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International Journal of Academic ResearchBusiness and Social Scien

July 2013, Vol. 3, N

5 ww w.hrm ars.com/ jo ur

Efects o Micronance Lendingon Business

Perormance: A Survey o Micro and

Small Enterprises in Kitale Municipality,Kenya

Alert !"i#a$ale%anamisi

P.O. Box 946, 30200, Kitale,Kena!"mail#

al$ e r tnji$ wa % ale& ahoo.c om

Pro& 'enry M&B#isa

Pro'essor, (omo Kenatta )ni*ersit o' +riculture an- echnolo, P. O.Box 62000"00200, airo$i, Kena, chool 'or 1uman esourcee*eloment !ntrereneurshi an- Procurement eartment

!"mail#$ w ih e m & mail.c om

O# 0.6007/(+B/*3"i7/9 )8# h t t #//- x .- o i.or / 0 .6 0 0 7/(+B/*3"i7/9

Astract

he ro*ision o' 'inancial ser*ices, eseciall cre-it an- sa*in 'acilitieslas an imortant role in the -e*eloment o' the econom. esite theeorts o' micro'inance institutions to ta%e micro'inance ser*ices within thereach o' oor eole an- :!s that ha*e not $ene'ite- 'rom thecon*entional 'ormal 'inancial sstem, rowth an- exansion o' :!s sector

ha- not shown an sin o' rowth an- exansion. he main o$jecti*e o'this stu- was to in*estiate the e''ects o' micro'inance institutions len-inon micro an- small enterrises er'ormance within Kitale :unicialit. hisstu- a-ote- a -escriti*e sur*e research -esin an- the taretoulation was ,200 :!s which were reistere- within Kitale :unicialitan- ha- oerate- 'or at least three ears. he taret oulation wasstrati'ie- into homoeneous cateories as wholesalers, retailers,restaurants an- ser*ice -eli*er. + samle o' 20 :!s was -rawnroortionatel an- ran-oml 'rom the strata. + semi" structure-
http://www.hrmars.com/journalsmailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://dx.doi.org/10.6007/http://dx.doi.org/10.6007/mailto:[email protected]://dx.doi.org/10.6007/http://www.hrmars.com/journalsmailto:[email protected]


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5 nals

;uestionnaire was use- to collect -ata. sini'icance le*el. he amount o' loans is sini'icantlan- ositi*el relate- with er'ormance o' :!s in Kitale :unicialit.:icro'inance institutions shoul- re-uce the erio- re;uire- 'or :!s toarticiate in trainin an- rou 'ormation to 'acilitate see- access to :?loans. he amount o' loan i*en $ :?s to :!s shoul- $e increase- toena$le the :!s row to me-ium scale enterrises.
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Key#ords: :icro'inance institutions, :icro'inance len-in, :icro an- mall!nterrises, :icro an- mall !nterrise er'ormance.

(&)*ntroduction

:icro an- small enterrises A:!s ha*e $ecome the 'ocus o' attention 'orthe economic -e*eloment, economic rowth an- jo$ creation in the worl-.he imortance o' :icro an- mall !nterrises in the economies has $eenreconi=e- $ man laers such as Corl- Ban%, ) aenc ) o' thewor%in oulation was emloe- in :!s, $ein nearl twice theemloment o' lare scale enterrises an- u$lic sector. he )nite- tates+enc 'or nternational e*eloment A)+ consi-ers that :!s emlo athir- or more o' the la$our 'orce in low income countries A)+, 200. nKena, asirem$e A2007 in-icate- that the :! sector emlos aroun- 2.3million eole an- enerates aroun- 4> o' the countrDs Eross omesticPro-uct AEP.:icro'inance traces its oriins to 976, when r. :ohamme- Funus

