International Journal For Multidisciplinary Research
E-ISSN: 2582-2160
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Impact Factor: 9.24
A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal
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Volume 6 Issue 5
September-October 2024
Indexing Partners
An investigation of Factors that Cause SMEs to Default on Loan Repayment
Author(s) | Charles Katongo Lwanga, Sankara Nayagam |
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Country | Zambia |
Abstract | Small and Medium Enterprises (SMEs) have been asserted to be the bases of economies worldwide, including Zambia, playing a major role in economic growth. However, they often struggled with loan repayment, raising the questions why they faltered in fulfilling their financing obligations. This study explored some of the factors contributing to SME loan repayment failures. This research focused on Chipata Business Area, which was currently dominated by SMEs, to uncover the challenges SMEs faced with regard to repaying loans to the financial institutions. Studies show that SMEs in the country, often resorted to informal financial channels due to lack of collateral to access finance from formal institutions. Even when loans were obtained, repayment remained a challenge for most SMEs. Understanding that phenomenon was crucial for future policy considerations to promote economic growth and financial stability in Zambia. |
Keywords | Small and Medium Enterprises, Financial Management, Financial literature, Economic impact |
Field | Business Administration |
Published In | Volume 6, Issue 5, September-October 2024 |
Published On | 2024-09-19 |
Cite This | An investigation of Factors that Cause SMEs to Default on Loan Repayment - Charles Katongo Lwanga, Sankara Nayagam - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.26652 |
DOI | https://doi.org/10.36948/ijfmr.2024.v06i05.26652 |
Short DOI | https://doi.org/g4qmzg |
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E-ISSN 2582-2160
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