ABSTRACT
The main objective for embarking on this study was to examine informal micro financing and small scale business in Makurdi Local Government Area: a study of daily contribution. A survey research design was adopted with a sample of 160, using a four (4) point Likert rating scale administered a questionnaire to the sampled respondents and analyzed using simple descriptive and inferential statistics and Chi-square test to test the hypotheses at 0.05 level of significance. The result showed that, microfinance institutions do not care about the finances of small scale businesses but grants loans to them when they think the small scale business has enough collateral to secure the loan. For that matter they do not provide any financial advice and monitoring to their customers. It also show that much initial financing for small scale businesses came from personal savings of the operators themselves and from formal financial institutions, while additional financing came mainly from informal sources. The study has proven that daily contribution is most effective for the survival of small scale businesses. Based on the study results, the researcher recommended that owners of SMEs in accessing financial source in order to enhance their business’ performance; Government should establish more microfinance banks in the state and compel them through legislation to focus more on small scale businesses and Government should relax the interest rate especially to those who are into small scale businesses in order to enhance their business performance thereby reducing the crime rates and improve the standard of living.
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