I Borrowed 50 Million Shillings For My Business Which Almost Collapsed, But This Is How I Turned It Around; Michael Narrates

My name is Michael, and I live in Kampala, Uganda. Like many others, I dreamed of achieving success in business. I wanted to provide my family with a comfortable life free from financial worries. That’s why, in 2022, I took the bold step of borrowing 50 million shillings from the bank to invest in a business idea I had long been planning. I was confident it would succeed because I had done my research, and people around me encouraged me to take the leap.

At first, I felt proud of my decision. I rented a shop, stocked it with products, and even hired two workers. Customers started coming in, but things soon took a downturn. The economy was tough, competition was fierce, and daily sales kept falling. Instead of making profits, I was using whatever little income I had to pay rent, staff, and loan interest. Within six months, the business was on the brink of collapse, leaving me with nothing. The bank began calling me every day, and I felt buried under debt. At that moment, I thought my life was over.To Continue Reading, Click Here