Date of Conferral



Doctor of Business Administration (D.B.A.)


Business Administration


Williams W. Stokes


The failure of businesses to repay loans adversely affects credit markets. Small and medium-sized (SME) business owners in Lagos, Nigeria, are concerned because financial institutions are unwilling to provide credit because of the low loan repayment performance of those who have received credit in the past. Grounded in the theory of planned behavior, the purpose of this qualitative multiple-case study was to explore strategies some SME owners use to successfully repay bank loan obligations to sustain their businesses. The participants were three SME owners in Lagos, Nigeria, who successfully repaid their bank loans. Data were collected using semistructured interviews and a review of company documents. Four themes emerged from the thematic analysis of the data: (a) tie the loan to productivity, (b) ensure the loans are not diverted, (c) have a plan, and (d) build capacity in business financial management. A key recommendation is for SME leaders to partner with financial institutions to provide basic financial literacy training to new entrepreneurs. The implications for positive social change include the potential for SME owners to ensure repayment of their bank loans to sustain their businesses, thereby reducing unemployment and poverty, increasing government revenue, and improving the quality of life for the community.