To survive in the ever-changing business environment, microfinance institutions have put in place strategies that give superior value to customers .This brings about sustainable advantage thus attaining high-performance level over competitors.

However, while choosing the favorable microfinance suited for your needs, a couple of factors centered on convenience of the services received should top your checklist.

          1 Efficiency Of Services to Clients

Ensure the microfinance of your interest is reliable whenever needed. Where there is a customer support system dedicated to keeping you in the loop round the clock.

Bidii Credit   provides an efficient way to access credit by minimizing unnecessary processes. We are aware that access to capital for SMEs is of great importance in nurturing free enterprise, healthy business rivalry, innovation, and growth in all economies.

2 Individual lending

 This is the simplest and the oldest credit lending model where small loans are given straight to the borrower. Most SMEs have greatly benefited from this model since it is easy, efficient, and confidential.

Individual loans are given based on a combination of personal guarantors, individual savings accounts as well as co-signers and household securities to ensure repayment.

At Bidii Credit we have embraced the individual lending model for all our products and this has benefited our clients through efficiency and effective turnaround time.

3 Non-Financial Services

Access to funds as well as improved services also play a significant role on the development of SMEs. To maximize usage of the resources availed by the lenders, microfinances provide non-financial packages such as training of their clients. This is done through physical meetings, webinars and/or monthly circulations of written materials on various topics of interest.

Bidii Credit values the growth and well being of our clients’ businesses . All our relationship officers are well trained to provide free business advice to our clientele. We work hand in hand with our clients listening to their needs and finding the right package to improve their endeavors.

4 Credibility of the microfinance

People shy away from financial institutions for the fear that after investing with them some of these microfinances end up going under. Long-term survival and sustainability are critical for a business owner. Microfinances allows SMEs to protect, diversify, and increase their sources of income, the essential path out of poverty and hunger.

The ability to borrow a small amount of money to take advantage of a business opportunity, to pay for school fees, or to bridge a cash-flow gap can be a first step in breaking the cycle of poverty.

Bidii Credit is a licensed financial provider. Our top management is tasked with overseeing operations and ensuring they run seamlessly.

5 Choose a Micro-finance That Understands Your Business

SMEs vary widely in size and capacity for growth. As an entrepreneur you should look for a microfinance that understands the nature of your business. This ensures that they offer you a suitable product that will boost your business effectively.

We value our customers and take time to understand their needs. This guides us in offering them the most suitable product out of our wide range of SME loans.

The post Boosting your business through microfinances in Kenya appeared first on Bidii Credit Limited.

Credit score affects your financial life significantly as it plays a key role in a lender’s decision to offer you credit. A credit score of 500 and below is considered poor and this results to financial institutions declining you loan request. Below are some ways to improve your credit score:

1. -Paying your loans on time: consistently making credit card and loan payments on time is one of the biggest factors of your credit score. Set up reminders on your phone or email so you don’t miss a payment. Six months of on-time payments are required to see a noticeable difference in your score.
Secondly, you can cover your payments on time by changing the dates your payments are due. Set up your payment schedule based on when you get paid. Consistent and timely payments have a big impact and will greatly improve your credit score over time.

2.Increase your credit line: If you have credit card accounts, call and inquire about a credit increase. If your account is in good standing, you should be granted an increase in your credit limit. However, it is important not to spend this amount so that you maintain a lower credit utilization rate.

3.Work with one of the best credit repair companies: If you don’t have the time to improve your credit score, credit repair companies will negotiate with your creditors and the three credit agencies on your behalf, in exchange for a monthly fee. Additionally, given the number of opportunities that a great credit score provides, it could be worthwhile to utilize one of the best credit monitoring services to keep your information secure. Dispute Wrong Information on Your Credit Report. There are several Kenyan individuals offering these services on freelance basis on upwork

If you check your credit report and notice that there’s wrong information, take action to resolve it. Dispute any errors promptly. Consistent credit fix reviews will improve your credit score as well as develop the habit of staying on top of any inconsistencies.

4. Don’t close a credit card/ loan account: Once you pay off a loan or if you are not using a certain credit card, you may be tempted to close the account. However, in order to keep your credit score higher, you should actually keep the credit card open.

