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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | The Determinants Of Access To Finance By Small And Medium Enterprises (SMEs) In The Western Area Of Sierra Leone |
| Authors Name: | Dr. Richard E.O Pearce , Abdullah Bah |
| Unique Id: | IJSDR2311075 |
| Published In: | Volume 8 Issue 11, November-2023 |
| Abstract: | To investigate the determinants of SME access to finance, measured as access to bank credit for expansion of business, a survey of 450 registered SMEs randomly selected from the list of registered SMEs in the Western Area of Sierra Leone was conducted for the years 2018, 2019 and 2020. A quantitative approach, through estimation of a probability model for the access to finance determinants was used. A panel data framework was used to investigate the determinants of access to bank credit for the periods 2018, 2019 and 2020, which are the most recent three years’ period prior to the survey. Also investigated was whether this access was stronger during the Covid-19 Pandemic period (2020) or the 2018 and 2019 periods, which are pre-pandemic periods The results show that the year of the COVID-19 (2020) in the study data shows to have the same chance of getting a bank loan as the pre COVID-19 years (2018 and 2019), in spite of the business uncertainty and the downturn associated with such a pandemic. In this regard, a robust mechanism for a strong SME support outside the bank is imperative. This requires strong government and donor support, driven by coordination among the Ministry of Trade, Central Bank, Ministry of Finance, SMEDA and donor partners. The process may require strong FinTech application in a peer-to-peer framework to achieve its goal efficiently. |
| Keywords: | Access, Finance, Small and Medium Enterprises. |
| Cite Article: | "The Determinants Of Access To Finance By Small And Medium Enterprises (SMEs) In The Western Area Of Sierra Leone ", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 11, page no.512 - 522, November-2023, Available :http://www.ijsdr.org/papers/IJSDR2311075.pdf |
| Downloads: | 000338719 |
| Publication Details: | Published Paper ID: IJSDR2311075 Registration ID:208967 Published In: Volume 8 Issue 11, November-2023 DOI (Digital Object Identifier): Page No: 512 - 522 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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