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How To Finance A Small And Medium Scale Business In Kenya - Kenya - West Entrepreneur Forum

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How To Finance A Small And Medium Scale Business In Kenya by ikoiikenna: 09:14am On 10 Oct

Are you a businessman or businesswoman thinking of how to finance your business? Are you afraid of getting indebted? Are you in need of a way solvent enough to finance your business? you have just got yourself one. One of the major problem facing businesses these days is finance i.e getting enough funds to finance a business. It might seem difficult but here are some ways in which you can finance your business.

1. LOANS FROM YOUR BANK
This method is widely known by people, you as a businessman or businesswoman can finance your business through getting loans from your bank. This is simple, walk up to the bank you are banking with, ask for the loan manager, make sure you understand all terms and conditions stated in the loan before you would agree after applying for the loan. You submit collateral for the loan and the loan is given to you with interest and duration in which you are to pay back. With a loan, you can increase your productivity. Read Also: Beyond Bank Loan: 6 Source Of Fund For Your Business


2. JOIN A COOPERATIVE SOCIETY
Most people do not take this serious, some people think it is a local way but I can tell you that this is one of the best ways to raise funds to finance your business. A cooperative is an autonomous association of people united voluntarily to meet they're common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled business.

The first step here is to make findings to get a legal and financially stable cooperative society, after this join and become a member. Make contributions at each meeting (you can be making contributions with the profit made from the business) after like eight or twelve months in which you have joined the cooperative, you can collect double folds of money you have contributed to financing your business. The benefit here is that there is little or no interest on it, no need of collateral, just that you need to pay within the stipulated time.

3. THROUGH THRIFTS
This might seems local but this is a simple and easy to keep financing your small and medium business. Here it is what you do that you get back, instead of spending all the profit you are making daily or weekly you can start contributing thrifts. There is no interest on it, there is no need of collateral, just make contributions. Look for a reliable and trustworthy thrifts collector; if you are a type that makes a daily profit, make a daily contribution from your profit but if you do not make a daily profit, you can make weekly contributions. If it is a three-month thrift after the three months you would your three months contribution.

Read Also: 70+ Best Business Ideas To Start In Kenya - Business Ideas

With these three ways, I believe your business should be financial free debts. Try any of these three and increase your sales and productivity. Do not wait until you get indebted before looking for a solution. Without enough funds, no business will survive.

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