An examination of credit accessibility and business growth among artisans in Ilorin East Local Government Area, Kwara State
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- NGN 5000
Background of the study
Credit accessibility is widely recognized as a catalyst for business growth, especially among artisans who often operate within informal sectors. In Ilorin East Local Government Area, Kwara State, artisans play a vital role in the local economy, yet many face significant challenges in accessing affordable credit facilities. Limited access to formal banking services and collateral requirements hinder their ability to secure loans, restricting their capacity to expand and innovate (Abiola, 2023). Recent studies have underscored that credit constraints are a major barrier to the development of small-scale enterprises, affecting production capacity, market expansion, and overall business sustainability (Ogun, 2024). This study seeks to explore how improved credit accessibility can enhance business growth among artisans. It employs a mixed-methods approach, combining quantitative data from financial records with qualitative insights from artisan interviews. The research examines the existing financial landscape, evaluates the impact of credit limitations on business performance, and investigates potential mechanisms for improving credit access. By addressing these issues, the study aims to contribute to policy discussions on financial inclusion and to propose strategies that can unlock the growth potential of artisan businesses (Balogun, 2025).
Statement of the problem
Artisans in Ilorin East face persistent challenges due to limited access to credit, which stifles business growth and innovation. The lack of formal financial support forces artisans to rely on informal lending, often at exorbitant interest rates, resulting in unsustainable debt burdens (Adebayo, 2023). This credit inaccessibility not only hampers production expansion and quality improvement but also limits market competitiveness. Despite various initiatives aimed at financial inclusion, many artisans continue to experience difficulties in securing affordable loans, thereby restricting their entrepreneurial potential. This study seeks to address these issues by exploring the specific credit challenges faced by artisans and proposing viable solutions to enhance credit accessibility (Olanrewaju, 2024).
Objectives of the study:
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To evaluate the current level of credit accessibility among artisans in Ilorin East.
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To assess the impact of credit constraints on business growth.
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To propose strategies for improving credit access for artisan businesses.
Research questions:
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What are the current challenges in accessing credit for artisans?
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How does limited credit accessibility affect business growth?
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What measures can enhance credit access for artisans?
Research Hypotheses:
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Limited credit accessibility significantly hampers business growth among artisans.
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High interest rates from informal lenders adversely affect artisans’ financial sustainability.
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Policy reforms can improve credit access for artisan enterprises.
Significance of the study
This study is significant as it addresses the critical issue of credit accessibility among artisans in Ilorin East. The findings will inform policymakers and financial institutions on designing tailored financial products that cater to the needs of artisans. Enhancing credit access is expected to spur business growth, leading to improved livelihoods and broader economic development in the region. The research contributes to discussions on financial inclusion and sustainable enterprise development (Olatunde, 2023).
Scope and limitations of the study:
The study is limited to examining credit accessibility and its effects on business growth among artisans within Ilorin East Local Government Area, Kwara State, and does not extend to other regions.
Definitions of terms:
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Credit accessibility: The ease with which businesses can obtain loans and financial services.
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Artisans: Skilled workers engaged in manual or craft-based trades.
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Financial inclusion: Efforts to make financial services available and affordable to all.
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