Article2018

GOVERNMENT FINANCIAL SUPPORT AND FINANCIAL PERFORMANCE OF SMES

Fred Ojochide Peter · Omotayo Adeniyi Adegbuyi · Ayodele Maxwell Olokundun · Adeshola Oluwaseyi Peter · Augusta Bosede Amaihian

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Microfinance and Financial Inclusion Entrepreneurship Studies and Influences Financial Literacy and Behavior

Abstract

Government support programmes are viewed as important tools for enhancing the performance of SMEs. Despite enormous effort by government to foster growth and development in the SMEs sector through various support programmes, the rising failure and underperformance of the SMEs sector suggest a contrary effect. This study explored the impact of financial assistance on the performance of SMEs across three states in Nigeria. Mixed methods approach was adopted using the survey and semi-structured interview methods. The study makes use of stratified and simple random technique to select the respondent of the questionnaire. A total of four hundred (400) copies of questionnaire were administered to owners/managers of SMEs, out of which only three hundred and sixty (360) were returned and adjudged usable for the analysis, while 20 semi-structured interviews were conducted on the owners/managers of SMEs. Descriptive statistics and Multiple Regression were used to facilitate the estimation process. In addition, thematic analysis was used to analyze the qualitative interviews. The study identified that while financial assistance has significant impact on the performance of SMEs, these supports are inadequate and characterized by stringent, unrealistic bureaucratic details. Based on these findings, the study recommended that facilitating access to adequate funding are highly effective in enhancing performance.

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References

2004Firm resources and sustained competitive advantage 1995The Theory of the Growth of the Firm 2011Effects of innovation types on firm performance 2001The Rise of "The Rest": Challenges to the West from Late-Industrializing Economies 2006Resource and Capability Constraints to Innovation in Small and Large Plants 2009SMEs Key Failure-Factors: A Comparison between the United Kingdom and Nigeria 2014FINANCING OPTIONS FOR SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGERIA 2015Government Policy and Performance of Small and Medium Business Management

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