Publication Date: 2022/11/11
Abstract: The importance of SMEs in terms of job creation and value addition has drawn the attention of scholars and policymakers, but their growth has been slow in Nigeria. Some empirical researches imply that a lack of funds may be one of the causes of these issues. Thus, the study examines the influence of Microfinance Banks on SME development (SMEs). We used descriptive statistics to evaluate the data and basic linear regression to test the hypothesis in SPSS. The study indicated that MFB loans help SMEs grow. A descriptive statistical investigation revealed that MFB interest rates, eligibility conditions, and payback terms can help SMEs grow. The study finally recommended, MFBs should extend their clients' loans for longer periods and spread the payback out over a longer length of time.
Keywords: Microfinance Banks, Small and Medium Enterprises, funding, SMEs development.
DOI: https://doi.org/10.5281/zenodo.7313831
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT22OCT963_(1).pdf
REFERENCES