HOW TAKING LOANS AS A CLUB (IN GROUPS) MAKES LIFE EASIER FOR SMALL BUSINESS OWNERS
INTRODUCTION Across Nigeria and many developing economies, millions of hardworking people wake up every day with dreams of building successful businesses. They sell food, run kiosks, make clothes, trade household items, operate salons, sell perfumes, and engage in countless other small businesses that keep communities alive. These entrepreneurs are ambitious and hardworking, but they often face one major challenge: access to finance. Many small business owners have excellent ideas and strong determination, yet they struggle to raise the money needed to buy stock, expand their businesses, purchase equipment, or survive difficult economic periods. Traditional loans can seem intimidating because of high repayment obligations and the fear of borrowing money alone. For many people, taking a loan feels like carrying a heavy burden by themselves. This is where club loans or group loans present a powerful solution. A club loan is a financing model where a group of people in a community co...