5. Pay Off Owed Money
The amount of credit you have versus the amount of credit you’re using is a factor in your credit score. Stop borrowing money and pay off what’s already owed. This is one of the best ways to relieve stress and improve your credit score fast.

Your credit score is one number that can cost or save you a lot of money in your lifetime. An excellent score can land you lower interest rates, meaning that you will pay less for any line of credit you take out. But it’s up to you, the borrower, to make sure that your credit remains strong so you can have access to more opportunities to borrow if you need to.

At Bidii Credit we have personal credit managers who will be at your disposal to give you FREE advise on your credit before you take a loan. You can call us any time for a loan review or as for a callback by visiting us on https://www.bidiicreditkenya.co.ke/contact-us 

The post How to improve your credit score with financial institutions. appeared first on Bidii Credit Limited.

Blogging is a startup business that can be extremely profitable. Over the last few decades, companies in Kenya are in a hunt for bloggers who help them to create a web-based platform for their business and reach to a global audience through the means of online posts and contents. In this era of the digital age, blogging has evolved to become the backbone for successful businesses and bloggers are looked upon as online influencers.

If you have the keenness to write, a quest for reading and a dedication to never give up, you have the perfect ingredients to become a good blogger.

With great bloggers in Kenya to get inspiration from e.g. This is ES, Under-25 etc., there are countless free blogging guides available online, to help beginners create impactful blogs. With a Ksh.1500 initial cost of investing in a hosting space and domain name, you are geared up to succeed in one of the most lucrative business ideas in Kenya.

Fruits and Juice Kiosk

The working class crowd in Kenya is becoming more conscious of what they eat and drink. Staying fit and healthy is a top priority- given most of them stay at their desks 8am-5pm, has now and this turned the idea of opening a fruit juice kiosk into one of the most successful business ideas in Kenya. Nothing can be more refreshing than a glass of fresh fruit juice on a sultry afternoon.

Tuition and Coaching Centers

This is another lucrative business option for those with capital constraints. Tuitions classes or coaching centers can begin from your home, eliminating the need for any rented space. The classes can be taken individually or in larger groups. With a strong knowledge in the field, you excel will help to spread your popularity by word-of-mouth.  Slowly, as the business grows you can hire professionals in other field and start working from a rented place. In the event you lack space at your home, you can also do this online!

DIY Home Decor & Crafts Business

Ever paid attention to Art and Craft sessions at school? Well, if you did and are creative enough to turn junk into marvelous art pieces, then this won’t cost you more than few pennies. And to the world around, they sell like hot cakes for home decor purposes and landscaping.

DIY Studio in Valley Arcade was doing very successful with his DIY skills up until she decided she was going to close shop. and she will definitely tell you she didn’t break the bank to start this business.

Handicrafts Seller

The Government of Kenya through Magical Kenya has started promoting the sale of handicraft products in numerous cities and states. Some of these products include beaded ornaments, metal ware, paintings, shawls, carpets, wood ware, earthenware, embroidered goods, bronze and marble sculptures, etc.

May sellers on Maasai market (who design their own products) will tell you they started with very little capital. Many beaded ornaments on JIJI currently retail from between 200 to 1500 a piece. Meaning with 5000 you can have a good number of ornaments for resell. And even better number of these items if you decided to do it yourself by following several DIY channels out there.

NOW WHAT

So now that you have all these business ideas at your disposal, the next biq question would be, how can I get some cash to try out these ideas? Well, there are several financial institutions that could offer you cash in terms of capital. Our advise is that you also do your due diligence before you try getting these funds. Bidii Credit for example has a fully-fledged business consultancy team that can advise you. We also have a wide range of products that could suit most of these ideas. Most of these products can be accessed in less than 6 hours! So you come to us with your idea and walk out with up to 5million in cash! How about that?

The post Top 10 Small Business Ideas to Start in Kenya- Part 2 appeared first on Bidii Credit Limited.

There are some common mistakes people make which we will address in this article hence leaving you better informed and more confident about loan applications.

Not Checking Your Credit Score

The approval of your loan application depends on your credit score. Before applying for any loan, the first step should always be to check your credit score.

This number is based on your credit history and current debt levels, and it gives a lender an idea of how trustworthy you are as a borrower. A low credit score denies you the chance to get a good interest rate and can lead to your loan application being rejected.

