CHAPTER
ONE
INTRODUCTION
Entrepreneurship
is the foundation for small scale enterprises.
Small scale enterprises are the key for economic growth and development.
They constitute the bedrock of many economies by providing the impetus for
employment creation and value added activities.
In
Nigeria, small scale enterprises play crucial roles in economic growth and
development process. For instance, they are responsible for the establishment
of a robust industrial sector by stimulating indigenous entrepreneurship and
technology. They represent an essential link between primary production and
large scale industrialization. Besides, they have enormous opportunities for
growth due to their nature. But the worst hit is that most of them exist in
rural areas. As such, they face a myraid of problems that limit their positive
contribution to the economy, Summarily as Financial constraint, Poor
infrastructure, poor management etc. But their major challenge is financial constraint.
To
solve their problem of financial constraint, government over the years has put
in place a number of economic schemes, programmes and policies. One of them is
the rural banking programme (RBP) which was introduced in 1977. Under the progamme, banks were mandated
to open a number of rural branches and bring banking services nearer to the
rural dwellers. It was hoped that banking habits would be imbibed by the people
and savings would also be mobilized. But this scheme was not successful
because, it turned out to be costly and unprofitable for commercial banks.
Apart
from the rural banking progamme , some development finance institutions were
established by government to support and promote SSEs such as Nigeria Agricultural
and Cooperative Bank(NACB), the People’s Bank of Nigeria, the Community Banks, Bank of industry (BOI), the
Nigeria Export Import Bank (NEXIM) and the Nigeria Agricultural Cooperative and Rural Development Bank(NACRDB). In addition
to these includes: The Agricultural Credit Guarantee Scheme (ACGS), Agricultural
Credit Support Scheme (ACSS) and Small and Medium Enterprises Equity Investment Scheme (SMEEIS). Also some
specialized poverty alleviation agencies were equally set up by government to ameliorate
the problem and promote SSEs, such as
the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN),
National Directorate of Employment (NDE) and National Poverty Eradicate Programme (NAPEP). All these institutions did not meet
the expectations owing to lack of adequate government commitment and poor
management.
Consequently,
in December 2005, the microfinance policy, regulatory and supervisory framework
for Nigeria was launched. The aim was to provide an appropriate menu of
financial services by diverse institutions to meet the need of the poor and low
income groups. The policy provides for participation of the deposit money banks,
non-governmental organizations, newly licensed microfinance banks in
microfinance provision.
Despite
these attempts, the small scale entrepreneurs are yet to achieve their optimal
potential in the economic equation of the nation. However, the trust of this
study is to examine the impact of MFBs in provision of short -term loans to SSBs.
Besides, the rate at which MFBs finance SSBs,
the types of credit facilities available to SSBs, the maturity structure of
such credit facilities, the repayment schedule of such credit
facilities, the collateral policies of such credit facilities and the
general efficiency level of MFBS in financing SSBs, using Chidera MFB as a case
study.
1.1 BACK
GROUND OF THE STUDY
In
economics, it is usually said that our wants are unlimited but the resources to
satisfy them are limited. Even in business, expectations are often high but
finance is always scarce or limited to meet them. This shows that paucity of fund
is a hard-nut-to crack for every organisation be it profit or non-profit making
organisation.
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