Inventory of socks , boxers and shirts for my boutique
Kevin
Nairobi, Kenya
100% repaid
Entrepreneur
Name
Kevin
Member since
February 2015
On-time repayments
51 installments • 98%
About Me
My name is Kevin Mbaluka,and I am 22 years old married to my wife Joyce,and with with two lovely twins. I was raised in a polygamous family.My father had three wives.My father was a drunkard,always fighting my mother who was the senior wife in the home.Being the eldest of five siblings,I had to take the place of a guardian early in life so that I could take care of my siblings and to act as a protector for my mother who suffered a lot of neglect and abuse.We could go without food for days in a row.It was not an easy childhood given that my mother was just a house wife and my father was a peasant.I managed to go to school through the help of my uncle who tried his best to pay my fees up to primary eight the final year in primary school.I passed my class eight final exams then proceeded to form one through a bursary.Life was tough but I had to work hard given that I knew this was the only ticket out of poverty.I finished high school in 2010 but could not proceed to college due to lack of money.My mother died just as I received the results.So I decided to travel to Nairobi city to seek for ways of survival so that I could assist my mother and my siblings.Life in the big city was a challenge given that I had never been to such a big city before.But I was determined to make it in business.I did odd jobs for a while in the industrial area and saved a little money,then opened up a shop for second hand clothes.With a lot of determination and burning desire to succeed,I re-invested my money back to the business and it started to grow then I started buying new or first hand clothes to my shop,and with time,my business started to grow.However it has been such a huge challenge almost to the point of giving up.But my determination to succeed has been the driving force.The culture here in Nairobi is rather laid back but very warm people indeed just like anywhere else in Africa.People here do mostly small business and farming.My two lovely twins would definitely be business people like me.During my free time,I enjoy taking my family out to visit the public park here.We enjoy having picnics and riding the boats at the park.
My Business
My business deals with clothes.I have improved it from the second hand clothes to new clothes which I am currently dealing with in my boutique in down town Nairobi.The goods are useful because the middle class is our target market and they like dressing up in new clothes and because most are office workers,they prefer new clothes to second had clothes.So there is a ready demand for the clothes.I chose this kind of business because there is ready market for the new clothes and the demand is readily available for ladies and gents clothes.My typical costs per month is rent and utilities for the shop $ 120,against a monthly revenue of $200 .I use the profits to re-invest in the business because I would like to expand it more.I use the other part of the profits to take care of my children even though my wife also runs a tailoring shop near where I live.From there we subsidize the home budget,and being that my children are still young,it is easier for us,though we are saving for their future.I also assist my siblings as much as I can.
Loan Proposal
With this loan,I will purchase a stock of socks,boxers,and shirts.I would like to venture into this niche because there is a ready demand for this items.The prices will be as follows; socks will cost $ 30,boxers will cost $ 30 and the shirts will cost $ 40.This will create a starting stock to build on as the business expands.This will create a demand in the business and once my customers know that these items are available in my shop,the demand will grow even faster .It will make my business grow and with the expansion,I will be able to employ other young unemployed youths.I expect my profits to grow by 30% with this loan.I therefore kindly request that you fund me please.Thanks a lot.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Feb 19, 2015
Repayment status
On Time
Projected term
4 months
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