The Impact of Microfinance Bank on Small and Medium Enterprises Development in Oyo State

Description

– The Impact of Microfinance Bank on Small and Medium Enterprises Development in Oyo State –

Download The Impact of Microfinance Bank on Small and Medium Enterprises Development in Oyo State. Students who are writing their projects can get this material to aid their research work.

Introduction

1.1 Background of the Study

A well functioning and developed Small and Medium Enterprises (SMEs) sector is a function of economic growth, which is according to economic theory.

According to Kalu (2013), this sector of Nigerian economy lacks the funds to finance its activities towards contributing to the growth and development of the Nigerian economy.

This is a result of the fact that, the Micro, Small and Medium Enterprises (MSMEs) that are operating in this sector of the Nigerian economy are unable to access the financial services of the money deposit banks in the country.

This is so because, these money deposit banks in the country (Nigeria) avoid doing businesses with these enterprises as they believe that.

The risks and associated cost of doing businesses with theses enterprises are considerably high due to inability of these enterprises to supply the required collateral securities for money deposit banks loans and advances as well as, the associated costs of operating accounts and carrying out transactions with these enterprises.

Therefore, those enterprises are left at the mercy of the funds the entrepreneurs of these enterprises were able to raise themselves either through their personal savings or through borrowings from friends and relatives for the financing of their business activities.

As such, the development of this sector is impaired due to this problem of lack of adequate funds to finance every viable business ideas that could contribute to the development and growth of the economy.

Microfinance Institutions (MFIs) according to Anyanwu (2014), exist primarily to meets the unsatisfied demand (needs) created by the mobility or unwillingness of the more financial institutions to offer credit facilities as well as other financial products to Micro, Small and 2 Medium Enterprises (MSMEs) in Nigeria.

According to Anyanwu (2014), microfinance institutions have therefore become the main source of funding micro, small and medium enterprises in Nigeria.

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