OBSTACLES FACE BY SMALL AND MEDIUM-SIZED ENTERPRISES (Smes) IN CAMEROON TO APPLY FOR BANK LOANS
Abstract
The objective of this paper is to understand issues constraining SMEs to apply for bank loans. The study differs from previous findings because it sheds light on factors impeding SMEs to apply for bank loans; compared to previous studies that emphasise on the challenges SMEs encounter to access bank loans. To achieve the objective of the study, we used a qualitative research approach characterized by semi-structure interviews with 25 owners of SMEs. Owing to the objective of the study, the sample consists of exclusively SMEs that did not apply for bank loans. The respondents were asked question about their decisions not to seek for bank loans. The interviews were recorded, transcribed and analysed using content analysis. The result of the study revealed that mostly high rate of interest applied on loans, unawareness about lending procedure and conditions, poor business plan, the delay orchestrated by banks in granting loans to SMEs, and collateral requirements hinder SMEs to apply for bank loans. Therefore, to instigate SMEs applying for bank loans, commercial banks should revise their lending conditions and practices in dealing with SMEs.
References
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Aghion P., Thibault F. and Stefano S. (2007), “Credit Constraints as a Barrier to the Entry and Post-Entry Growth of Firms”, Economic Policy, Vol. 22, No. 52, pp. 733-779
Aybar-Arias C., Alejandro C .and López-Gracia (2012), “On the adjustment speed of SMEs to their optimal capital structure”, Small Business Economics, Vol. 39, No. 4, pp. 977-996
Ayuk J.A., Bystryakov A.Y. and Karpenko O.A. (2016), “Financing sustainable development of Small and Medium-sized enterprises in Cameroon”, International Journal of Environmental and Science of Education, Vol. 11, No. 15, pp. 8062-8079
Ayyagari M., Beck T. & Demirguc-Kunt A. (2007), “Small and Medium Enterprises across the Globe”, Small Business Economics, Vol. 29, No. 4, pp. 415-434
Ayyagari M., Demirgüç-Kunt A. & Vojislav M. (2011), “Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition”, The Journal of Financial and Quantitative Analysis, Vol. 46, No. 6, pp. 1545-1580
Badulescu D. (2011), “Collateral in MEs’ lending: banks’ requirements vs customers’ expectations”, The Annals of The "Ştefancel Mare" University of Suceava, Fascicle of The Faculty of Economics and Public Administration Vol. 11, No. 1(13), 2011
Bahar O. & Mico M. (2014), “Access to Finance by SMEs in the Euro Area—What Helps or Hampers?”, IMF Working Paper European Department, Authorized for distribution by Enrica Detragiache
Berger A.N. & Udell G.F. (1998), “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle”, Journal of banking and finance, Vol. 22, pp. 613-673
Binks M.R. & C.T. Ennew (1996), “Growing Firms and the Credit Constraint”, Small Business Economics, Vol. 8, No. 1, pp. 17-25
Brou E. (2010), « Développement financier, croissance économique et productivité globale des facteurs en Afrique Sub-Saharienne », African Development Review, Vol. 22, No. 1, pp. 23-50.
Coleman S. & Cohn R. (2001), “The lack of separation revisited: small business owners and risk”, The journal of entrepreneurial finance, Vol. 6, No. 1, pp. 104-114
Clarke G.R.G. , Cull R., & Soledad M. M. P. (2006), “Foreign bank participation and access to credit across firms in developing countries”, Journal of Comparative Economics, Vol. 34, No. 4, pp. 774–795
Cristina M., Pedro J.G. & Martínez-Solano P. (2014), “Trade credit and SME profitability”, Small Business Economics, Vol. 42, No. 3, pp. 561-577
Cumming D, Fleming G. & Armin S. (2008), “Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan”, Small Business Economics, Vol. 31, No. 1, pp. 59-92
Danielle M. & Carson D. (2003), “Which Impact upon Marketing in the Small Firm”, Small Business Economics, Vol. 21, No. 2, pp. 201- 213
Densil A. W. (2010), “An Empirical Investigation into the Financing of Small, Family-owned Businesses in Jamaica”, Social and Economic Studies, Vol. 59, No. 3, pp. 31-57
Dwight J.M. & Russell T.(1976), “Imperfect Information, Uncertainty, and Credit Rationing,” Quarterly Journal of Economics, Vol. 90, No. 4, pp. 651-66.
