Title: SMEs funding: an assessment of an intervention scheme in Nigeria

Authors: Iretioluwa O. Oyefuga, Willie O. Siyanbola, Oladele O. Afolabi, Abolaji D. Dada, Abiodun A. Egbetokun

Addresses: National Centre for Technology Management, Obafemi Awolowo University, PMB 012, Ile-Ife, Nigeria. ' National Centre for Technology Management, Obafemi Awolowo University, PMB 012, Ile-Ife, Nigeria. ' National Centre for Technology Management, Obafemi Awolowo University, PMB 012, Ile-Ife, Nigeria. ' National Centre for Technology Management, Obafemi Awolowo University, PMB 012, Ile-Ife, Nigeria. ' National Centre for Technology Management, Obafemi Awolowo University, PMB 012, Ile-Ife, Nigeria

Abstract: This study evaluates the impact of the Small and Medium Enterprises Equity Investment Scheme (SMEEIS) on the growth of Nigerian SMEs. Questionnaires and interviews were used to sample firms and commercial banks in Lagos, an industrially active environment. Uncoordinated business plans and poorly packaged projects were found to be the most significant reasons why SMEs could not access funds from the scheme. Although the scheme had been helpful to some SMEs, most of them were not aware of its activities and potentials. Operators of the scheme should therefore make efforts to further create awareness and educate the entrepreneurs.

Keywords: SMEs; small and medium-sized enterprises; SMEEIS; SME funding; economic development; SME growth; Nigeria; entrepreneurship; equity investment; funding rejection.

DOI: 10.1504/WREMSD.2008.018227

World Review of Entrepreneurship, Management and Sustainable Development, 2008 Vol.4 No.2/3, pp.233 - 245

Published online: 12 May 2008 *

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