ROLE AND PROBLEMS OF FINANCIAL INSTITUTIONS TO THE GROWTH OF SMALL SCALE BUSINESS IN NIGERIA
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ABSTRACT
The purpose of this study is to x-ray the mobilization and channeling of fund to business sectors. The study is to access the contributions of the Nigeria banking industry to the growth of small and large scale business as well as the role of finance in enhancing the growth and development of small and medium scale business. This lies in identifying the major problems confronting these enterprises which are the issue of financing (fund). Also, the various sources of funds, which are available for the small scale enterprises, are also highlighted. The study involves a field survey; the required data were collected through primary and secondary data. Secondary data were collected from textbooks, newspapers, journals seminar papers and other publication that dealt with related subjects. Primary data were collected from various managers of small scale business. Findings of the study concludes that financial institutions play a very significant role in the growth of small scale business. Offering them credit facilities, Educating them on investment opportunities Enlightening them on importance of saving, Providing insurance packages and financial advisory.However the challenges faced by bank in playing this role effectively includes Inadequate collateral, difficulty of processes, fear of inability to repay, and high borrowing cost.. The study therefore recommends that recommends a serious of measures which are to be performed by the government and by financial institutions. These include: creation of a level playing field, lowering transactional costs, and commercial banks should reappraise their role giving accessibility to credit through specialized or development oriented banking or financing institutions. Funds being made available through these sources should be given at preferential interest rates
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