Microfinance Institutions and the development of small scale businesses in Tororo District of Tororo Main Market
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Date
2019-03
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Kampala International University: College of Economics and Management
Abstract
The purpose of the study was to examine the contribution of Microfinance
Institutions to the development of small scale businesses in Tororo District using the objectives to examine the nature of financial services offered by Microfinance Institutions to the small scale business owners of Tororo District, to find out the challenges faced by Microfinance Institutions while administering loans to the small scale business owners iii Tororo District and finally to establish the relationship between Microfinance Institutions and Small and medium enterprises. The researcher used a cross sectional and descriptive research designs to collect qualitative and quantitative data. A sample size of 92 respondents was used in the study. Questionnaire, interviews and the research guide were used for collecting data from respondents. The research findings revealed that out of the 92 respondents interviewed on the Nature of financial services offered by Microfinance Institutions, the biggest percentage of respondents that is 53(58%) of the respondents strongly agreed said that Microfinance Institutions provide financial literature to people followed by 49(53%) of the respondents who strongly agreed that Microfinance Institutions offer enterprise development services, on the Challenges faced by Microfinance Institutions, the highest percentage of respondents that was (69-76%) strongly agreed that many small business clients have inadequate and inaccurate financial records and on the relationship between Microfinance Institutions and small and medium enterprises, the biggest number of respondents that was 60(65%) of the respondents strongly agreed that Microfinance Institutions offer financial
advice/training to the owners of small scale businesses on how to manage loans hence helping them to manage their business well leading to development. The researcher recommended that a study should be done to find out why many SMEs do not make use other Micro Insurance.
Description
Research report submitted to the College of Economics and Management in partial fulfillment of the requirements for the Award of the Bachelor's Degree of Business Administration (Accounting and Finance) of Kampala international University
Keywords
Microfinance, Institutions, Development, Businesses