Loan to purchase fabrics for my business
Janet Rita
Ogongo, Kenya
30% repaid
Entrepreneur
Name
Janet Rita
Member since
April 2016
On-time repayments
38 installments • 45%
About Me
My names are Janet Rita Otieno, 24 years of age and a single child to Mr. and Mrs. Otieno. Both of whom are peasant farmers in Homabay county of Nyanza province in the republic of Kenya. I attended Ogongo primary and secondary schools before joining Kenyatta University for my degree. I am currently in my final year hoping to graduating in july this year by God's grace.
When i was in secondary school i remember a time when Kenya experienced a very long drought that really affected the agricultural yields and my parents were hardly hit because they had no other source of income other than farming. It reached a point where they could not even settle their bill. Examinations were also in the offing and examination fees were required yet they sincerely had nothing at all so i resorted to casual jobs to at least get some income. Being a lady it looked somehow awkward to engage in such jobs especially masonry and i was really teased by classmates and school mates but that did not change my mind and i remained focused and determined to achieving my goal.
That season taught a lot of things and inculcated the idea of business in my mind, while in the second year in the university i vowed to make the business idea in my mind a reality, so i joined the business club where students meet and brainstorm the existing business ideas and get to share among themselves business related pieces of advice. . It is from that club that i started my own business.
I am interested in making new friends, visiting children homes during my free times to deliver motivation speeches.
My Business
My business is a fashion and design an art i learnt from a friend in the business club i joined at the university. Overtime i made small savings and borrowed also from friends to buy a second hand sewing machine.
I have been designing latest fashions and selling to the local dress makers and tailors. My target market are generally university students, most of them are pro fashions and this creates a huge demand for my products.
The typical costs include fabric cost, research and marketing whereas the revenues is generally from the sales. I use part of the profits for my upkeep, a small percentage goes to supporting my parents while i reinvest the rest in the business for growth. I currently make a profit $100 monthly.
Loan Proposal
Following the conclusion of the study I undertook on the trending fashion and designs, I intend to expand my business in terms of new designs and fashions hence the need for more fabrics.
It is expected that the introduction of new fashions and designs is likely to increase sales revenue and profit by atleast 30%.
People are usually fascinated by new products in the market and this is what I want to explore.Your support once again will be of great assistance.
Budget.
Fabrics 4000kes
Linings 1200kes
TOTAL 5200KES
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Loan Info
Project Type
Classic Loan
Disbursed amount
$51.00
Date disbursed
Apr 5, 2018
Repayment status
Late
Projected term
6 months
Other loans
Lenders
Hong Kong
Denmark
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Margaret Feb 7, 2018
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