You can access your credit score from credit reporting companies such as Transunion. All you need to do is download the TransUnion Nipashe app on the Google Play Store, pay a registration fee and then request your credit status.

If your credit score is low, you should consider paying off your outstanding bills, pay down your debts and make sure you’re paying your existing bills on time.

This will improve the number hence setting you up to qualify for a better interest rate, which will save you money. Paying down existing debt will also help you to better afford the payments on a new loan.

Pro Tip: If your credit score is low, you can read on how to improve your credit score

Making Multiple Loan Inquiries

Each time you seek a loan from a lender, a query is raised, and it appears on your credit report along with the date. With each query, your credit score reduces.

When multiple queries are raised in a short span of time, you are considered as ‘credit hungry’. A Lender views this as a sign of high credit risk which reduces the chances of your loan application being approved or may lead to a higher interest rate.

Pro Tip: Do your research to understand which lenders are right for you. Find out more about the lender and product by visiting their website or calling customer care to get clarity of the requirements and types of loans they offer.

 Falsifying Financial Information

While you might be tempted to fudge the details about how much you make and how much you owe, this is technically considered fraud. If a lender realizes you’ve misrepresented your financial information, they reject the loan.

The biggest reason a lender wants to know about your financial situation is so that they can evaluate your repayment capacity. This might be frustrating if you had your heart set on buying a new Ferrari but only got enough money for a used Chevrolet, you can take comfort in knowing you’ll be able to afford your loan payments.

Pro Tip: Provide full disclosure of your finances as it is today, it will not necessarily deter a lender but hiding details is likely to do that and might make it difficult for you to secure a loan.

Not Researching Your Lender Thoroughly

Taking a loan is a big decision that significantly affects your financial life for an extended period. While lending is largely well regulated, there are still less than scrupulous lenders who use predatory practices to make a profit and especially in Kenya. To safeguard yourself from falling prey to such lenders, do your research before you approach them for a loan.

Keep in mind that a reputable lender will make the whole process of borrowing transparent and will take the time to explain the process to you. They will disclose all aspects of the loan sanctioning charges upfront and offer legitimate repayment options.

Pro Tip: Opt for registered organizations as they will be under strict compliance ensuring consumer safety.

Not Understanding the Loan Product

Loan products can seem complex because they are often presented with plenty of information and jargon that can be difficult to interpret. It is essential for you as a borrower to understand what loan product you are signing up for before you accept the loan.

There are various loan products based on the need that a customer has. Have the lender guide you on the product that best caters to your need.

Understand how the loan product can be used, the requirements of equated monthly instalment (EMI) payments, early repayment options, and other terms and conditions.

It is important to be in the know of the purpose of the loan, and how it will be allocated once issued. You should find out from the lender if you will get the amount upfront or if it will be in installments.

Pro Tip: Before you apply for a loan, get a good idea of its purpose so that you can request the correct loan amount. You can also use an EMI calculator to figure out how much you will have to pay each month and ensure that your cash flows support the repayment.

Bidii Credit is always offering FREE advice and consultation in regards to loans. Contact us today and speak to a financial advisor. We also have a variety of secured and unsecured loans that you can get within a short period of time- From 6 hours

The post Top Mistakes To Avoid When Applying For A Loan appeared first on Bidii Credit Limited.

1. Limited or Inconsistent Cash Flow
2. Not Using a Budget
3. No Preparation for Unforeseen Expenses
4. Not Raising Enough Capital
5. Too Much Debt
6. Neglecting Necessary Reporting
7. Poor Tax Compliance. Many thriving businesses have been closed down by KRA
8. Not Paying Bills on Time
9. Mixing Business and Personal Finances
10. Poor Marketing Tactics

Having said that, there are many ways to start a business in Kenya with minimal focus on logistics and upfront costs and more focus on getting your ideas started. Having worked with business people from diverse business environments in the last 8+ years, we have listed several businesses that we know will work well with KES 5,000 or less budget (appr. $50).

Reselling

Those passionate about clothing, kitchenware, Home appliances and/or sales may consider starting an online resale business. Although it takes time in research, dedication, and an eye for fashion and or homecare, expert in the said field, and some little cash for advertisement (in this case less than 5k), you can start as a side hustle and turn into a full-time resale business. Start a business on IG, FB or Twitter, get your wares from Eastleigh or Gikomba cheaply and resell. You could start by using online store websites Jumia or Jiji to sell your ware, then expanding to your own resale website. Good news is that you don’t have to own these items.

