As efforts are being made towards the advancement of various small and medium scale businesses in the country, a study has said it is imperative for commercial banks to take the responsibility of supporting small enterprises beyond mere financing. This was part of recommendations of two lecturers of the Delta State Polytechnic, Ozoro in their recent study.
The study revealed that banks and other financial institutions are collectively providing loans to promote entrepreneurship development and advisory services in South-South, Nigeria. Apart from financing and advisory services being rendered to established and young entrepreneurs in the region, Oshiobugie Bruno, and Okoh Lucky want banks and other institutions to monitor the enterprises they are financing.
According to them, banks must ensure that funds are properly utilized in business. “This can be possible if a proper monitoring system on credit administration and utilization is established in the banks.” A total of 335 entrepreneurs were randomly selected in the region for the study.