ABSTRACTThe study addressed credit acquisition for market women and men in Techiman municipality. The study adopted descriptive case study to select a sample of two thousand and seventy (2070) market men and women in the Techiman Market. By stratified random sampling technique together with Krejcie and Morgan (1970) sampling formula, …
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ABSTRACTThe study addressed credit acquisition for market women and men in Techiman municipality. The study adopted descriptive case study to select a sample of two thousand and seventy (2070) market men and women in the Techiman Market. By stratified random sampling technique together with Krejcie and Morgan (1970) sampling formula, seventy-one (71) market women and men were sampled for the study. Individuals sampled for the study were selected among clothing and textiles dealers, yam and tubers sellers, vegetables sellers, meat and fish dealers as well as agro-chemical sellers. Questionnaires were administered to the respondents. This served as the main source of the study’s data. It was found out from the study that, SME’s in the Techiman Municipality was dominated by sole proprietors, most operators were females in their youthful age. The main internal source of finance for most SME in the Techiman Municipality was personal finance whereas main external source of finance was rotational Susu. The alternative sources of funding for most operators were the retained profit and credit facilities offered by the micro-finance institutions. Also, credit facilities offered by financing institution to SME’s included SME loans, overdraft and credit purchase. Moreover, SME’s encountered problems in loan acquisition which included high interest rate charges, cumbersome procedures, delays in loan approvals, and demand for landed collateral security. Additionally, SMEs are unable to assess credit facilities due to high lending rate from the financial institutions. This often makes them unable to honor their loan obligation repayment. It was recommended that financial institutions should create favorable platform or business environment for the growth of SMEs in the Municipality.
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