Download complete project material on An Assessment Of Micro Finance Bank And Its Contribution To The Development Of Small Enterprise from chapter one to five with reference.
CHAPTER ONE
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INTRODUCTION
Contribution of Micro Finance Banks to the growth of Small Enterprises in kwara state is over emphasis. A major characteristic of small enterprises worldwide is that they are generally managed by their owners either as sole proprietorship orpartnership (Adamu, 2005).
Small enterprises are also largely local in their areas of operation. They depend on internal sources of capital and are relatively small in size within the industry. Small enterprises are predominant in the private sector of the Nigeria economy, but almost all of them are starved of funds.
Economic growth cannot be achieved without putting in place well focused and organized programmes to reduce poverty through empowering the people by increasing their access to factors of production especially credit facilities. The latent capacity of the poor for entrepreneurship would be significantly enhanced through provision of micro finance services to enable them engage in economic activities (such as small and medium enterprises) and be more self reliant, increase employment opportunities, enhance household income and create wealth (CBN, 2005).
Establishment of Micro-finance banks as an effort by the government to improve the access to loans and savings services for poor people is currently being promoted as a key development strategy to enhancing poverty eradication and economic development (Shreiner, 2005).
Micro finance policy depends heavily on the availability and provision of finance. Abimiku (2000) asserted that finance is the main pre-occupation of banking industry that brings together the factors of production such as land, labour and enterprenuer into action.
The role of finance in organizing productive activities is no longer conjectural as it has the unique advantage of facilitating economic development. Many today believe that, finance is vital and crucial to the process of economic development.
1.2STATEMENT OF THE PROBLEM
Access to finance remain a dominant constrain to small enterprises in Kwara state. There have been credit constraints pertaining to working capital and raw materials. Aryeetey et al. (1994) reported that 68% of SEs surveyed mentioned credit as a major constraint of financing their businesses.
This stem from the fact the that SEs have limited access to capital markets, in part because the high cost of borrowing and rigidities of interest rates has also made financing of small scale enterprise very difficult in kwara state.
MostSEs also lack the necessary collateral to obtain loans from financial institutions, therefore resulting in SEs not often obtaining long-term finance to finance and expand their business. Microfinance institution in kwara state have proven to be a powerful tool for promoting inclusive economic growth especially in the area of small scale enterprise development and employment as well.
Initiative are aimed at providing soft loan to individuals and small scale enterprises,even though a microfinance institution in kwara state is actually in the stage of infancy, the sector as proven itself to show positive in its growth in kwara state..
This institution also aim at helping Small enterprises to expand their businesses up to a point of becoming valuable ones. But the issue is to ascertain if the microfinance’s have any impact on the development of small enterprises in kwara state and to answer the question which is to be addressed which is impact assessment. This assessment is used to determine the extent to which microfinance institutions are attaining their objectives towards the development of small scale enterprises in kwara state.
1.3 RESEARCH OBJECTIVE
The aim of this study is to assess microfinance banks and its contribution to the development of small enterprises in kwara state.
The primary objectives are to:
1. assess the contributions of micro financing to the development of small enterprises in kwara state.
2. analyse the effects of micro financing on small enterprise growth and expansion capacity in
kwara state.
3.ascertain the effects of microfinance on the profitability of small enterprises operators in kwara state
1.4 RESEARCH QUESTION.
This research is an effort to assess microfinance bank and their contribution to small enterprises in Kwara state. Therefore the research is based on this questions: This study intend to answer the following question.
- To what extent does micro financing banks enhance the development of small enterprises in kwara state?
- To what extent is the expansion capacity of small businesses influenced by the financing capability of Microfinance Banks?
- How does the injection of microfinance funds into small business operations affect the profitability of small enterprises in kwara state?
1.5 RESEARCH HYPOTHESIS
Hypothesis 1
H1 – Microfinancing makes no significant contribution to the development of small enterprises in kwara state.
Hypothesis 2
H2 – Microfinancing does not have the capability to influence the expansion capacity of small enterprises in kwara state.
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