FINANCING OPTIONS FOR SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) : EXPLORING NON-BANK FINANCIAL INSTITUTIONS AS AN ALTERNATIVE MEANS OF FINANCING
ABSTRACT BACKGROUND AND PROBLEM DISCUSSION: Small and medium-sized enterprises are observed as capable instruments to solving the critical problems of development and poverty affecting most developing countries (Kayanula and Quartey 2000; Mead and Liedholm 1998; Fischer 1995), therefore the need for their growth in Nigeria is beyond question. Amidst many other problems, gaining access to bank credits and other financial markets have been identified as a key hindrance to this growth. This thesis tried to review this challenging problem of SMEs financing in Nigeria with a view of identifying alternative financing options besides the traditional banks credit system. It also takes a look at Non-bank financial institutions as one of such alternative options of financing for SMEs. PURPOSE: To review the challenging problem of SMEs financing in Nigeria and secondly to identify other alternative financing options available to SMEs such as the Non-bank financial institutions. METHOD: For the most part of this work, empirical data has been collected from secondary sources. Also, primary data collected was from a conducted survey received from fifteen SMEs within Lagos city in Nigeria. KEYWORDS: Non-Bank Financial Institutions, Financing, Small and Medium-sized Enterprises.
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