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The research was done with the objective on the assessment of the impact of microfinance credits on the prosperity of Small and Medium Enterprises (SME) and its social impacts. The supply of microfinance credits to SME‘s has been believed to improve a country prospects for economic development which in turns believed to enhance a country‘s ability to improve the lives of its citizens
The researcher had employed a case study as a research design in order to get in depth on the subject matter. Details were sought on the nature, extent and impact of Microfinance credits on the prosperity of Small and Medium Enterprises in Arusha from the staff of National Microfinance Bank (NMB Plc). Information was mostly collected using questionnaires, interviews, although perusal of records also enriched the study. The study was analyzed by taking a random sample of 150 customers in their reproductive age (18-49). The data was collected through structured questionnaires. The analysis of data consisted of simple graphical presentations and tabulation was made showing percentages.
Then the conclusion and recommendations were followed on the basis of the obtained results. The present study confirms that, for the development of SME‘s, awareness of business management is very necessary though many entrepreneurs were reported being aware of microfinance credits, but still the amount of development is very low.
Therefore, to improve the use of microfinance credit to help the development of SME‘s in the country, we need to use multimedia sources to educate more entrepreneurs so as to increase the awareness, close look on the match of loan size and its collateral, skills of workers and the increase of products flexibility |
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