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Abstract
The study examines empirically the challenges faced by Micro, Small and Medium Enterprises (MSMEs) in assessing finance in Nigeria. Micro, Small and Medium Enterprises (MSMEs) play a vital role in economic transformation and industrialization both for developed and developing countries. Survey research design was employed through well-structured questionnaire of two sections which were administered to Accountants, Manager and owner) MSMEs in Egor Local Government area of Edo State. One hundred (100) questionnaire were administered to respondents out of which eighty-four (84) copies were retrieved from
the respondents and analyzed with simple percentage and statistical tool of Chi- square. The results of the analysis indicated that there are loan facilities provided for Micro, Small and Medium Enterprises (MSMEs) by financial institutions in Nigeria. Also, there is relationship between processes and procedures involved in accessing loans and Micro, Small and Medium Enterprises (MSMEs) from financial institutions in Nigeria, there are challenges associated with Micro, Small and Medium Enterprises(MSMEs) access to loans in Nigeria. Thus, the study recommends that Proper management and timely release of funds meant for SMEs by relevant bodies, formulation and implementation of appropriate policies in favour of MSMEs, building up technological capacity, knowledge flows and technology databases. Also, the operators of small scale business should operate in such a way that the commercial banks will be able improve their confidence in them and thereby see prospect in them
the respondents and analyzed with simple percentage and statistical tool of Chi- square. The results of the analysis indicated that there are loan facilities provided for Micro, Small and Medium Enterprises (MSMEs) by financial institutions in Nigeria. Also, there is relationship between processes and procedures involved in accessing loans and Micro, Small and Medium Enterprises (MSMEs) from financial institutions in Nigeria, there are challenges associated with Micro, Small and Medium Enterprises(MSMEs) access to loans in Nigeria. Thus, the study recommends that Proper management and timely release of funds meant for SMEs by relevant bodies, formulation and implementation of appropriate policies in favour of MSMEs, building up technological capacity, knowledge flows and technology databases. Also, the operators of small scale business should operate in such a way that the commercial banks will be able improve their confidence in them and thereby see prospect in them
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