You only need to contact a reputable wholesaler in Eastleigh or Luthuli, strike a deal with them, get permission to list their items on your page and start making sales. When you make a sale, rush to the wholesaler, get the item and resell at a profit. A good 65’’ Samsung TU8000 TV that would fetch Ksh.120,000 on those high-end shops you see in Westlands and Kenyatta Avenue is retailing from only Ksh.99,999 on Luthuli Ave. potentially giving you a profit margin of Ksh.20,000 ($200)!

What could go wrong: Listing a product from a fraud seller, Listing a product without notifying the seller.

What do you loose: 5k advertising fee on various socials

Online Bookkeeping

With good education and knowledge in accounting and bookkeeping, technology allows many bookkeeping services to be performed online. Around June every year, KRA requires businesses and individuals to file returns. Sad news is that many individuals are still ignorant or the process sometimes can be very bureaucratic. That’s good news for you. If you are an accountant or bookkeeper who wants the freedom and autonomy of running your own business, take advantage of modern technology and start advertising some of these services to start your own online bookkeeping service.

What could go wrong: Nothing really. Unless you don’t have knowledge in bookkeeping

What do you loose: 5k advertising fee on various socials

Freelance copywriting or content writing

Again, this will only need advertising on FB and IG. No one will know you without advertising.

If you’re a natural wordsmith with a bit of marketing knowledge, you can establish yourself as a freelance copywriter or content writer. Whether you write blogs, web content or press releases, plenty of companies will pay for your services. Increase your value by using SEO knowledge to help clients craft a strategy around specific keywords that their target audience is already using in their online searches. Most freelance copywriters in Kenya charge Ksh.500 to Ksh.20000, but those with expertise in a given vertical could charge even more.

Freelance copywriting is a great business to run because as long as you have an internet connection, you can work. It’s a business that you can operate from the comfort of your own home, or even from the road if you travel. If you establish a large enough network and gain referrals from satisfied clients, you could even make it your full time job

What could go wrong: Not getting online gigs. That however only happens when starting. Once you establish your customer base, you are good to go.

What do you loose: 5k advertising fee on various socials

Create Digital Products

Digital products include music, courses, and podcasts, youtube channel etc. There are no recurring manufacturing or shipping costs to worry about, and your margins can remain high. This makes it another no-brainer for being one of the best businesses to start.

For youtube channel for instance, you only need to start with your phone camera. Most good phones today have good camera.  As for editing, just because you’re creating videos doesn’t mean you need advanced video editing software (like Final Cut Pro or Adobe Premiere) to edit your content. These software programs don’t necessarily improve your content, particularly if you’re going to be struggling with it a lot during the first few weeks. If you’re new to video editing, you’d do much better with simple programs like Windows Movie Maker or Apple iMovie. These are a lot more user-friendly and are easily downloadable (for free) if you don’t already have them on your computer. As you go along, it may be more challenging to come up with fresh, new content and YouTube channel ideas that will match the hype of your first few videos. But don’t worry—even established YouTube artists go through the same thing every once in a while.

The secret is to look for inspiration everywhere—even when you’re out and taking a break from recording. List down your ideas. Check out other videos and build upon their ideas to make them your own.  Avoid comparing yourself to others and focus on your own channel. As long as you like and enjoy the concepts you come up with, your viewers will sense your sincerity and love for your craft, and this will help pique their interest. While you’re at it, take every opportunity to improve and evolve in other areas. Explore other camera filming techniques, editing styles, and approaches to your presentation.

What could go wrong: Starting a digital product that will not appeal to your audience, creating lousy or poorly edited videos.

What do you loose: 5k advertising fee on various socials

Homecare Services 

A little while ago, a popular comedian Kennar (Crazy Kennar on IG) started a very interesting business idea. He started a platform where you would register to offer home cleaning services at a fee. The platform saw so many students especially from JKUAT and KU signup for the service- very genius idea. He makes a profit from commissions when you request for the services of these. While we dont encourage you to do exactly the same (He’s done his research and he knows why this will work), we have another idea similar to that:

A background in care and hospitality can go a long way to support housebound seniors who require in-home care. It’s also a service for which demand is only going to grow especially in Kenya. The idea is already HUGE in US and Eastern Europe. According to the National Institute on Ageing in the US, between 2010 and 2050, the 85-and-over population is projected to increase 351% globally.

