Effect of Financial Limitation on Promotion and Development of Small and Medium-Scale Enterprises in Ado-Ekiti.

Abstract

This study examined how financial shortages affected growing and promoting SMEs in Ado-Ekiti, Nigeria. Ado-Ekiti business owners were surveyed with 200 questionnaires. Hypotheses were evaluated via regression. According to the study findings, there is a statistical association between access to funding and SMEs' promotion and development; financial limits strongly affect SMEs' growth. Further results show that proper financing helps SMEs grow. The study suggested that financial institutions prioritize raising awareness and charging SMEs owners a fair interest rate on loans, that the government should develop policies to ensure SMEs have unrestricted access to adequate finance, and that SME owners work to increase their creditworthiness to increase their chances of getting finance from financial institutions.