Financing small scale enterprises in Tema Metropolis. Case study: selected small scale enterprises in the Tema Metropolis.
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Date
2016-11
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KNUST
Abstract
The prominence given to the small scale enterprise sector in policy development currently is a global phenomenon and not one confined to Ghana and other developing countries. Since the 1970’s small scale enterprise have exerted and continue to exert mounting influence on the economies and industrial structures of many countries. The study assessed how Entrepreneurs in the Tema Metropolis financed their businesses. It also uncovers how many small scale businesses in the Tema metropolis have accessed loans from financial institution and the challenges they encountered. The study also sought to evaluate the benefit derived by these entrepreneurs from the loans and how it
has impacted their businesses. The study considered the contribution by small scale enterprises in areas such as unemployment, Gross Domestic Product (GDP) and as a source of revenue to Government chest. The study employed designed questionnaire and interview guides to collect data from thirty (30) entrepreneurs practicing their trade in the service sector, artisanship and trade industry in the Tema Metropolis. The researcher used both qualitative and quantitative methods in the analysis of the data collected. The research employed descriptive research, because it was designed to acquire information concerning the current status of small scale enterprises and how the loan facility from the financial institutions contributed to the small scale enterprises in the Tema metropolis. The findings revealed that loans contracted from the financial institutions benefited small scale enterprise significantly. They were able to acquired new machines, increase their stock levels and improved on their working capital which reflected positively on their turnover or sales and also translated in the profitability of the small scale enterprises. As a result, they were able to employ additional labour to support the existing once for efficient and effective managing of their busineesses.
Description
A Thesis Submitted To The Department Of Accounting And Finance In Partial Fulfilment Of The Requirements For The Master Of Business Administration (Finance).