Loan to buy a bale of used clothes

Entrepreneur

About Me

My name is Samuel Kangethe, a father of two children – a boy aged 13 years and a girl aged 9 years. I live with them and my wife in Mombasa city. I was born to peasant farmers in Central region of Kenya 44 years ago.

I went to school up to secondary level and later joined a mechanical engineering college where I trained as an auto-motive technician. I tried my hand as a mechanic but later lost interest in the job and got employed as a public bus driver. I did this job for five years, where I faced a lot of difficulties like police harassment. This made me quit and I relocated to Mombasa to search for greener pastures.

I opened a music shop and later decided to sell used clothes in the same premises so as to supplement my income. This is what I do to date and I make enough profit to support my family and my parents back home.

My Business

I source my music from music producers, artistes and local agents. The business is profitable since Mombasa is a big town with a high population which ensures that there is a constant demand for music especially from the youths. I make a profit of about $300 from this venture.

I get clothes for my shop from local dealers and then I retail them. Just like the music business, there is a constant demand for clothes due to the high population and the friendly cost of my products. I do it on a small scale and I make a profit of about $150 from this department.

My main reason for asking for this loan is to strengthen the used clothes section which will see an increase of sales hence improved profits.

Loan Proposal

I intend to use the money to buy a bale of used clothes at a cost of $180. Since this money cannot meet the entire cost, I will top it up with my own savings. This will improve my sales volumes since I will have more variety for people to choose from.

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