Susan Makau, a businesswoman in Nairobi’s Ronald Ngala Street, is one of the busiest people in the area known for all kinds of trades, with the clothing business being one of the booming businesses in the area.
The businesswoman owns three boutiques fully stocked with all kinds of outfits, including women’s, men’s, and children’s wear.
When the Bizna Team arrived at her shop, she was busy tending to tens of customers who flocked to her shop with different needs.
Asked about her entrepreneurial journey, Makau revealed she started the business in 2016 after quitting employment.
She explained that she was working as a receptionist in one of Nairobi’s hotels, earning a monthly income of Sh20,000.
The salary, however, couldn’t meet all her needs, considering she was paying school fees for her two sons, forcing her to try something else.
”When I started entrepreneurship, I said to myself that I would never go back to employment because I had spent a lot of years making money for someone else for just a little benefit. If I only focused on building myself, I think I would be far from where I am today,’’ she said.
She further revealed she started with a seed capital of Sh40,000 thanks to her knowledge of the business, having grown up in a family that relied on the clothing trade.
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Today, she makes around Sh300,000 per month from the three shops combined. Makau attributes her success to loans from Co-op Bank, which aids her expansion as well as keeps her afloat during tough business times.
“I was introduced to Co-op by my friend. They have good terms. I took my first loan when my business was just two years old. That is when I opened my two other businesses. After paying the loan, I immediately took another one,” she said.
The bold businesswoman manages one shop and has hired two other ladies who run the other shops. She offers both wholesale and retail sales.
Makau advised women entrepreneurs to make good use of loans such as the Co-op Bank Msamaria Loan to expand their businesses.
The Co-op Bank’s Msamaria Women’s Loan is a loan product that targets women seeking to expand their businesses, allowing them to access unsecured loans of between Sh5,000.00 to Sh10 million with a repayment period of 24 months.
It also comes with an insurance benefit that covers breast/cervical cancer, critical illness, personal accident, and death & permanent total disability.
The requirements to access the loan include a Copy of the KRA PIN and certified bank statements from other banks if your Co-op Bank account is less than 6 months old.
The bank further demands that businesses seeking to get a Msamaria loan should at least be a year old, have a regular cash flow, open an account with Co-operative Bank, and have a valid license, among others.
“Acceptable security will include but not limited to chattels mortgage over household, business assets, land, NSE” the lender states.