Emma G, D. V. Mascia, & Stefania P.S. R, (2016), “Does Corruption Affect the Access to Bank Credit for Women-Led Firms and Small Enterprises? Evidence from European SMEs”, preliminary version – 15.04.2016
Fatoki O. & Asah F. (2011), “The impact of a firm, entrepreneurial characteristics on access to debt finance by SMEs in King Williams’ Town, South Africa”, International Journal of Business and management, Vol. 6, No. 8, pp. 170-179
Fatoki O. (2014), “The Causes of the Failure of New Small and Medium Enterprises in South Africa”, Mediterranean Journal of Social Sciences, Vol. 5, No. 20, pp. 922-927
Freel M., Sara C., Tagg S. & Mason C., (2012), “The latent demand for bank debt: characterizing "discouraged borrowers”, Small Business Economics, Vol. 38, No. 4, pp. 399-418
Giannetti M. & Ongena S. (2012), “Lending by example”: Direct and indirect effects of foreign banks in emerging markets”, Journal of International Economics, Vol. 86, pp. 167–180
Hachimi A., Abdelouhab S. & Hamid H. (2017), “SME Financing in Morocco: Issues and Alternatives”, Journal of Innovation and Business Best Practice, Vol. 2017, Page 1-8
Hongjiang Z., Wenxu W., &Chen X. (2006), “What Factors Affect Small and Medium-sized Enterprise’s Ability to Borrow from Bank: Evidence from Chengdu City, Capital of South-Western China’s Sichuan Province”, Paper No. 23, February 2006 Working Papers of the Business Institute Berlin at the Berlin School of Economics (FHW-Berlin) Badensche Str. 50-51, D-10825
Howorth C. & Moro A. (2012), “Trustworthiness and interest rates: an empirical study of Italian SMEs”, Small Business Economics, Vol. 39, No. 1, pp. 161-177
Hussaini A.I. & Muhammad M.Y. (2017), “Analysis of Constraints to Credit Access for SMEs in Sokoto Metropolis”, Asian Journal of Economic Modelling, Vol. 5, No. 2, pp. 167-174
Hutchinson J. & Xavier A. (2006), “Comparing the Impact of Credit Constraints on the Growth of SMEs in a Transition Country with an Established Market Economy “, Small Business Economics, Vol. 27, No. 2/3, pp. 169-179
IMF (2009), Cameroon: Financial System Stability Assessment— Update, IMF Country Report No. 09/51 February 2009.
Jensen M.C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, The American Economic Review, Vol. 76, No. 2, pp. 323-329
Keasey K. & Watson R. (1991), “Financial Distress Prediction Models: A Review of Their Usefulness”, British Journal of Management, pp. 89-102.
Keasey K. & Watson R. (1993), “Small Firm Management: Ownership, Finance and Performance”, Oxford: Blackwell Publishers
Keasey K. & Watson R. (1994), “The bank financing of small firms in UK: Issues and evidence”, Small Business Economics, Vol. 6, No. 5, pp. 349‐362
Kenmegni G.R.N. (2015), “Formal, informal and semi-formal sources of finance: Is there any difference amongst Cameroonian small enterprises and medium enterprises?”, Journal of Entrepreneurship and Innovation Management, Vol. 4 , No. 2, pp. 105-122
Kenneth J. (1986), “Fiscal and Financial Factors Affecting Small and Medium Business Improvement in the Asian Region”, Asian Economic Bulletin, Vol. 2, No. 3, pp. 153-167
Kon Y. & Storey D. J. (2003), “A theory of discouraged borrowers”, Small Business Economics, Vol. 21, pp. 37-49
Kouassi A., Akpapuna J. & Soededje H. (2007), An overview of the banking sector in Cameroon.
Koumetio K. M. (2016), « L’obtention du crédit bancaire par les PME au Cameroun », Afrique et Développement, Vol. 41, No. 1 (2016), pp. 121-158
Larry W.C., Klapper L.F. & Inessa L. (2011), “The Impact of the Business Environment on Young Firm Financing”, The World Bank Economic Review, Vol. 25, No. 3, pp. 486-507
Lensink B. W.,Meesters A. J., & Naaborg I. (2008). “Bank efficiency and foreign ownership: Do good institutions matter?”, Journal of Banking and Finance, Vol. 32, No.5, 834-844.
