This week we met with the future business owners on three different occasions to discuss bookkeeping, business strategy, and the importance of saving. Monday we will be opening savings accounts for all six business owners at Equity Bank. We will be requiring them to save a portion of their income each week. Many of the businesses that have fallen in the past were due to the need to use the business capital for emergencies (ie. hospital bills, increased school fees, etc.). This will allow for the patients to plan for such emergencies and increase their overall wealth. Each business owner will hand in their deposit slips at the end of each week. If they are able to save 3000 ksh (about $40), Equity Bank will loan them 6000 ksh ($80) to expand their businesses.
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