When he was a fourth year at a local university, Denis discovered that there was high demand for consumable, printing and photocopying services from fellow students. However, very few businesses were in operation.
As a friend to a tuck shop owner, Denis knew he wanted to venture into the business once he completed his studies.
This is exactly what he did. With the help of his aunt, Denis secured a tuck shop space at the university. Initially, he sold snacks, stationery, and personal essentials, before diversifying to photocopying and printing services, thanks to additional capital from Family Bank’s stock finance facility.
With sales steadily rising and students enquiring about new products and services, Denis realised that his savings and ploughing back profits was not enough to keep up with the rising demand.
Denis needed Ksh 1.5 million to buy in a state-of-the-art photocopier, laptop and accessories as well as more stock. As a Bachelor of Commerce graduate, book keeping is one take homes that he religiously practiced. And it was book keeping that came in handy, when Denis was seeking the additional capital. The team from Family Bank were keen on seeing how the shop had been performing and the records were all that were needed.
Family Bank’s stock finance is tailored to help traders like Denis increase their stocks, purchase inventory in bulk and scale their operations without delays.
The facility accords borrowers a flexible repayment structure, allowing them to service their loans without straining their working capital and hence business operations.
Furthermore, Family Bank offers free business advisory support to borrowers like Denis to empower them manage their growth.
If as a trader or businessperson, you need up to Ksh 10 million to inject into your business, Family Bank stock finance facility could be what you need. Visit any Family Bank branch today or contact your Family Bank relationship manager to learn about how you too can be supported to grow your business.