Many will need care and assistance, often in their own homes.  Luckily, you don’t need a background in healthcare to help seniors and grow a successful business at the same time, although those skills will be in demand as well. Many seniors need help with all kinds of tasks, like errands or repairs around the house. With some experience, you could consider growing your business to help seniors transition from their homes to assisted living facilities, offering services such as packing, transporting, setting up, or storing their furniture and possessions.

What could go wrong: Being impatient. Working in this field will need your 100% patience!

What do you loose: 5k advertising fee on various socials

We will be listing 5 more ideas in our next article. So stay tuned and follow us our socials for updates when we do:

Blog: https://www.bidiicreditkenya.co.ke/blog/

IG:  https://www.instagram.com/bidiicreditltd/

Twitter: https://twitter.com/BidiiCreditKe

FB:   https://www.facebook.com/bidiicredit

Linkedin: https://www.linkedin.com/company/bidii-credit-limited/

The post Top 10 Small Business Ideas to Start in Kenya- Part 1 appeared first on Bidii Credit Limited.

The post FAQ- Frequently Asked Questions appeared first on Bidii Credit Limited.

A logbook loan is a loan secured using your vehicle’s logbook. The loan covers a percentage of your car’s value irrespective of the age and model.  In other words, it is an easy and quick way of getting a loan for automobile owners. 

This means foregoing the rigid background and eligibility checks you receive from your bank when applying for a loan. Logbook loans in Nairobi and other cities in the country are an efficient technique for car owners to secure a substantial amount against their car. No one would ever imagine getting the amount they desire in 24 hours! 

If you’re seeking quick access to cash, a car logbook loan offers the easiest route. By leveraging your automobile, you can receive a substantial amount based on its value in your bank account in a day. It is a popular option when you cannot access credit elsewhere 

How Logbook Loans Work

• Usually, you’re asked to hand over temporary ownership of your car to the lender. However, you are allowed to continue driving the car as long as you keep to the terms of the agreement
• As part of the loan application process, you’ll hand over your logbook to prove ownership
• The lender will also conduct an HPI check on your car. This is to assess its value as well as ensure that it’s free from finance and that you are the registered owner
• You’re asked to provide personal details including 

-Your address 

-Financial information such as your income

-Regular expenditure

• Another eligibility test is running a credit check to review your loan affordability. However, it’s expected of you to take personal responsibility and ensure you are able to pay back
• Depending on your lender, this process can be completed online, on the phone, or in person. Still, in some cases, the process can be finalized in as little as one to two hours
• The borrowed amount is deposited in your bank on the same day. Other lenders may offer other options such as cash or a cheque.
• After paying off the loan, the car ownership is transferred back to you. 
• In the event you don’t keep up with the repayment plan, the lender may sell your car to recoup their money

Benefits of a Logbook Loan 

• A logbook loan allows you to borrow a larger amount of money compared to a payday loan or personal loan
• A logbook loan typically has a repayment period of between 12 – 36 months. This is much longer than you get with a personal loan. This means more time to get your finances in order
• In certain scenarios, it’s possible to offer partial resettlement by repaying a chunk of your loan early. This reduces the interest on the remainder of the loan. 

The quicker you repay your logbook loan, the lower the overall interest you will payback. Where possible, pay back the money as soon as possible.

The post An Insight into Logbook Loan appeared first on Bidii Credit Limited.

Unsecured Personal Loans

Personal loans can be used for a variety of reasons including:

• Paying for a wedding expense
• Consolidating debt
• Paying rent

Personal loans can be unsecured loans. This means, you will not put collateral like a home or car on the line in case you’re unable to pay back.

Benefits of Unsecured Personal Loans

• A personal loan may help you pay off the debt sooner.
• A personal has a lower interest rate. A lower interest rate could translate to big savings
• A personal loan is a good choice if you are planning to finance a major purchase. This could be a home improvement project, a medical bill or moving expenses.

