Securing capital seen as a challenge

Business

By JACKLYN SIRIAS
A LOCAL entrepreneur says one of the main challenges facing small to medium enterprises is the securing of capital to start their operations.
Managing director of Niugini Native Limited, a locally-owned designing company, Wandid Amini Korimbo, urged banks and financial institutions to ease the requirements for them.
“There are so many challenges we face doing business. Financing and start-up capital are the hard and challenging ones,” she said.
Korimbo told The National it would be better if banks and financial institutions allowed entrepreneurs the opportunity to secure good loans initially.
She said trying to get a loan for just K30,000 or K40,000 was cumbersome because of the amount of paperwork and requirements involved.
“If only there are opportunities where financial institutions and societies would give us funds up front to set up something and we will take it from there,” she said.
Korimbo said the other challenge was where to find space to operate from.
“These days rental for office space is very expensive,” she said.
Korimbo said she had to operate from her parents’ home because it was too expensive to rent offices.

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