Proprietor Cautions Women Against High Interest Loans

Women entrepreneurs have been warned against the dangers of borrowing capital at high interest rates for establishing new business.

This was made known by the resource person, Mrs Ijeoma O. Uche, during the 2013 Rivers District Women Convention of Assemblies of God Church at Silver Valley, Port Harcourt.

Uche, who spoke on “Entrepreenurship and Empowerment” said that high interest rate borrowing leads to business liquidation, adding that most of the time, the entrepreneur would not meet up with the payment of the interest which keeps compounding as the months go by.

The speaker, who is the proprietor of Moved Model International Schools in Port Harcourt and Abuja said businesses could be financed with loans from the bank, personal saving and borrowed many which must be at low interest rate that would not affect the business.

She noted that one of the secrets of business survival was the entrepreneur’s ability to keep accurate account from the commencement of the business.

She called on women entrepreneurs to know that limit of generated revenue and also ensure that expenditure must be put in check, warning against the problem of not separating business fund from house keep money.

The proprietor stressed the need for hard working training, self confidence and packaging which she said helps the business to grow.

“Nobody is a full-time house wife, look for something to do and help your family. Pray for understanding, wisdom and knowledge which makes the business to grow”, she said.