PROVISION FOR BAD DEBTS: A STRATEGY FOR ENHANCING BUSINESS GROWTH IN SMES
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- NGN 3000
Abstract
This study presents a framework for understanding the importance of provision for bad debt as it affects the performance of small-scale enterprises. Invariably credit management involves the matter of bad debts and its management. No matter how efficient managers of credit are, there is always the incidence of bad debts; evaluation of credit management therefore must involve methods of debt recovery. Credit management examines how financial institutions respond to credit facilities given to their customers and how the small- scale enterprises react to methods of credit management. Small-scale enterprises are basically grass-root businesses that support the livelihood of entrepreneurs and in turn create jobs and reduce poverty to a large extent. It is essential that credit facilities extended by the financial institution to the small-scale enterprises are properly managed in order to ensure repayment of facilities and growth of the small-scale business. This brings us to how the management of credit influences the performance of such businesses. Primary Data were utilized through the Questionnaires administered on deposit money banks, micro finance banks as well as selected small-scale business owners. Descriptive statistics were employed to analyze the data using SPSS so as to test the hypotheses. It was observed that most small-scale owners do not have the expertise to maintain proper records of their activities. Banks should enlighten their customers on importance of proper record keeping, utilization of the credit facilities given to them, and the necessity for prompt repayment of facilities. The study is expected to be useful to entrepreneurs, players in financial institutions and policy makers of the economy.
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