FINANCING SMALL AND MEDIUM ENTERPRISES FOR ECONOMIC GROWTH A STUDY OF MICROFINANCE BANKS IN SOKOTO METROPOLIS

TABLE OF CONTENTS

Title page i

Approval page ii

Dedication iii

Acknowledgement iv

Table of contents v

CHAPTER ONE: GENERAL INTRODUCTION

1. Background of the Study 1
   1. Statement of Research Problem 2
   1. Objective of the Study 3
   1. Research Hypotheses 3
   1. Significance of the Study 4
   1. Scope of the Study 5
   1. Chapter Scheme 5

CHAPTER TWO: LITERATURE REVIEW

• Introduction 7
  • Definition of Small and Medium Enterprises 7
    • Cottage Industry 10
  • Small and Medium Enterprises and access to finance 11
  • Sources of Financing Small and Medium Enterprises in Nigeria 12
    • Bank Overdraft (Bank Draft) 13
    • Trade Credit 14
    • Leasing 16
    • Venture Capital or Risk Capital 17
    • Business Angels 18
    • Rotating Savings and Credit Associations (ROSCA) 19
    • Small and Medium Enterprises Equity Investment

Schemes (SMEEIS) 21

• The Central Bank of Nigeria Agricultural Credit

Guarantee Scheme 24

• Challenges of Small and Medium Enterprises Financing 25

CHAPTER THREE: RESEARCH METHODOLOGY

• Introduction 28
  • Research Design 28
  • Population 28
  • Sample and Sampling Techniques 29
    • Sample 29
    • Sampling Techniques 29
  • Data Collection Method 29
  • Data Analysis Techniques 30

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

• Introduction 31
  • Data Presentation and Analysis 31
  • Hypotheses Testing 41
  • Decision Rule 44

CHAPTER FIVE: SUMMARY, FUNDINGS, CONCLUSION AND RECOMMENDATIONS

5.1	Introduction	46
5.2	Summary	46

• Findings and Conclusion 47
  • Recommendations 49

Bibliography 51

Appendix 53

CHAPTER ONE: GENERAL INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Small and Medium Scale Enterprises (SMEs) are the backbone of every economy and are key source of economic growth, dynamism and flexibility in advanced industrialized countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organization, accounting for over 95% and up to 99% of enterprises depending on the country (Osagie 2004:25). They are responsible for between 60-70% net job creations in less-developed or developing countries.

While not every small business turns into a multinational, they all face the same issue in their early days – finding the money to enable them to start and build up the business. It is harder for them to borrow money from banks  or finding private investors than for larger firms.

Microfinance institutions are semi-formal organization and a subset of flexible structure and systems which provide a wide range of financial and saving needs of small scale enterprises in developing countries where top-town formal financial institutions have failed to address the credit need of the real sector of the economy.

Hence, the intention of this research is to undertake a survey of financing options for small and medium scale enterprises in Sokoto State.

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FINANCING SMALL AND MEDIUM ENTERPRISES FOR ECONOMIC GROWTH A STUDY OF MICROFINANCE BANKS IN SOKOTO METROPOLIS