead of risking losing the truck or leaving it to rot at the garage, David approached MavenCORE with a request for funding. We accepted his project since our program also supports existing businesses. For this project, we raised the money through private crowdfunding – i.e., approaching people privately with a list of projects that require funding and asking for contributions. We have since changed the model to a public crowdfunding approach, listing all projects in our crowdfunding portal where people can explore projects on their own time and contribute when ready.
We managed to raise ksh256,000, which was ksh2,000 above his budget. Getting full funding ensured his truck was fully repaired, serviced, fueled, and ready for work!
Nowadays, David has expanded his business, managing to secure other trucks for his fleet.
What was special about this project?
It’s important to note there were several projects seeking funding at the same time with bigger or smaller budgets, but many funders naturally gravitated towards this project, thus ensuring it received 100%+ support. It took a couple of months.
The main draws were that:
The Project Was Already Existing
Many people fear someone starting a new thing may not know exactly what they are getting into and, therefore, may go out of business soon after getting funding, thus making the contributions irrelevant. This would not be an issue for someone like David, who works in a niche field and has an established market for logs.
The Project Owner Was Heavily Invested in the Project
The amount sought in the project was barely 10% of the cost of a brand-new ISUZU 4.3 truck. This was the exact opposite of what many people present since, in most projects, the creators only provide skills and other non-monetary contributions. Therefore, David was head and shoulders above the other people seeking funding from sponsors.
Would you like to support a project like this? Several other projects need your help.