Journal of Research and Development
Open Access

Abstract

The Impact of Micro Finance Funding on the Development of Small and Medium Enterprises (SMEs)

Abdulsalam Kamara*

The purpose of this research work is to look at the significance of Microfinance Institution (MFIs) funding on the development of SMEs (Small and Medium Enterprises) in Freetown, Sierra Leone. A well-structured 100 questionnaires were administered to SMEs owners in the collection of pertinent data for analysis in this study. However, simple random selection procedures were used to choose the SMEs, which comprised the size of the research sample. In the display and interpretation of data, descriptive statistics incorporating basic graphical charts and tables were strategically used. The data revealed that a substantial number of SMEs profit from MFI loans, despite the fact that few of them have adequate ability to secure the required amount. Surprisingly, the majority of SMEs acknowledge that MFI loans have helped them advance their market share, economic competitive advantage and achieve market excellence.

Published Date: 2023-12-08; Received Date: 2023-11-06