Full Project – The impact of business facilitating agencies on the growth of small scale business enterprises in urban areas

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CHAPTER ONE.

INTRODUCTION

1.1 BACKGROUND OF THE STUDY.

The small and medium scale enterprises (SMEs) have been generally acknowledged as the bedrock of the industrial development of any country. Apart from the numerous goods and services, they provide a veritable means of large scale employment as they are usually labour intensive. (Yerima, 2007). In developing countries, Nigeria have since the 1970s shown increased interest in the financing and promoting small and medium scale enterprises from three main reasons. According to Owuallah, (2007), these reasons are:

• Transformation of traditional or indigenous industry
• Increase in Job creation.
• Redistribution of wealth and income.

This also provide training grounds, for entrepreneur even as they generally rely on more on the use of local materials, Osaba, (1999) say that the distribution of goods has continued to be only viable and reliable option for development., growth and survival of any economy.

(SMEs) have fully recognized by Government and development experts as the main engine of economic growth and major factors in promoting private sector development and partnership (Adeusiyi, 2001).

Ajakaiye, (2003) state that the central bank of Nigeria (CBN) has initiated a project for baseline economic studies to develop integrated information system for SMES to foster better implementation of small and medium industries equity investment scheme (SMEs).
Federal Government has facilitated SMEs by establishing central for management development (CMD), fund for small scale industries (FUSSI). This is because off her concern for the survival of the SMEs.

1.2 STATEMENT OF THE PROBLEM

Promoters of small and medium enterprises are people with ideas, dreams and imaginations but majority of the entrepreneurs lack needed financial means to translate their dreams and aspirations into concrete that will earn them the desire wealth.

In spite of the roles play by SMEs in the Nigeria economy, the subsector has continued to suffer from the other numerous of problems. The main aim of this research is therefore to articulate the impact of business facilitating agencies on the growth of small business enterprise in urban areas arising from same lingering constraints such as inability of SMEs to understand, appreciate and utilize information for project selection opportunity, lack of access to finance due to delay in granting approval and non- availability of information/materials to enable bank process request immediately, problems due to high rate of business failure as a result of poor resources and infrastructure base on state of the economy. Altitudinal disposition of Nigeria towards made in Nigeria goods, low educational background and lack of management and entrepreneur skills. His against this backdrop that the researcher intends to search out solutions to the above problems of SMEs.

1.3 OBJECTIVES OF THE STUDY

This study has earlier identified some of the problem facing the small and medium scale enterprises it is the light of these problems that the following objectives would be set to help the study to achieve its major aim of the impact of business facilities agencies on growth of small business enterprise in urban areas. These are as follows.

1. To identify the major problems militating against the growth of small business in urban areas.
2. To identify the problems encountered by the small business enterprise in obtaining loans from the banks.
3. To establish the relationship that exists between the facilitating agencies and small business enterprise.
4. To investigate the effect of financing and promtoing SMEs on their performance.

1.4 RESEARCH QUESTIONS

The following are the research questions

1. What are the factors affecting the growth of small business in urban areas?
2. What are the challenges encountered by small business enterprise in obtaining loan from banks?

• Is there relationship between facilitating agencies and small business enterprise?

1. Is there relationship between financing and promoting of small and medium enterprise and their performance.

1.5 RESEARCH HYPOTHESIS

Ho: There is no relationship between business facilitating agencies and growth of small business enterprise in urban areas.

Hi: there is a relationship between business facilitating agencies and growth of small business enterprise in urban areas.

Ho: Small and medium scale enterprises are not veritable tool for economic growth and development and has no impact on the economy.

Hi: small and medium scale enterprises are veritable tool for economic growth and development and have an impact on the economic.

1.6 SIGNIFICANCE OF THE STUDY

This research would be invaluable benefit to both the financial institution and small and medium scale industries in Nigeria.

It would have contributed to the study of knowledge already pilling on the issue of and constraints of growth of SMEs, which cannot be over look by an aspiring nation intelligence. Finally, since it is the aspiration of our national policy on education to train our youths to be self reliant or self employed after school, this study will therefore stimulates their zeal to involve in the establishment of SMEs.

1.7 LIMITATION AND DELIMINATIONS OF THE STUDY.

The scope of this study in terms of its content is restricted to the impact of facilitating agencies on the growth of SMEs in terms of achieving its goal & objectives the study is restricted to Bida local Government area. Because of limited finance and time constraints and therefore serves as sample representative of entire state and indeed Nigeria as a whole. The convenience of data collection is another reason behind the researcher’s choice of the study.

1.8 DEFINITION OF TERMS

Small scale enterprise:- an enterprise with labour seize of 11-1000 workers or a total cost of not more than 50 million including working capital but excluding cost of land. (Sule, 2007).

Business: business includes any trade, industry professional and any occupation carried on for profit (Jerome 2000).

Growth : according to Anyawu, (1998) growth refers to an increase in output as a result of bank loans invested in small and medium scale business ploughing back the profit into the business.

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Full Project – The impact of business facilitating agencies on the growth of small scale business enterprises in urban areas