starte- a small

micro'inance scheme as an exeriment in the rural areas o'Banla-esh. he exeriment e*ol*e- 'rom its initial success into theErameen Ban%, the worl-Ds 'irst micro'inance institution, whichoulari=e- rou len-in, in which loans were issue- to in-i*i-ual mem$erso' small, homoeneous rous, who collecti*el uarantee loans issue- totheir mem$ers. +ll mem$ers were $arre- 'rom 'urther access to cre-itin the case o' -e'ault $ one rou mem$er, ro*i-in stron incenti*es'or the rou to ensure reament $ each in-i*i-ual $orrower. hismicro'inance mo-el e*entuall srea- aroun- the worl-, eseciall inthir- worl- countries Ao, 2009.1a$i$ulla A200 an- (ohn A20 in their stu-ies 'oun- that :?s loansincrease- the income o' :!s oerators an- oor eole the in Banla-eshan- Gim$a$we resecti*el. heir stu-ies 'ocuse- on $usiness er'ormancein terms o' increase- sales, ac;uisition o' asset an- technolo whilehousehol- stu-ies 'ocuse- on increase- income 'rom 'irms as ro'it or waesan- salaries to esta$lish a lin% $etween the a*aila$ilit o' micro'inancelen-in an- o*erall well $ein o' the oor. hus, $oth research an- racticeha*e seen an increasin concern a$out the micro'inance nstitutionsD len-inan- :!s er'ormance.


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5 nals



Besi-es, the emirical e*i-ence emerin 'rom *arious stu-ies such as:%a=i A2007 a$out the

:?s len-in on :!s er'ormance has so 'ar iel-e- mixe- resultsthat are inconclusi*e eseciall 'or -e*eloin countries li%e Kena. n siteo' this emhasis re*ious stu-ies -i- not ro*i-e suicient justi'ication 'orthe lin% $etween micro'inance institutionsD len-in an- :!s er'ormance inthe -e*eloin countries li%e Kena, there'ore the ;uestion o' whethermicro'inance institutions len-in imro*es or worsens :!s er'ormance isstills worth o' 'urther research such as the one $ein un-erta%en in thisstu-. n a--ition, the eects o' micro'inance institutions len-in on the:!s ha*e not recei*e- a-e;uate attention in Kitale


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:unicialit, Kena. his means there was a major a in the rele*ant%nowle-e on -e*eloin countries inclu-in Kena, which has to $eco*ere- $ research within Kitale municialit.

(&+ Statement o teProlem

esite the eorts o' micro'inance institutions such as K"e, ?amil ?inance,Kena Comen ?inance rust, !;uit Ban% amon others to ta%e micro'inancewithin the reach o' oor eole an- :!s, who ha*e still not $ene'ite- 'romthe con*entional 'ormal 'inancial sstem, the :!s sector ha- not shown ansin o' rowth an- exansion A Kena !conomic ur*e, 2009 . t was in thiscontext that the stu- in*estiate- the e''ects o' micro'inance institutionslen-in in enhancin the er'ormance o' :!s.

he situation in Kena was e*en more -iicult, while there were a num$er o'aencies that ro*i-e micro"'inance to :!sD there was an almost total lac%o' interest in e*aluatin whether this was necessar, an- whether thearticular measures that were $ein un-erta%en were eecti*e an-/oreHcient. :an :!sD were le't un"atten-e- to -ue to the limite- 'inancesa*aila$le A+%ini, 2009. +lthouh the :icro'inance +ct o' 2006 stiulate-the oerations o' :?s in Kena man :!s ha- not accesse- len-in an-those that ha*e ac;uire- loans 'rom :?s 'in- it exensi*e to aA:a%o%ha, 2006. he stu-ies on :?s 'actor on $usinesses -e*elomentin Kena ha*e iel-e- mixe- results. Besi-es, no stu- ha-in*estiate- the e''ects o' :?s loans on :! er'ormance within Kitale

municialit. a%in the a$o*e into consi-eration, the stu- in*estiate-the eects o' micro'inance institutions len-in on $usiness er'ormancewithin Kitale :unicialit, Kena.

