THE EFFECTS OF LENDING CONDITIONS ON ACCESSIBILITY OF FUNDS FOR YOUTH ENTREPRENEURS IN MATUNGU CONSTITUENCY, KAKAMEGA COUNTY, KENYA
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 4, Issue 6
Abstract
The Government established the Youth Enterprise Development Fund (YEDF) to address the youth unemployment. The overall objective of this study was to determine the effects of lending conditions on accessibility of funds for youth entrepreneurs in Matungu constituency Kakamega County in Kenya. The study employed a descriptive survey design and stratified sampling design to select a sample size of 66 respondents from registered youth groups in Matungu Constituency. The study adopted questionnaires as instruments of data collection. Additionally focus group discussions were conducted to have an in-depth understanding of the issues. The data collected was analyzed using descriptive statistics and presented using tables and charts enhanced by a narrative explanation. The study recommended that YEDF develop a financial literacy program and educate the youth on services and products, loan requirements and makes the products readily available. Financial intermediaries need the capacity to develop youth friendly financial products and additionally relax lending conditions to accommodate youth needs. Bureaucratic procedures for those seeking loans need to be shortened to reduce time to access loans. YEDF should be innovative, introduce mobile banking and loan services that can reach the youth and rural areas to increase access to the Youth fund.
Authors and Affiliations
Barasa Khakasa MaryStella| School of Management and Leadership, Management University of Africa, Paul Peter Kithae| School of Management and Leadership, Management University of Africa
Keywords
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