IMPACTS OF EFFECTIVE FINANCING OF SMALL BUSINESS ENTERPRISES ON NATIONAL ECONOMIC DEVELOPMENT

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IMPACTS OF EFFECTIVE FINANCING OF SMALL BUSINESS ENTERPRISES ON NATIONAL ECONOMIC DEVELOPMENT

ABSTRACT

In view of the importance of SMEs, government has been playing an appreciative role in promoting their survival and growth, various policies towards this has enunciated plan and the ongoing three year rolling plan, priority was accorded industrialization with emphasis on SMEs. Thus, it has been stated that the panacea for solving the problem of stunted economic growth of developing countries often reside in the adequate funding and development of the Small and Medium Scale Enterprises (SMEs). Analyst have therefore continued to posit that Nigeria will continue to, remain in a state of underdevelopment unless concerted efforts are made to achieve growth in the SMEs .because the lack of development in this sector has 'continued to keep the Nigerian economy, in the woods. One of the major impediments to the growth and development of this sub-sector is lack of adequate finding. The survey research design was employed in this study and the questionnaire was the main research instrument. A total of 50 respondents make up the sample size of the study. Thus various statistical tools were used to analyze the data collected. A statistical tool used was mean and standard deviation. Hence the finding of the study shows that the rationale for promoting SMEs has given as their ability to make efficient use of resource employment, mobilize domestic savings for investment and it is recommended that: The government in conjunction with banks and professional associations should help the business to sign post the path to improved methods of marketing.

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