FACTORS AFFECTING ACCESS TO CREDIT BY SMALL AND MEDIUM ENTERPRISES IN MICROFINANCE INSTITUTIONS IN N - FACTORS AFFECTING ACCESS TO CREDIT BY SMALL AND

FACTORS AFFECTING ACCESS TO CREDIT BY SMALL AND MEDIUM ENTERPRISES IN MICROFINANCE INSTITUTIONS IN N

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FACTORS AFFECTING ACCESS TO CREDIT BY SMALL AND MEDIUM ENTERPRISES IN MICROFINANCE INSTITUTIONS IN NAKURU MUNICIPALITY, KENYA CHARITY W WANJAU A Research Project Submitted to the Graduate School in Partial Fulfilment of the Requirements for the Award of the Degree of Master of Business Administration of Egerton University EGERTON UNIVERSITY NOVEMBER 2013
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ABSTRACT Microfinance can be seen as a supply of loans, savings and other financial services to the SMEs. Financial access can help firms start up and expand their businesses through inter alia development of new products and production processes, and investment in human capital. A variety of financial services (credit, savings, insurance, and payment facilities) are crucial for growth in the SME life cycle. This study therefore sought to evaluate factors affecting access of credit by small and medium enterprises in microfinance institutions . The specific research objectives included determining: the extent to which SMEs characteristics affect credit accessibility facilities offered by MFIs, the extent to which collateral of SMEs affects credit accessibility from MFIs and to evaluate whether credit policies of MFIs affect credit accessibility by SME. The study adopted cross-sectional survey design to achieve the objectives. The study employed a sample of 244 from a population of 620 SMEs located within Nakuru municipality. Primary data was collected from the study respondents using structured questionnaires administered by the researcher. Data was analyzed with the help of the Statistical Package for Social Sciences (SPSS) computer software. Both descriptive statistics (frequencies, means and
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