Influence of access to financial resources on successful implementation of selected women-run income generating projects in Roysambu constituency Kenya

Abstract

This study was designed to investigate the influence of access to financial resources on successful implementation of women-run income generating projects in Roysambu Constituency. The main objectives of the study were to determine the influence of cost of credit on successful implementation of women-run income generating projects, to establish the influence of availability of financing options on successful implementation of women-run income generating projects, to determine the influence of sources of finance on women-run income generating projects and to examine the influence of level of financial literacy on income generating projects in Roysambu Constituency. This study adopted a descriptive survey design as a major method of research. The target population was 632 women entrepreneurs. A sample of 245 women entrepreneurs was then selected using Yamane formular. Data collected through administering of questionnaires was analyzed by the use of descriptive statistics constituting frequencies, percentages and correlation of variables. The study findings were then presented in frequency tables. Access to financial resources was found to have a positive influence on successful implementation of income generating projects Lower interest rates were found to have a positive impact on businesses in that higher income levels were realized and enterprises realized better assets Sources of finance like savings, borrowing from friends and family and asset finance did not make 50% of the required capital but these sources contributed greatly in sustaining businesses. Financing options like leasing and hire-purchase in acquiring equipment for business operations were found not to be very common and most entrepreneurs struggled to make cash payments This study recommended that financial institutions should collaborate with women entrepreneurs for training on lending rules and regulations as well as financial products available in the market. The Central Bank should review its policies so that financial institutions can lend at lower interest rates. This study also gave suggestions for further research.