Promoting Small and Medium Enterprises for Development: Role of Supporting Agencies in Development

Abstract

The paper, Promoting Small and Medium Enterprises in Recession: Role of Supporting Agencies, tried to locate some small and medium enterprises and their operations during recession. It was discovered that there are many small and medium enterprises needing various forms of support. The enterprises are in the form of sole proprietorship, partnership, joint venture, private companies and public limited companies. The paper went further to review the role of supporting agencies in the circumstance and discovered that the supports needed include those on technical and allied services; granting of loans and other facilities; provision of information; implementation of government policies; advice on contemporary economic issues; regulation of activities of organizations, etc. The paper went ahead to recommend that Government should come up with a policy thrust that would help those that would want to job creators have access to loan facilities from government agencies. Loans granted to the SMEs/entrepreneurs should fall under the single digit interest rate less emphasis on collateral. The activities of government agencies should be made known to small and medium enterprises the entrepreneurs so that they can direct their attention to the agency where their particular problems can be resolved. Key wards: Promoting small and medium enterprises; role; supporting agencies; development.

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