Further expansion of my second-hand clothing business
Immaculate
Kisumu, Kenya
100% repaid
Entrepreneur
Name
Immaculate
Member since
September 2015
On-time repayments
125 installments • 62%
About Me
I grew up in a rural setting and partly, that has been part of my life all through. Rustic, and literally, down to earth. I helped my grandmother till her land over weekends during school terms and subconsciously, I was being prepared to make farming an integral part of my life yet I didn't know it then.
The climate in my area is generally wet and sunny, and that makes it ideal for farming. With vast lands that is easily accessible through leasing, I opted to make farming part of my life. I raise beans, and sunflower, and some occasional sweet potatoes when the season is right. Besides farming, and making edible oil, I have a clothes business.
When I am not farming, I like travelling and speaking to young students about believing in themselves and pursuing their dreams. Whenever I can, I like making an impact for poor people by buying them household provisions and encouraging them to pick themselves up and transform their lives.
My Business
SInce 2016, I started experimenting with producing sunflower seeds, and later pressing them for oil, which I used, and sold extra to my friends and family. Many people realize the health and nutritional value of sunflower oil and that has inadvertently spiked the demand of this highly valuable oil, and I have experienced the benefits firsthand.
Besides being a substance that helps people stay away from the doctor, it is highly loaded in essential oils that enhance healthy and good living. The inquiries about the oil started flowing in and I realized I could take this venture up and make it work. Unlike the clothes venture that had me employing just 3 people directly, this sunflower oil processing was making me link up directly with over 20 farmers directly. The women in my village plant and sell the seeds to me and this is impacting on families in a big way.
The costs of producing the seeds are modest, with at least $100 going into tilling, planting, weeding and harvesting an acre of the sunflower crop. Some $20 to $100 goes into inputs like seeds and fertilizers for the same size. After processing and the oil and cake is ready for the market, the revenue is about $500.
The profits I have been getting have been used to prop up the venture further, like acquisition of more farming acreage and training potential farmers to embrace the crop. I have been able to also support a kids football team from the proceeds of the business, have my children in school and guarantee flour for one needy and widowed lady around my neighbourhood.
Loan Proposal
I need $450 USD to help increase the number of bales I acquire to 5. I purchase a bale for $200 USD. This loan will help me to acquire at least two more bales, on top of the current 3 I normally buy currently.
With this new loan, I will cement my foothold in the second hand kids clothing venture, and lay a solid financial backbone that will sustain me as I venture into other businesses in the future.
With the possibility of opening at least 5 bales at a go, my customers will be guaranteed a wide variety of clothing, and that will translate into sales. I will be able to sell my merchandise at lower prices, in the process clothe the less fortunate, and easily break even while increasing sales and profits. I anticipate to hire at least two people to help me with sales, with one being on the road travelling to rural markets with at least three bales to be opened there and the other to work at the clothes stall part time. With the low income earning opportunities in my country, hiring two people will help at least two families of 4 people each be sure of their daily bread. With good profits, I will comfortably pay $4 USD in wages, or more, to my assistants per day.
I expect to make profits in excess of $100 USD per bale, and a bale can be sold in two weeks - when sales are good, or 4 weeks when bad, and cumulatively, over (at least) $500 USD for the five bales I expect to be acquiring at least once a month. With improved sales, I will be able to pay my children school fees comfortably, send some money to my aged parents in the village, and pay school fees for a kid or two who are deserving, from poor families.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$451.00
Date disbursed
Jun 28, 2016
Repayment status
On Time
Projected term
3 months
Lenders
Berkeley, CA, United States
Hong Kong
Hong Kong
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