Secured Personal Loan

• A secured personal loan requires collateral. This could be a car, home etc to “secure” the loan.
• Secured personal loans have a lower interest rate compared to unsecured personal loans. This is because a secured loan is less risky since there’s an asset to backup your loan

Business Loan

• This is similar to personal loans, but customized for business use. You are given a certain amount of money over a period of years. This is subject to affordability and a credit background check. It’s payable with interest. A business loan can either be secured or unsecured.

Car Loan

This is a loan aimed at specifically buying a car. Just like a secured loan, the money you borrow is secured against the vehicle you plan to purchase. Keep in mind, If you default on your repayment plan, the lender is allowed to seize the Car.

Bridging Loan

A bridging loan helps you ‘bridge the gap’ when you need to pay for something as you await for your funds to become available. Bridging loans are common amongst people who are buying a property, but are waiting for the sale of another property. Bridging loans are secured loans, Such loans require a high-value asset to get approved. This could be a property or land.

Guarantor Loan

This type of loan is under an unsecured personal loan. It requires a third party to guarantee the repayments. This is in case the original applicant defaults the payment plan. These loans are ideal for anyone with poor or no credit history who may have been turned down by a lender.

Payday Loans

These are short-term loans and they are typically due by your next payday. To repay the loan, the lender will typically require you to write a post-dated check. Alternatively, you could authorize the lender to automatically withdraw the amount you borrowed, plus any interest or fees, directly from your bank account.

Home Equity Loans

A home equity loan is a secured loan, and your home is used as collateral to borrow a needed amount of money. The amount you borrow is determined by the equity you have in your home. This is the difference between your home’s market value and how much you owe on your home. Usually, you’re not allowed to borrow more than 85% of the equity you have in your home.

Credit Card Cash Advances

Some credit cards may offer a cash advance. This is a short-term loan that you borrow against your card’s current balance.
Before borrowing money, set a budget. This will allow you to know what you can pay back on a monthly basis.

Bidii Credit offers several loans for different population categories. Unlike the loan types mentioned above, we have very flexible loans that you can enjoy, ranging from unsecured SME loans, Logbook loans, Rental income loans, mobile loans and input credit loans. If you are looking to get a loan, consider from one of our options at Bidii Credit Kenya and enjoy the flexibility we offer on our products

The post Different Types of Loans appeared first on Bidii Credit Limited.

Logbook Loans
We’re a leading provider of Logbook loans in Kenya. Logbook loans is a kind of loan that requires depositing your logbook as collateral for a loan. This kind of a loan is processed quicker than in other banking institutions. This makes Logbook loans an incredibly good source of loans for dealing with emergencies.

Logbook loans are ideal for individuals who find themselves with a poor credit rating history with most banking institutions judging them harshly. This can lead to denial of loans even in cases where they’ve already mended their finances and possess proof of future income. At Bidii Credit Kenya, we disregard your credit history as long as you have enough proof of future capacity to repay the loan.
As a requirement, all Logbook loans are subjected to a Loan appraisal process. When the Loan is approved, it’s disbursed via your most preferred mode of banking including:

• Bank
• Mpesa
• Cheque

Requirements

• You must have been in employment for more than 2 years or operated a registered business for more than 2 years
• Invoices/payslips and employment contract for the last 6 months
• The vehicle must be in your name/guarantor’s name
• The vehicle must be in great working condition
• Recent utility bill e.g. Rent/electricity
• Six months bank statement with a cheque book
• Motor vehicle valuation
• Motor vehicle Logbook
• At Least two blank but signed Motor vehicle Ownership Transfer Forms
• Two passport photos of the applicant
• Documents showing proof of comprehensive motor vehicle insurance
• Legal and valuation charges

Rental Income Loans

• Bidii Credit Kenya also allows you to use your rental income to get a loan of between KES 50,000-1,000,000

Requirements

• Kenyan
• 18 Years and Over
• Proof of ownership of the rental units
• Proof of regular rental income
• Have a property agent for at least 6 months
• Bank/M-Pesa statements for at least past 6 months
• A good CRB report
• The rental units must be within a major urban center with a Bidii Credit branch
• You must be willing to provide collateral e.g. Motor Vehicle or Chattels
• You must have at least two guarantors

Unsecured SME Loans

• Our unsecured SME loans allows you to borrow from as little as Kes 2000 to a maximum of Kes 200000.

