KEEXS is the First Innovative and Social Footwear Brand in Africa. It was incorporated in November 2015 and followed up with a successful crowdfunding campaign on Kickstarter, the largest online crowdfunding platform in the world. The Campaign led to the supply of pre-ordered products across 5 continents (Africa, North America, South America, Asia and Europe).
KEEXS range of products are Urban and athletic inspired – Sneakers in which the youth between the ages of 25- 45 constitute its primary target market. KEEXS range of products have also been increased to cover a wider lifestyle application and topped up with other complimentary products such as combed cotton socks, slippers and cap. As a result of sales generated in the past, KEEXS has decided to bring back the most popularly demanded pieces from its last 2 collections (Fela Kuti and Ijinle Collections) with significant upgrades in sneaker outsoles and material uppers.
Over the years, significant investment has gone into renovation, manufacturing, branding, marketing and product design. This is in a bid to drive product availability, distribution and sales. For the past two years, KEEXS turnover has steadily witnessed growth from N7 billion in 2016 to over N19 billion as at September 2017. KEEXS products are manufactured and assembled in China but sold in both local and international retail stores as well as online. However, the major constraint for KEEXS has been limited working capital which has retarded production and sales.
In order for KEEXS to truly position itself and keep meeting the demand for its products, an additional finance is required to the tune of 10 Million Naira in a bid to augment shipping into Nigeria and fund marketing budget.
KEEXS FOOTWEAR LIMITED
Borrower – Keexs Footwear Limited
Loan Size – N10m (Ten Million Naira Only)
Tenor – 6 months
Interest rate – 21% per annum
Repayment Interest – Payable monthly
Principal – Bullet payment at maturity
Use of proceeds – Working capital for operations
• Personal guarantee of the key promoter with notarized statement of net worth.
• An undated and signed check(s) for the principal amount.
• An insurance policy of Keexs warehouse with our insurance partner- Leadway Assurance Company Limited
• PearlMutual shall continually monitor the business closely by visiting the ware-house regularly and requesting management account information.
• Letter of Stock Hypothecation.
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