Date of Conferral

2022

Degree

Ph.D.

School

Management

Advisor

Richard Dool

Abstract

The purpose of this basic qualitative study was to assess the unconventional sources of funds that are available for growth of small and medium enterprises (SMEs) in Nigeria. The focal concentration was to provide answer to the research question which entails the impacts that unconventional financing method has on the operating performances of SMEs in Nigeria. The conceptual framework was the pecking order theory. The study employed a narrative approach, and data gathered using semi structured interviews from a sample size of 20 SMEs in Lagos, Nigeria. Participants were either entrepreneur/SME owner or knowledgeable employees/managers of SME. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted. Arising theme were: (a) limitation of finance sources for businesses and (b) unconventional sources of SMEs’ finance. Findings from the study reveal that most SMEs are oblivious of the unconventional finance source available to them, and they try to build trust of the banks through maintenance of proper documentation and record. The study concluded that SMEs of Nigeria should be open to credits from the unconventional sources, and further recommends crowdfunding as an easy source of raising funds. Several positive social change implications of this study include creating employment opportunities for youths through enabling SMEs, crime reduction when youth are employed, there will be proper financing especially through easy unconventional sources and this would enhance the capacity and scale of the SMEs within the country.

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