Impact of Financial Support in Fueling Business Expansion for Small Enterprises in Ilorin

Abstract

Small enterprises play a crucial role in driving economic growth and job creation in Ilorin, Nigeria. However, these businesses often face numerous challenges, including limited financial resources which hinder their ability to expand and thrive. The study examines the impact of financial support in fueling the business expansion of small enterprises in Ilorin. A descriptive survey research design was adopted, Taro Yamane Coefficient of variation formula was used to determine the sample size of the study out of the population of 520 small business enterprises and questionnaires were administered to the entire 226 sample size through personal delivery while the quantitative technique which involves the use of descriptive and inferential statistics methods were adopted for data analysis. the study highlights the positive impact of financial support on various aspects of business expansion. The findings indicate that financial support enables small enterprises to invest in marketing and advertising activities, upgrade their facilities and equipment, and expand their product or service offerings. In conclusion, financial support has had a significant impact on fueling business expansion for small enterprises in Ilorin. It has enabled these businesses to overcome financial barriers, develop innovative ideas, improve competitiveness, and empower underrepresented groups. With continued support from the government, financial institutions, and the local community, small businesses in Ilorin will continue to thrive and contribute to the economic development of the region.