Influence of Loan Lending and Economic Development of Youth in Kesses Constituency, Kenya

Abstract

Influence of Loan Lending and Economic Development of Youth in Kesses Constituency, Kenya 1. Introduction Youth economic development involves bringing youth and a community's natural resources into line with both global and regional markets, and striving for new jobs for youth and society (Ferraro 2009). Furthermore, young people are involved in community and/or community service activities that provide income (Wallerstein, 2012). In particular, youth economic development refers to young people's involvement in community services and/or income-generating community activities (Wallerstein 2012). Youth economic development encompasses improvements in the material welfare particularly for young people with lowest income, elimination of mass poverty with its analphabetism, disease and premature death, changes in input and output composition, which usually include changes in the fundamental manufacturing structure away from farming operations into industrial activity, organization setting. Sub-Saharan Africa (SSA) has a quickly increasing youth population of 18 years, but in some nations as Niger and Chad it is only 15 years old.In 2013, the economic development of young people in Sub-Saharan Africa was 2 times higher than in other ages (World Bank, 2013). The US has accomplished the greatest financial output over the last ten years through the promotion and promotion of youth operations, according to Kuratko and Hodgetts (2014). Bruns (2007) says that the credit quantity provided in developed countries was important because it was able to determine the nature and size of the company. Many governments have tried to assist ministries of youth, youth policies and youth programmes. It seems, in reality, that the youth are the future of the growth of their country (Yunus, 2008).First of all, Zimbabwe has a JDF structured according to the model of the private-public partnership. In 2009, the Swaziland government also created the National Youth Policy and set up an enterprise youth fund to tackle the low economic growth of young people (Brixiova et al., 2014). Many times, young individuals lacked the necessary support facilities to turn their start-ups into successful SMEs (World Bank, 2013). This was because many legislative bodies were established in Kenya that had interfered with the efficient provision of young financial services by many microfinance organizations.