Money to buy more stock to cater for growing demand
John
Eldoret, Kenya
$0 to go
100% funded of $100 goal
0
days left
Entrepreneur
Name
John
Member since
January 2015
On-time repayments
16 installments • 0%
About Me
I am 24 years old, part time student and entrepreneur. I come from a humble background. My parents are both unemployed and without a reliable source of income; throughout my childhood, we survived without decent shelter; we were living in a slum. School fees was always a problem; I had to rely on sponsors and well wishers. Despite the challenges, I worked very hard and secured admission to University. I got part of the fees paid through a government loan, so I still needed some money to paythe remaining fees, as well as to cater for rent and other basic necessities; so I started this business with some savings I had accrued over time. I am not married. I am currently an undergraduate student at a local university.
My Business
I sell second hand high quality shirts . In this town there's high demand for high quality, low price clothing to cater for the low income population which forms the majority. I buy them in wholesale then I retail them. I buy each shirt for Ksh 200 ($2.2) and sell it for ksh 400 ($4.4). On average, I sell 5 shirts every week, bringing in a profit of $ 11.There are no additional costs since I go for them myself, and I sell them from my house. I iron them and display them to prospective customers. I use the profits to fund part of my college tuition, and I reinvest some to grow the business.
Loan Proposal
There has been a steady increase in demand for high quality low cost clothing in this town. However, due to shortage of funds, my business has grown relatively slowly and I am unable to keep up with the demand. I plan to increase the stock for my business. I plan to use this loan to increase my stock in order to cater for the growing demand. I plan to buy a bale of shirts from the wholesaler at $ 100. This bale contains 50 shirts. By increasing the stock, I will be able to sell 10 shirts per week at $ 4.4 each. That will bring me a profit of $24 per day. Some of the returns I get will be reinvested into the business to make it grow, and later I can rent a stall in the market when the profits are sufficient to pay for rent.
I should be supported because I do not have the funds to inject into the business to make it grow faster.The loan will help me accelerate the growth of my business. Thank you. I truly appreciate and I promise I will repay on time.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Feb 17, 2015
Repayment status
Late
Projected term
3 months
Lenders
Chicago, United States
Germany
Jake Gibson and Beverly Picardo
San Francisco, United States
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