IJSRP, Volume 7, Issue 10, October 2017 Edition [ISSN 2250-3153]
Babandi Ibrahim Gumel
The study investigated how financial institution financing played a role in the growth of small businesses in Nigeria. Researchers found family and personal savings as the main source of funding small businesses in Nigeria which makes it difficult for owners to secure long-term funding from financial institutions. Lack of long-term funding from a financial institution is one of the challenges that negate the growth of small businesses in Nigeria. The study revealed there is a relationship between financial institutions financing and growth of small business in Nigeria, and knowledge of how to secure the loan by managers is critical in securing long-term funding for small business growth. The study used Chi Square and found small business owners should employ experts who can process long-term loan and manage the loan for the growth of the business.