Manove M., Padilla A.J., & Pagano M. (2001), “Collateral versus project screening: a model of lazy banks”, Journal of Economics, Vol. 32, pp. 726-744
Mariarosaria A. & Francesco T. (2010), “Is banking competition beneficial to SMEs? An empirical study based on Italian data”, Small Business Economics, Vol. 35, No. 3, pp. 335-355
Massimo G. C. & Luca G. (2007), “Funding Gaps, Access to Bank Loans by High-Tech Start-Ups”, Small Business Economics, Vol. 29, No. 1/2, pp. 25-46
Myers S.C. & Majluf N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13, No. 2, pp. 187-221
Ndjanyou L. (2001), « Risques, incertitudes et financement bancaire de la PME camerounaise », Center for Economic research on Africa, page 1-27
Ningaye P., & Feudjio V. T. (2014), “Bankruptcy, financial liberalization and efficiency of commercial banks in Cameroon”, Euro Economica, Vol. 33, No. 2, pp. 119-134
NIS (2009), Recensement Général des Entreprises : Rapport Principal des résultats, Yaoundé.
Oliveira B. & Fortunato A. (2006), “Firm Growth and Liquidity Constraints: A Dynamic Analysis”, Small Business Economics, Vol. 27, No. 2/3, pp. 139-156
Oludele A. A. & Kinfack E.C. (2014), “Financial Sector Development Indicators and Economic Growth in Cameroon and South Africa”, Social Indicators Research, Vol. 115, No. 2, pp. 813-836
Osman R. (2010), “The Effect of Foreign Banks in Financing Firms, Especially Small Firms, in Transition Economies”, Eastern European Economics, Vol. 48, No. 4, pp. 5-35
Petersen M.A. & Rajan R.G. (1995), “The benefits of lending relationships: evidence from small business data”, The journal of finance, Vol. 49, No. 1, pp. 3-37
Psillaki M. & Daskalakis N., (2009), “Are the Determinants of Capital Structure Country or Firm Specific?”, Small Business Economics, Vol. 33, No. 3, pp. 319-333
Riding A. Madill J., Haines G. & Jr. (2007), “Incrementality of SME Loan Guarantees”, Small Business Economics, Vol. 29, No. 1/2, pp. 47-61
Rocca M.L, Tiziana L.R. & Cariola A. (2011), “Capital Structure Decisions During a Firm's Life Cycle “, Small Business Economics, Vol. 37, No. 1, pp. 107-130
Schumpeter, J. (1912), Theory of Economic Development, Cambridge Mass: Harvard University Press.
Stiglitz J.E. & Weiss A. (1981), “Credit rationing in markets with imperfect information”, American Economic Review, Vol. 7, No. 3, pp. 393-410
Storey D.J. (1994), Understanding the Small Business Sector. 1st Ed, London Routledge, London, ISBN-10: 0415100380
Subramanian V. & Umakrishnan K. U. (2004), “Is Bank Debt Special? An Empirical Analysis of Indian Corporates”, Economic and Political Weekly, Vol. 39, No. 12, pp. 1247-1252
Timmons J.A. (1994), New Venture Creation: Entrepreneurship for the 21st Century. (4th ed.), Chicago Irwin Press, Burr Ridge, IL (1994).
Tze-Wei F., Mei-Chu K. & Yen-Sheng H. (2002), “Capital Growth, Financing Source and Profitability of Small Businesses: Evidence from Taiwan Small Enterprises”, Small Business Economics, Vol. 18, No. 4, pp. 257-267
Um-Ngouem M.T. (1996), «Financement bancaire et gestion des petites et moyennes entreprises camerounaises, Thèse de Doctorat, Université de Montesquieu Bordeaux IV.
Van Stel A., D. J. Storey & A. R. Thurik (2007), “The Effect of Business Regulations on Nascent and Young Business Entrepreneurship”, Small Business Economics, Vol. 28, No. 2/3, pp. 171-186
Varouj A. A. & Santor E. (2008), “Financial Constraints and Investment: Assessing the Impact of a World Bank Credit Program on Small and Medium Enterprises in Sri Lanka”, The Canadian Journal of Economics, Vol. 41, No. 2, pp. 475-500
Wamba H. & Niyonsaba S.E. (2014), « Le rôle du capital social en matière d’octroi de crédits bancaires aux PME : une étude à partir de l’expérience camerounaise », Revue Internationale PME, Vol. 27, No. 2, pp. 39-62.
