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Clyde
Clyde is a natural businessperson. Prior to opening the 5050 Smoke Shop in Newark, he owned a variety store for a year and a half, selling a small collection of t-shirts and water pipes. He found that the younger crowd in this particular neighborhood demanded these products; he wanted to offer these items exclusively to cater to this customer base.

The idea to open 5050 began about a year ago, and was developed along with Clyde’s business partner, Ryan, who is also an accountant. Clyde believes the venture perfectly combines their passions for sales/retail and entrepreneurship with event promotion and community relationship building.

Clyde is always thinking about his target consumer and how to best meet their needs. In the future, he hopes to expand into other areas, such as 24-hour convenience stores, in the same neighborhood.

The funds from this loan will go toward creating an in-house screen-printing system, which will allow Clyde and Ryan to create their own t-shirt designs. They will also allocate money for shelving in the new store, as well as marketing and promoting an opening event.

Additional Information

More information about this loan

This loan is part of the Kiva City Newark initiative in partnership with the Intersect Fund. Kiva City Newark is a subset of Kiva City, a program that allows Kiva lenders to make microloans to small businesses in the United States with the help of community organizations and U.S. Field Partners.

About The Intersect Fund

The Intersect Fund (IF) is a rapidly growing, nonprofit microlender and a certified Community Development Financial Institution that equips entrepreneurs in low-income areas of New Jersey with the skills and capital they need to build profitable businesses. Since inception, the organization has served more than 500 entrepreneurs. Kiva lenders’ funds are used to impact an even greater number of entrepreneurs in New Jersey and help them boost their incomes.

Tags

About United States

  • $54,800
    Average annual income
  • 27
    View loans »
    United States Loans Fundraising
  • $11,985,300
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $5,250 helped Clyde to fund an in-house screen-printing system and an opening event promotion.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 19, 2013
Listed
Oct 12, 2013
Currency Exchange Loss:
N/A
Expired:
Nov 11, 2013