The impact of small loans on youth entrepreneurship

It’s no revelation that Nigeria’s future hinges on the ability to empower her youth to become self-sufficient business owners. While Nigeria may not have empowered them all, every 99 in 100 persons in the country today is either a small business owner or friends with a small business owner (Source: we can’t lie to you).

Despite the current free-fall of the economy, youths are creating innovative ways in which they can sustain themselves. As we all know, regardless of who starts a business, there is a great need for finances AKA capital. Unfortunately, not many can get their hands on sufficient capital to fund their business.

But here’s how small loans have been of help in creating windows of opportunities for not just potential business owners but existing business owners as well.

Young entrepreneurs who take loans to create businesses also create job opportunities for the persons they employ. By launching their businesses, these young entrepreneurs create a source of income for themselves and also open doors for others in the job market. Each new position they fill means another person with a job and a means to support themselves and their families. Creating what we tag a “You chop, I chop movement”.

It’s also notable to remember that with business owners, there’s always room for expansion which implies more job opportunities for the taking.

Young, vibrant and energetic people tend to have a special ability to create business ideas that have the potential to grow into a million dollar idea, but the problem always stems from the funds to start. You need money to chase money or how do the kids say it?

And since access to these funds is unavailable, dreams tend to die an unnatural death…Well, not when there’s access to small loans, something the Western world has successfully hacked.

Obtaining a small loan in Nigeria has become as simple as ordering a meal online, don’t believe us? Try Irorun and see for yourself. The ease of application and quick disbursement of small loans empower the youth to act on their business ideas as quickly as possible. Taking too long they say, often waters down ideas and dreams.

Unlike large government loans, which are not likely to be approved, small loans offer quick approvals with loan amounts that meet the immediate needs of the borrower.

The world has become more interconnected than ever before. Young Nigerian entrepreneurs are now seizing the opportunity to broaden their reach. Small loans have empowered them to easily access global markets. Whether it’s selling traditional crafts, providing digital services, or venturing into e-commerce, these loans offer the support needed to compete on a global level. We global now guys!

. . .

The myths about loans are all turning out to be empty, unverified buzzwords. Your ideas will remain just ideas without finances. Let us help you get through the first hurdle of being a business owner. Send us a message at support@irorun.com and let’s get you the capital you need to build the next big thing!