+&) Literature-evie#

Levels o microinance institutionsloans to MSEs

he re*iew o' literature on the rowth :!s in-icate- that man micro an-small enterrises A:!s 'ail to exan- -ue to limite- 'inancial resources,oor manaements ,use o' out-ate- technoloies ,sti'' cometitions 'rom$ier 'irms, oor manaement o' account recei*a$les,un'a*ora$le o*ernment olicies amon .+ccor-in to Faron A997 the

stu- 'oun- that oor

access to loans an- limite- 'inance as the main causes limitin the rowtho' micro an- small enterrises .


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6 nals



+ stu- $ Erameen Ban% A9@3 'oun- that man :!s ha- limite- caital,lac%e- rele*ant s%ills an- use- out-ate- technoloies that constraine- their

rowth. 1owe*er, there are a num$er o' 'actors that in'luence the -ecisions

o' :!sD oerators an- maners $e'ore -eci-in the source an- amount o''inance to 'inance $usiness in*estments to in*est in $usiness acti*ities.

Prasa-, Ereen an- :urin-e A2005 'oun- that 'inancin olic, caitalstructure an- 'irm ownershi are all stronl lin%e-. heir arument was

that 'inancin olic $ 'irms


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re;uires manaers to i-enti' was o' 'un-in new in*estment. hemanaers ma exercise main choices# use retaine- earnins, $orrow or issuenew shares.


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6 nals



this lenth o' time coul- ro*i-e meanin'ul measures o' er'ormance. hisre-uce- the num$er o' :!s to ,200. he taret oulation was strati'ie-into homoeneous cateories as wholesalers, retailers, restaurants an-ser*ice -eli*er. + samle o' 20 :!s was -rawn roortionatel 'rom thestrata. ?or homoeneous rous, 0> o' the samle is consi-ere- asreresentati*e A :uen-a I :uen-a, 2004. !lements 'rom each stratum

were selecte- usin ran-om samlin techni;ue to i*e each element ane;ual chance to constitute a samle o' 20 as in-icate- in ta$le 3.


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6 nals



/ale .&( /arget population and Sample si0e/ype o usiness /arget Population Sample

%olesalers 220 22

-etailers 3@0 3@

-estaurants 20 2Service delivery 4@0 4@

/otal (+)) (+)

ource# ?iel- esearch203.+ semi" structure- ;uestionnaire was use- to collect -ata. he researchera-ministere- an- collecte- comlete- ;uestionnaires 'rom the reson-ents.his minimi=e- the chances o' reson-ents not reson-in to the;uestionnaires. ha- attaine- ost secon-ar le*elo' e-ucation while a$out one thir-40A33.3> o' the :! owners ha- attaine- secon-ar e-ucation. + smallroortion, 20A6.7>ha- rimar e-ucation as shown inta$le 4.

/ale 1&(: 4ender and education o te

respondents caracteristic 2re5uency

678

4enderMale2ema

le

60A50>60A50>


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Educationac$groundPrima

ry

SecondaryPost secondary

20A6.7>40A33.3>60A50>

1&+ MSE9aracteristics&O' the 20 :!s un-er stu-, 4@A40> were in the ser*ice -eli*er [email protected]> accounte- 'or retail $usinesses. Cholesale $usinessesaccounte- 'or [email protected]> while restaurant $usinesses accounte- 'or onl2A0>.lihtl a$o*e hal' 66A55> o' the :!s ha- $een in existence 'oro*er 'i*e ears. +$out one thir- [email protected]> o' the :!s ha- oerate- 'or a

erio- $etween 3"5 ears with a small roortion6 A3.3> ha*in oerate-'or less than three ears.

