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.
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 FundThe 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.
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