Requirements include:

• Must be a Kenyan citizen over 18 years old
• Must have operated business for more than six months
• Business must be in a permanent establishment
• Must have a registered M-Pesa line
• Pay a one time registration fee of 500/-
• Have a good credit history with CRB
• Must demonstrate the ability to pay
• Must provide at least two guarantors
• All loans are disbursed through Mpesa

Mobile Loans

Our mobile loans allow you to get upto Kes 50,000 straight to your mobile phone. Simply download Bidii Credit App from Google play and sign up!

Inputs Credit

We provide inputs on credit to farmers through our network of suppliers and other key stakeholders. The farmer gets paid on time and the market aggregators have a steady supply of produce.
At Bidii Credit Kenya, we’ve something for everyone. For more inquiries on our financial solutions, reach out to us through 0709 840 000.

The post Bidii Credit Kenya Financial Solutions appeared first on Bidii Credit Limited.

In most states, securing a business license or registration is required to operate a business, but this process is different from incorporating or organizing a company. Unless you register for limited liability corporation, or LCC, protection, the partners in the business can be held liable for anything bad that happens with relation to the business.

Imagine that Tom and Jerry, two longtime friends, have been speaking about their love of cheese. To secure the right type of cheese and due to scheduling conflicts, Tom and Jerry decide to start buying cheese from the farmers and distributing it to grocery stores.

That means that if someone gets food poisoning from the cheese Tom and Jerry sell, that sick person could sue for damages and come after Tom and Jerry’s personal assets, which they might think have nothing to do with their business. LLCs are, in almost all states, the most common form of registered entity due to their low cost and ease of operation.

Mistake #2: Inadequate capitalization

Also known as “money,” capital is what partners, shareholders or business members contribute in exchange for ownership in the business. Some businesses are capital intensive — as in a dental practice — while others are capital efficient — as in a copy editing company — but in every business, lack of money is the number one cause of failure.

Mistake #3: Planning only for success

Every entrepreneur dreams big dreams — and thank goodness — but sometimes things go awry. In order to be successful, a new business needs to remain flexible in its processes and develop easy-to-understand contingency plans in case the idea isn’t as big of a hit as expected. A line of credit from your bank, for example, need never be used but can be critical when you hit a bump in the road.

Mistake #4: Understanding the industry, but not the market

Most entrepreneurs know their industry intimately and have expertise in their product or services. But critical to their success or failure is a simple question: Will others pay for the product or service? This product market fit can sometimes be tested in a small way; somehow you need to test to make sure you’re building a Ford Model T and not an Edsel.

Mistake #5: Doing it all yourself

Having an accountant, banker and attorney with whom you’re on a first-name basis ensures you will build a strong foundation for your business and won’t make mistakes that will cost you more to fix down the line.

Mistake #6: Working with friends instead of business partners

In our example, Tom and Jerry are good friends, but they need to treat the business seriously. Jerry has a day job, so Tom needs to ask some hard questions: Is Jerry going to keep his day job? Does he expect an equal share of equity? More on that below. To be successful, business partners cannot be afraid of hurt feelings.

Mistake #7: 50/50 partnerships

Two people starting a business naturally want to be fair to one another. But who makes a decision if the partners disagree? There are ways to address this in the legal documents, but it typically makes things easier if partners agree that one is the 51 percent partner.

Mistake #8: Ignoring intellectual property

Intellectual property, or IP, describes almost all the intangibles in your business, including trademarks, copyrights, trade secrets, et cetera. If you don’t pay attention to your IP, others can copy your business. If you don’t pay attention to the IP of others, they can sue you for infringing on their protected property.

Mistake #9: Counting your eggs before they hatch

Let’s say that in year three, Tom and Jerry are making good money and selling a lot of cheese. They now have dedicated employees, a recognizable brand, and good relationships with farmers and grocery stores. But, somehow, they didn’t realize they needed to comply with food labeling regulations.

As a result, they may face legal action or penalties from the U.S. Food and Drug Administration, paying fines and destroying inventory or issuing recalls (this would be a good time to have an LLC).

Mistake #10: Falling in love with the idea

Successful businesses are run by people who understand that things don’t always go according to plan. Being able to change your approach, in small and large ways — a move sometimes called a pivot —

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