1&+ M2* loan accessiility and efect onMSE perormance&4.7> o' the reson-ents a-mitte- ha*in e*er ta%en :? loans. n resonseto the re'erence o' micro'inance loans $ :!s majorit o' the resonse@@> re'erre- micro'inance. 8oans $ecause the roce-ure o' accessin themwere simler than con*entional $an%s loans which re;uire- collateral. +lsothe stu- 'oun- that majorit o' reson-ents re'erre- :? loans $ecausethe attracte- aor-a$le interest rate an- ha- no hi--en costs unli%e $an%

loans. 1owe*er 2> o' reson-ents -isaree- that roce-ure 'or accessin:? loans an- interest chare- were simler an- aor-a$le resecti*el. hestu- esta$lishe- that :?s loans are re'erre- $ :!s $ecause collateralare not re;uire- 'or accessin them.hose who -i- not access cite- 'ear 'or rejection A53.2> an- little loan

A57>. o' those who accesse- :? len-in recei*e-$etween Kshs. 50,000" 00,000 , 7> recei*e- $elow Kshs 50,000 an-onl 6.7> recei*e- a$o*e %shs. 500,000. lihtl more than hal',65 A54.>o' the reson-ents reorte- increase in income an- sales *olume 'rom:! an-44A@@> o' those who accesse- micro'inance loans reorte- that the coul-rea loan lus interest 'rom their $usiness acti*ities. + stu- $ :uhamma-A2004 o$ser*e- that man :!s close- their stores -ue to ina$ilit to realoans an- interests. :ajorit 49A70> o' :!s that -i- not access :? loansreorte- no increase in sales an- income. his 'in-in is consistent withthat o' 1ussein A995 who -isclose- that 93> o' :!s that access a-e;uatecaital increase- their stoc% an- sales.


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he stu- 'in-ins re*eale- that there was a sini'icant ositi*erelationshi $etween amount o' loan ta%en an- increase in income A J0.005. here was o$ser*e- sini'icant -i''erence $etween those who aree-an- those who -isarees that amount o' loan increase- income o' :!$usiness acti*ities. 8arer loans are li%el to increase income o' :!s assuorte- $ :a%o%haA2006 who 'oun- that larer loans ena$le :!s to

ra-uate to me-ium enterrises.


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/ale 1&+ -elationsip et#een amount o loan ta$en and increase in inco

caracteristic *ncrease in income+;value P;val

+ree isareeAmount

o loan+)))))

37A94.9>7A63.6>

2A5.>4A36.4>

7.927 0.005

?&) Summary, 9onclusions And-ecommendations

?&(

Summary

his research stu- was concerne- with esta$lishin the e''ects o'micro'inance institution len-in on :! er'ormance .he stu- also souhtto esta$lish the eect o' amount o' loan accesse- to :!s er'ormance. heresearch stu- 'in-in in-icate- that majorit o' :!s re'erre- :? loans incluster o' Ksh50,000 00,000. he research stu- has esta$lishe- thatreson-ents re'erre- :? loans $ecause collateral is not re;uire- unli%e$an% loans. he stu- 'oun- that majorit o' those who access loansreorte- that the coul- rea loans lus interest 'rom $usinessacti*ities. he stu- in-icate- a stron ositi*e sini'icant relationshi

$etween the amount o' loan an- er'ormance o' :! increase inincome/sales.

?&.9onclusion

Base- on the 'in-ins o' the stu-, the le*el o' access to :? len-in $:!s is low A4.7>an- 'ear o' re;uest rejection an- little amount o' loans exlains this 'in-in.:ajorit o' :!s44A@@> that accesse- the loans reorte- increase in sales an- income

an- coul- rea loan an- interest. 49A70> o' those :!s that -i-nDt accessloans -i- not reali=e increase in income. he amount o' loan sini'icantlositi*el relate- with er'ormance o' :!s in Kitale :unicialit.

?&1-ecommendations


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Base- on the conclusions, the stu- recommen-sthe 'ollowin#he amount o' loan i*en $ :?s to :!s shoul- $e increase- to ena$le the:!s row to me-ium scale enterrises. he amount o' loans i*en to :!sshoul- $e increase- to roel :!s transition to me-ium an- lare scale

$usinesses.he :!s shoul- $e allowe- a race erio- $e'ore the start o' reain o'the loans. he :?s

-eman- 'or the ament imme-iatel o' the loans a-*ance- to$orrowers. he loner the race erio- will ena$le $orrowers to a interestan- rincial usin income enerate- 'rom the $orrowe- mone. his willaccommo-ate more startu :!s to articiate in :? len-in.

