Double bail for my second hand clothes sale business

Entrepreneur

About Me

I am Gedion Kiplangat, born and raised in Kibera slums in Nairobi. I have spent all my live in Nairobi struggling day in day out right from my tender age to make ends meat.. I was raised my a single mother not knowing my father to date.
I schooled at Ofafa Jericho primary school up to class eight, after completing primary school, i ended my education there because of lack of school fees.
I have been through a lot of hardship for example i used to work for people as young as 10 years in order to get money to buy books, pen and also get some money for food. It was very hard for me because i was a young boy.
After completing school, i was faced by a bigger challenge in life, trying to look for money to start up a business that could support my mother and i, i had a very strong motivation to work because of my mum, i therefore engaged myself in offering manual labour to people so as to get money, the little i used to get went to my savings and finally i reached my target and with the help of my mother we managed to start selling our own second hand clothes. That is how i strated this business was back in September last year.

My Business

I offer goods , i sale second hand clothes famously known in kenya as mitumba to the locals in Nairobi town. This goods are useful because they are cheap interms of buying and also it is readly available to many people. It also on demand because of the prices and and also its uniqueness.
I chose to do this business because i saw the demand for the second hand clothes to be very high and also i had an uncle who was doing the same business and thus i was assured of getting good products because of the experience that he has in this market.
I have been using the profits that i get to grow the business by increasing the number of bales that i buy each month, i also use the profits that i get to take care of my mother at home

Loan Proposal

I will use the loan to buy two bails of the mitumba clothes that i sale. I have been selling one bail on monthly basis and my business and customer have increased and for that reason i wish to increase my stock. With the loan therefore, i will buy an extra bail with added money from my savings.
I will benefit from the loan because i will now be doubling my profits. I expect an increase in profit from 400 Us dollars per month to almost 700 us dollars

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