Microfinancing and Small and Medium Scale Enterprises (SMEs) during COVID-19; Evidence from Osun State
This study investigated the extent and relationship between microfinancing and small and medium scale enterprises (SMEs) during Covid-19 in Osun State. The study relied on primary data gathered through a structured questionnaire. The population for the study was 52,596 SMEs in Osun State; and the sample size were 397 SMEs determined via Taro Yamane formula and were purposively selected across the State. The data collected were analysed using mean and ordinary least square (OLS) method. The results showed that the extent of microfinancing among SMEs in Osun State were grossly low. The study further revealed that there is a weak but positive relationship between microfinancing and SMEs growth in the State and thus, concluded that there is a significant relationship between microfinancing and the growth of Small and Medium Scale Enterprises (SMEs) in Osun State. This study therefore, recommended that Microfinance banks in Osun State should come up with innovative ways to finance SMEs for successful growth. Keywords: Small Businesses, Microfinancing, Business Growth, Covid-19, Nigerian Banking Industry