Ac$no#ledgement

than% (omo Kenatta )ni*ersit o' +riculture an- echnolo 'or allowinme to un-erta%e the ost ra-uate -eree in their uni*ersit. ac%nowle-e the reat contri$ution o' m lecturers in the -eartment o'

entrereneurshi in

the school o' 1uman esource an-e*eloment.8astl, sincerel than% m suer*isor, Pro'essor 1enr Bwisa whotireless ui-e- me throuhout the roosal an- e*entual writin o' thiswor%.

-E2E-E!9ES

+%ini, . A2009. Formal and Informal Institutions l!ndin" #oli$i!sand a$$!ss

to$r!dits %y small s$al! !nt!r#ris!s in &!nya: 'n (m#iri$alass!ssm!nt airo$i, Kena# +'rican !conomic esearch


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Banla-esh Ban%. A2007. Ins#!$tion !#ort on /ram!!n an.ha%a#Banla-esh

Ban%.

Bernar-,


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1a$i$ullah, B. A2009. Finan$in" for mi$ro !nt!r#ris!s, small,m!dium si8!d and and $otta"! industri!s. ha%a#Banla-esh.

1ulme, . A2000. mact +ssessment :etho-oloies 'or :icro'inance# heor,!xerience an-

Better Practice, orld )!*!lo#m!nt, 2@A, 79 9@.

1ossain, :. 9@@. N


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1ussein, :., Coo-, E., harri's, . A995. r!dit 5!r! $r!dit is du!. ha%a an-8on-on# )P8 an- Ge- ress.

Katwalo +. :. A2007. i''erences Between :en an- Comen !ntrereneurs in the

n'ormalBusiness ector o' )an-a# +


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37,33

:ushta%, P. A200. =r!dit 5!r! $r!dit is r!ally du!.A slamic Ban%er# ssueo. 33, @"9.


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:utho%i, :. A:arch22n-, 20 S(s fa$! u#ill tas"!ttin" $r!dits from %ans. he ail ation .30.

:wani, (. A20. romotion of yout !ntr!#r!n!ursi# for

5!alt and !m#o5!rm!nt $r!ation in &!nya.airo$i# )ni*ersit o' airo$i.

:wani%i, . A2009. ! #ro*ision of mi$rofinan$! to mi$ro andsmall !nt!r#ris!s in &!nya. airo$i# )ni*ersit o'airo$i.

asirem$e, :. A2007. Im#a$t of (ntr!#r!n!urial )!*!lo#m!nt: ! $as! of&!nya. airo$i# )ni*ersit o'

aoro$i.

chim$i, :. . A2002. /!nd!r and (ntr!#r!n!ursi# in an8ania: ' om#arati*!'nalysisof al!-F!mal!s Start-u# oti*ation,

Indi*idual ara$t!risti$s and!r$!#tions of usin!ss Su$$!ss,Ph hesis, )ni*ersit o'ar es alaam.

Olomi, . . A200. (ntr!#r!n!urial oti*ation in a )!*!lo#in" ountry ont!Bt-In$id!n$!-'nt!$!d!nts, and $ons!?u!n$!s of

/ro5t-s!!in" !a*iour 'mon"an8anian C5n!r-mana"!r,Ph. hesis, )ni*ersit o' ar

es alaam. Oo, (. . A2005. ! im#a$t of mi$rofinan$!

institutions on t! d!*!lo#m!nt ofsmall s$al! !nt!r#ris!s in Ni"!ria.(ournal on nternational Business

:anaement, A@, 25"257.

Prasa- , Ereen < (, :urin-e M. A2005. om#any finan$in", $a#ital stru$tur!o5n!rsi#: a sur*!y and im#li$ations for d!*!lo#in" $ountri!s. n?inance an- e*eloment# ur*es o' heor, !*i-ence an- Polic,Ereen


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hane, . +., 8oc%e an-


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Corl- Ban%, A2004. orld %an "rou# su##ort for small %usin!ss!s. Cashinton

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