Wangui G.J.A. , Njeru A., & Ondabu I.T. (2014), “Challenges Facing Micro and Small Enterprises in Accessing Credit Facilities in Kangemi Harambee Market in Nairobi City County, Kenya”, International Journal of Scientific and Research Publications, Vol. 4, No. 12, pp. 1-25
Abor J. and Biekpe N. (2007), “Small business reliance on bank financing in Ghana”, Emerging market finance and trends, Vol. 43, No. 4, pp. 93-102
Aghion P. and Bolton P. (1992), “An Incomplete Contracts Approach to Financial Contracting”, Review of Economic Studies, Vol. 59, 473-494.
Aghion P., Thibault F. and Stefano S. (2007), “Credit Constraints as a Barrier to the Entry and Post-Entry Growth of Firms”, Economic Policy, Vol. 22, No. 52, pp. 733-779
Aybar-Arias C., Alejandro C .and López-Gracia (2012), “On the adjustment speed of SMEs to their optimal capital structure”, Small Business Economics, Vol. 39, No. 4, pp. 977-996
Ayuk J.A., Bystryakov A.Y. and Karpenko O.A. (2016), “Financing sustainable development of Small and Medium-sized enterprises in Cameroon”, International Journal of Environmental and Science of Education, Vol. 11, No. 15, pp. 8062-8079
Ayyagari M., Beck T. & Demirguc-Kunt A. (2007), “Small and Medium Enterprises across the Globe”, Small Business Economics, Vol. 29, No. 4, pp. 415-434
Ayyagari M., Demirgüç-Kunt A. & Vojislav M. (2011), “Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition”, The Journal of Financial and Quantitative Analysis, Vol. 46, No. 6, pp. 1545-1580
Badulescu D. (2011), “Collateral in MEs’ lending: banks’ requirements vs customers’ expectations”, The Annals of The "Ştefancel Mare" University of Suceava, Fascicle of The Faculty of Economics and Public Administration Vol. 11, No. 1(13), 2011
Bahar O. & Mico M. (2014), “Access to Finance by SMEs in the Euro Area—What Helps or Hampers?”, IMF Working Paper European Department, Authorized for distribution by Enrica Detragiache
Berger A.N. & Udell G.F. (1998), “The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle”, Journal of banking and finance, Vol. 22, pp. 613-673
Binks M.R. & C.T. Ennew (1996), “Growing Firms and the Credit Constraint”, Small Business Economics, Vol. 8, No. 1, pp. 17-25
Brou E. (2010), « Développement financier, croissance économique et productivité globale des facteurs en Afrique Sub-Saharienne », African Development Review, Vol. 22, No. 1, pp. 23-50.
Coleman S. & Cohn R. (2001), “The lack of separation revisited: small business owners and risk”, The journal of entrepreneurial finance, Vol. 6, No. 1, pp. 104-114
Clarke G.R.G. , Cull R., & Soledad M. M. P. (2006), “Foreign bank participation and access to credit across firms in developing countries”, Journal of Comparative Economics, Vol. 34, No. 4, pp. 774–795
Cristina M., Pedro J.G. & Martínez-Solano P. (2014), “Trade credit and SME profitability”, Small Business Economics, Vol. 42, No. 3, pp. 561-577
Cumming D, Fleming G. & Armin S. (2008), “Financial intermediaries, ownership structure and the provision of venture capital to SMEs: evidence from Japan”, Small Business Economics, Vol. 31, No. 1, pp. 59-92
Danielle M. & Carson D. (2003), “Which Impact upon Marketing in the Small Firm”, Small Business Economics, Vol. 21, No. 2, pp. 201- 213
Densil A. W. (2010), “An Empirical Investigation into the Financing of Small, Family-owned Businesses in Jamaica”, Social and Economic Studies, Vol. 59, No. 3, pp. 31-57
Dwight J.M. & Russell T.(1976), “Imperfect Information, Uncertainty, and Credit Rationing,” Quarterly Journal of Economics, Vol. 90, No. 4, pp. 651-66.
