I Took a 50 Million Shilling Bank Loan for My Business That Almost Failed, But Here’s How I Recovered; Michael Shares

My name is Michael, and I live in Kampala, Uganda. Like many others, I dreamed of building a successful business. I wanted to create a life where my family could live comfortably without worrying about money. That’s why, in 2022, I boldly borrowed 50 million shillings from the bank to invest in a business I had carefully planned for a long time. I was confident it would succeed because I had done my research, and friends and family encouraged me to go ahead.

At first, I felt proud of myself. I rented a shop, stocked it with products, and even hired two employees. Customers came, but soon things started to go wrong. The economy was challenging, competition was fierce, and daily sales kept dropping. Instead of earning profits, I had to use whatever little income I had to cover rent, staff wages, and loan interest. Within six months, the business was collapsing, leaving me with almost nothing. The bank started calling constantly, and I felt overwhelmed by debt. I truly thought my life was finished.TO READ MORE, TAP HERE