INCREASED RATES OF INTERESTS BY FINANCIAL INSTITUTIONS IN KENYA

In every single thing that we set our minds to achieve it is a guarantee that we will encounter challenges along our way. Greatness is not stumbled upon; it begins by the desire to be great and to achieve the dreams that have always scared you. The same goes for entrepreneurship, when it comes to starting your own business the first four months are usually among the toughest. This is because it acts as the foundation. At this point the entrepreneur is allowed to explore all the options they have so as to see what best suits the idea that they have in mind. During this period mistakes that are made are not very fatal to the success of the business.
This applies to most of the businesses, although this does not in any way mean that the only time that an entrepreneur comes across these hurdles is during the foundation level. Currently, in our Kenyan economy something that many people are finding really hard to adapt to is the raised rates of interest by the financial institutions. This makes it very difficult for most businesses mainly because most thrive well through loans that are acquired from these institutions then are paid through an agreed period of time.
Therefore since the institutions have increased the rates of borrowing money it becomes really hard for the businesses because they end up making very little profit. For most this has become very difficult hence many people have been forced to really reduce the amount of initial capital they use because of lack of sufficient flow of money in a sense. Fortunately this is not a permanent situation and every person is hopeful that the things will go back to the way they were or even get better than before.

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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