Emma G, D. V. Mascia, & Stefania P.S. R, (2016), “Does Corruption Affect the Access to Bank Credit for Women-Led Firms and Small Enterprises? Evidence from European SMEs”, preliminary version – 15.04.2016
Fatoki O. & Asah F. (2011), “The impact of a firm, entrepreneurial characteristics on access to debt finance by SMEs in King Williams’ Town, South Africa”, International Journal of Business and management, Vol. 6, No. 8, pp. 170-179
Fatoki O. (2014), “The Causes of the Failure of New Small and Medium Enterprises in South Africa”, Mediterranean Journal of Social Sciences, Vol. 5, No. 20, pp. 922-927
Freel M., Sara C., Tagg S. & Mason C., (2012), “The latent demand for bank debt: characterizing "discouraged borrowers”, Small Business Economics, Vol. 38, No. 4, pp. 399-418
Giannetti M. & Ongena S. (2012), “Lending by example”: Direct and indirect effects of foreign banks in emerging markets”, Journal of International Economics, Vol. 86, pp. 167–180
Hachimi A., Abdelouhab S. & Hamid H. (2017), “SME Financing in Morocco: Issues and Alternatives”, Journal of Innovation and Business Best Practice, Vol. 2017, Page 1-8
Hongjiang Z., Wenxu W., &Chen X. (2006), “What Factors Affect Small and Medium-sized Enterprise’s Ability to Borrow from Bank: Evidence from Chengdu City, Capital of South-Western China’s Sichuan Province”, Paper No. 23, February 2006 Working Papers of the Business Institute Berlin at the Berlin School of Economics (FHW-Berlin) Badensche Str. 50-51, D-10825
Howorth C. & Moro A. (2012), “Trustworthiness and interest rates: an empirical study of Italian SMEs”, Small Business Economics, Vol. 39, No. 1, pp. 161-177
Hussaini A.I. & Muhammad M.Y. (2017), “Analysis of Constraints to Credit Access for SMEs in Sokoto Metropolis”, Asian Journal of Economic Modelling, Vol. 5, No. 2, pp. 167-174
Hutchinson J. & Xavier A. (2006), “Comparing the Impact of Credit Constraints on the Growth of SMEs in a Transition Country with an Established Market Economy “, Small Business Economics, Vol. 27, No. 2/3, pp. 169-179
IMF (2009), Cameroon: Financial System Stability Assessment— Update, IMF Country Report No. 09/51 February 2009.
Jensen M.C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, The American Economic Review, Vol. 76, No. 2, pp. 323-329
Keasey K. & Watson R. (1991), “Financial Distress Prediction Models: A Review of Their Usefulness”, British Journal of Management, pp. 89-102.
Keasey K. & Watson R. (1993), “Small Firm Management: Ownership, Finance and Performance”, Oxford: Blackwell Publishers
Keasey K. & Watson R. (1994), “The bank financing of small firms in UK: Issues and evidence”, Small Business Economics, Vol. 6, No. 5, pp. 349‐362
Kenmegni G.R.N. (2015), “Formal, informal and semi-formal sources of finance: Is there any difference amongst Cameroonian small enterprises and medium enterprises?”, Journal of Entrepreneurship and Innovation Management, Vol. 4 , No. 2, pp. 105-122
Kenneth J. (1986), “Fiscal and Financial Factors Affecting Small and Medium Business Improvement in the Asian Region”, Asian Economic Bulletin, Vol. 2, No. 3, pp. 153-167
Kon Y. & Storey D. J. (2003), “A theory of discouraged borrowers”, Small Business Economics, Vol. 21, pp. 37-49
Kouassi A., Akpapuna J. & Soededje H. (2007), An overview of the banking sector in Cameroon.
Koumetio K. M. (2016), « L’obtention du crédit bancaire par les PME au Cameroun », Afrique et Développement, Vol. 41, No. 1 (2016), pp. 121-158
Larry W.C., Klapper L.F. & Inessa L. (2011), “The Impact of the Business Environment on Young Firm Financing”, The World Bank Economic Review, Vol. 25, No. 3, pp. 486-507
Lensink B. W.,Meesters A. J., & Naaborg I. (2008). “Bank efficiency and foreign ownership: Do good institutions matter?”, Journal of Banking and Finance, Vol. 32, No.5, 834-844.
Manove M., Padilla A.J., & Pagano M. (2001), “Collateral versus project screening: a model of lazy banks”, Journal of Economics, Vol. 32, pp. 726-744
Mariarosaria A. & Francesco T. (2010), “Is banking competition beneficial to SMEs? An empirical study based on Italian data”, Small Business Economics, Vol. 35, No. 3, pp. 335-355
Massimo G. C. & Luca G. (2007), “Funding Gaps, Access to Bank Loans by High-Tech Start-Ups”, Small Business Economics, Vol. 29, No. 1/2, pp. 25-46
Myers S.C. & Majluf N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13, No. 2, pp. 187-221
Ndjanyou L. (2001), « Risques, incertitudes et financement bancaire de la PME camerounaise », Center for Economic research on Africa, page 1-27
Ningaye P., & Feudjio V. T. (2014), “Bankruptcy, financial liberalization and efficiency of commercial banks in Cameroon”, Euro Economica, Vol. 33, No. 2, pp. 119-134
NIS (2009), Recensement Général des Entreprises : Rapport Principal des résultats, Yaoundé.
