Influence of women enterprise fund on socio-economic development of women entrepreneurs: a case of Bonchari constituency, Kisii County; Kenya

Abstract

This study sought to establish the influence of Women Enterprises Fund on socioeconomic development of women entrepreneurs in Bonchari Constituency, Kisii County; Kenya. The study was guided by three objectives: to determine the extent to which access to financial services from the Women Enterprise Fund influence socio- economic development of women entrepreneurs; to assess the extent to which training services offered by Women Enterprise Fund influence socio-economic development of women entrepreneurs and to establish the extent to which the disbursement criteria adopted by Women Enterprise Fund influence socio-economic development of women entrepreneurs. The main objective-of initiating women Enterprise Fund was to empower':' women economically by targeting women from the rural areas. This study adopted a descriptive survey design and was guided by the Empowerment theory upon which the concept of lending money and credit would allow women to function in business and society. This study targeted a population of 400 women entrepreneurs under WEF program in Bonchari Constituency. Simple random sampling technique was used to obtain a sample of200 women entrepreneurs as indicated by Yamane (1967) formula; n = N ---- 1+ N (e/ 400 1+ 400 (0.05)2 200 Data was collected using a questionnaire as the only research instrument. The questionnaire was divided into five sections according to the objectives of the study. The data collected was analyzed using descriptive statistics and was presented using frequency tables and percentages. The study established that accessed financial services, training services and disbursement criteria adopted by WEF had a positive effect on socio-economic development of women entrepreneurs in Bonchari Constituency. The study recommended that the WEF disbursements be increased from the current 3 million per constituency to increase its effect. Likewise the current loan grace period of 3 months be extended. The current minimum size of Kshs. 50,000 should be raised. Finally the study recommended that public barazas be used as forums to sensitize the public on WEF loan application procedures to increase awareness and participation.