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THE IMPACT OF VENTURE CAPITAL FINANCING ON SMALL AND MEDIUM SCALE ENTERPRISES IN UYO METROPOLIS (A CASE STUDY OF ELSA FOOD LIMITED)

Background of the Study

Small and medium scale enterprises (SMEs) in developing countries have been seen as engines through which the3 growth objectives can be achieved (kayanula and Quartey, 2000). These enterprises have been identified as the means through which the rapid industrialization and other developmental goals of these countries can be realized. Within the context of this research undertaking, small and medium scale enterprises aregenerally identified with the following variables; capital investment(fixedassets),annual turnover, gross output and employment (Osuala, 2000). He stated that the classification of enterprises as ‘medium’ and ‘small’ varies from one economy to another and from one period to another in the same economy.

Defining small scale enterprise, Adekunle (2005) viewed small scale enterprises as those enterprises with total cost inclusive of working capital but excluding cost of land ,of above N 1 million and having manpower strength (labour size) of 11 and 35 workers. Similarly , he viewed medium scale enterprises as those having labour strength of between 36 and 100 workers and total cost inclusive of working capital but excluding cost of land s of N40 million. Osuala, (2004), also defined small and medium scale enterprises using the number of employees’ criterion as those enterprises whose number of workers ranges from 5-300 workers. Also using the same criterion (number of workers) UNIDO in the 1990s defined SME for developing countries as those enterprises with workers ranging from 5-99 workers.

The Central Bank of Nigeria (CBN) defined small and medium scale enterprise (SME) as any enterprise with a maximum asset base of N200 million, excluding land and working capital, with number of staff employed by the enterprise of not less than 10 and notmore than 300 (Osuala, 2004). This definition is considered most appropriate because it highlights certain salient elements considered essential for this study. Such elements include asset base, and the number of employees.Osuala (2004) emphasized that the number of employees is the most frequently used criterion.

Small and medium scale enterprise in AkwaIbom State are classified under the following sectors: mining and agriculture, manufacturing, wholesaling, retailing, service industries, finance and insurance, construction, transportation, communication and utilities. Each classification is made up of different types of small and medium scale business activities in AkwaIbom state.

Mining and agriculture include such business activities as quarry, crop farming, piggery farming, and poultry farming. These enterprises also engage themselves in mineral deposits, which they extract and put into use.

Manufacturing activities in Ebony state comprises such areas as printing, furniture works, steel fabrication, and garri processing industries. Wholesaling, which has been expanding rapidly in recent years in AkwaIbom state serves as a critical link in the chain between producers and ultimate consumers. In AkwaIbom state, their activities include distribution of spare parts, pharmaceuticals, foodstuffs, rice and yam, clothing materials and so on.

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THE IMPACT OF VENTURE CAPITAL FINANCING ON SMALL AND MEDIUM SCALE ENTERPRISES IN UYO METROPOLIS (A CASE STUDY OF ELSA FOOD LIMITED)