THE IMPACT OF MICROCREDIT FINANCE IN THE PERFORMANCE OF SMALL AND MEDIUM BUSINESS ENTERPISES
1.1 Background to the Study
The Nigerian government has over the years embarked on series of policy and institutional reforms aimed at enhancing the low of finance from the banking sector to Small and Medium Enterprises (SMEs) as well as those involved in the petty business (Micro) activities and to entrepreneurial ventures at the informal level in particular. However, the important objective of boosting the performance of the entrepreneurial activities of SMEs has not materialized. Traditional Banks perceive micro activities as bad risk, hence have little interest in funding the sector, this is coupled with issues of high transaction costs and short tenor of payback period when funding is considered. Since a robust economic growth cannot be achieved without putting in place well focused programmes to reduce poverty through empowering the people by increasing their access to formal financial services, the Central Bank of Nigeria (CBN 2005) as part of its banking reform agenda embarked on licensing Microfinance Institutions (MFIs) aimed at providing financial services to entrepreneurs who are not served by the conventional financial institutions (Ozioko, 2010). Emphasis, therefore, shifted from large-scale industries to SMEs, which have the potentials for developing domestic linkages for rapid and sustainable industrial development. According to Yarron (1998) Nigeria has remarkable entrepreneurs who need support at every level and this includes Micro, Small and Medium Enterprises as well as big businesses. A common characteristic of these enterprises is their need for good financing.
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