Loan to increase stock for clothing business

Entrepreneur

About Me

i am a second born in a family of four, i am in my early 20's and completed my college education with a diploma in mass communication in 2012 December. After completing college eduction i secured an internship at a radio station(Imani media Kenya) on January 2013 to march where I worked as a show presenter on voluntary thus not entitled to any salary or allowance. when i completed my internship securing myself was challenging since the most places i applied for a job there were no vacancies, i decided to fend for myself by working as a casual laborer at construction sites where i was paid a daily wage of 5 USD and managed to save 2 USD daily for two and a half months after that period i had raised 140 USD, having done a survey in my current city, Ruiru town i saw a demand for ladies clothes and shoes which i decided to meet by investing my savings in the business. i went to Gikomba market where they sale second hand clothing in bales and bought a bale at 130 USD i rented a stall at ruiru town and started selling the merchandise and this is the second year i am on the clothing business. In Kenya the demand of second hand clothing is high, the local name for these second hand clothing is 'MITUMBA' and range from clothes, shoes to bags.
My hobby is playing music as a deejay and in future i wish grow my clothing business and also buy dj equipments and sound systems which i would be using for fashion shows to showcase my clothing line then venture into dressing celebrities in Nairobi and the whole of Kenya since fashion and the music industry are related to each other.

My Business

I buy second hand clothes and in bales and sale in retail, the clothes range from ladies blouses, coats, men's shirts and t-shirts to shoes. These goods are in demand due to the high population of people around Ruiru town and the presence of a public university;Kenyatta University Ruiru Campus, the demand of second hand imported clothes from overseas countries is high since they are cheap and durable, they are also fashionable and trendy thus many people are always attracted to buy these clothes- 'mitumba'. I wish to increase my stock in order to meet the increasing demand .
I chose this business because most of my customers are young campus students who are regular buyers of these clothes and due to their population i always have a demand to meet on a daily basis.
On a fortnight basis i visit Gikomba market where the second hand clothes are sold at wholesale in bales where each bale goes for 150 USD and the sale the clothes in retail at varied prices depending on the quality and design. I meet transport costs of 5 USD while buying my stock to transport a bale up to Ruiru town and also pay a monthly charge of 23 USD for the rental of my business stall. I wish to increase my stock to at least two bales and also to buy stock on weekly basis due to increasing demand and competition.
The profits I make is spend on various functions: i reinvest in growing my business and i am also saving up to help me fund my own education because i wish to pursue a degree in journalism which will cost me over 5000 USD to give me a better chance to secure employement in the media. A breakdown of my expenditure:
150 USD purchase of one bale per week
5 USD transport cost per week
23 USD rental of business stall

Loan Proposal

i wish to use my loan to increase the amount of stock in my clothing business. i buy bales of second hand clothes at 10000 Kenyan shilings(130 USD) and resale on retail price. The clothes i deal with range from ladies blouses to coats, i buy bales on a fortnight basis from Gikomba market in Nairobi then transport them to Ruiru town where my business is based. In Ruiru town there is an increase in demand for these second hand clothes also known as 'mitumba' in local language are cheap and vary in trends and designs making them attractive and thus high demand of the clothes since they are also cheap. Around Ruiru town there is Kenyatta University Ruiru Campus and due to the demand created by the students who are my regular customers i wish to increase my stock and be purchasing on a weekly basis from Gikomba Market in Nairobi and also it being a festive season they would be an increase of demand by customers.

Feedback

Loan Info

Lenders