| dc.description.abstract | Entrepreneurship is emerging as a major contributor to enhanced economic development
for any nation world over. It has assumed the importance for accelerating economic
growth both in developed and developing countries by promoting capital formation and
creating wealth in the countries. In the study, the researcher’s aim was establish the
contributions Mwalimu Sacco which provides business loans to those aspiring to grow
businesses has helped grow entrepreneurship in Kenya. Previous studies have proved that
availability of credit alone is not automatic that the businesses will prosper.
Entrepreneurship has helped many economies make great strides in their development
agendas. For entrepreneurs to effectively contribute to growth of a nations economy,
there must be in place favourable policies enacted by governments to promote its growth.
Resources have always stood out as a challenge for many entrepreneurs in Kenya. Saccos
have filled this gap by being able to provide affordable credit services to members willing
to venture into business. Mwalimu national Sacco provided the best case study being one
of the largest saccos in Kenya with a department specializing in provision of loans
specifically to support members willing to venture in businesses. It was found out that a
majority of the members who had accessed this credit product failed to utilize it well for
lack of training on the best investment opportunities for lack of business management
skills. Apart from availing credit, there is need for further support in terms of providing
non-financial services to borrowers. In the study, it was established that training is one of
the major requirements entrepreneurs need to undertake so that they become adequately
prepared to effectively face emerging challenges in business ventures. It was observed
that quite a number of those loaned without going through basic business training were
defaulting on their loan contracts with the Sacco and their businesses were running at a
loss. Also majority of those who participated in the study were not aware of the fact that
Sacco’s, apart from offering credit should also provide basic training on financial
management issues to members. The study adopted both qualitative and quantitative
techniques to obtain date. The quantitative data was then analyzed using SPSS software
to obtain graphs, Frequency distribution tables, Anova Table, Regression Analysis which
were then interpreted. Conclusions were obtained, and recommendations provided for further actions to be taken by relevant stakeholders. | en_US |