Oliveira B. & Fortunato A. (2006), “Firm Growth and Liquidity Constraints: A Dynamic Analysis”, Small Business Economics, Vol. 27, No. 2/3, pp. 139-156
Oludele A. A. & Kinfack E.C. (2014), “Financial Sector Development Indicators and Economic Growth in Cameroon and South Africa”, Social Indicators Research, Vol. 115, No. 2, pp. 813-836
Osman R. (2010), “The Effect of Foreign Banks in Financing Firms, Especially Small Firms, in Transition Economies”, Eastern European Economics, Vol. 48, No. 4, pp. 5-35
Petersen M.A. & Rajan R.G. (1995), “The benefits of lending relationships: evidence from small business data”, The journal of finance, Vol. 49, No. 1, pp. 3-37
Psillaki M. & Daskalakis N., (2009), “Are the Determinants of Capital Structure Country or Firm Specific?”, Small Business Economics, Vol. 33, No. 3, pp. 319-333
Riding A. Madill J., Haines G. & Jr. (2007), “Incrementality of SME Loan Guarantees”, Small Business Economics, Vol. 29, No. 1/2, pp. 47-61
Rocca M.L, Tiziana L.R. & Cariola A. (2011), “Capital Structure Decisions During a Firm's Life Cycle “, Small Business Economics, Vol. 37, No. 1, pp. 107-130
Schumpeter, J. (1912), Theory of Economic Development, Cambridge Mass: Harvard University Press.
Stiglitz J.E. & Weiss A. (1981), “Credit rationing in markets with imperfect information”, American Economic Review, Vol. 7, No. 3, pp. 393-410
Storey D.J. (1994), Understanding the Small Business Sector. 1st Ed, London Routledge, London, ISBN-10: 0415100380
Subramanian V. & Umakrishnan K. U. (2004), “Is Bank Debt Special? An Empirical Analysis of Indian Corporates”, Economic and Political Weekly, Vol. 39, No. 12, pp. 1247-1252
Timmons J.A. (1994), New Venture Creation: Entrepreneurship for the 21st Century. (4th ed.), Chicago Irwin Press, Burr Ridge, IL (1994).
Tze-Wei F., Mei-Chu K. & Yen-Sheng H. (2002), “Capital Growth, Financing Source and Profitability of Small Businesses: Evidence from Taiwan Small Enterprises”, Small Business Economics, Vol. 18, No. 4, pp. 257-267
Um-Ngouem M.T. (1996), «Financement bancaire et gestion des petites et moyennes entreprises camerounaises, Thèse de Doctorat, Université de Montesquieu Bordeaux IV.
Van Stel A., D. J. Storey & A. R. Thurik (2007), “The Effect of Business Regulations on Nascent and Young Business Entrepreneurship”, Small Business Economics, Vol. 28, No. 2/3, pp. 171-186
Varouj A. A. & Santor E. (2008), “Financial Constraints and Investment: Assessing the Impact of a World Bank Credit Program on Small and Medium Enterprises in Sri Lanka”, The Canadian Journal of Economics, Vol. 41, No. 2, pp. 475-500
Wamba H. & Niyonsaba S.E. (2014), « Le rôle du capital social en matière d’octroi de crédits bancaires aux PME : une étude à partir de l’expérience camerounaise », Revue Internationale PME, Vol. 27, No. 2, pp. 39-62.
Wangui G.J.A. , Njeru A., & Ondabu I.T. (2014), “Challenges Facing Micro and Small Enterprises in Accessing Credit Facilities in Kangemi Harambee Market in Nairobi City County, Kenya”, International Journal of Scientific and Research Publications, Vol. 4, No. 12, pp. 1-25
Authors
[1]
“OBSTACLES FACE BY SMALL AND MEDIUM-SIZED ENTERPRISES (Smes) IN CAMEROON TO APPLY FOR BANK LOANS”, Soc. sci. humanities j., vol. 2, no. 11, pp. 634–647, Nov. 2018, Accessed: Apr. 26, 2024. [Online]. Available: https://sshjournal.com/index.php/sshj/article/view/243
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