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Perceptions of SME Owners on Assessing Funds in the Gauteng Area of South Africa

Perceptions of SME Owners on Assessing Funds in the Gauteng Area of South Africa

 

Abstract: The aim of this quantitative research was to gather the perceptions of SME owners on assessing funds in the Gauteng area. While SMEs can be linked to substantial job creation, small enterprises are much more likely to fail within the first five years of start up, eliminating jobs from the economy as observed by Khoza (2004) and Van Scheers and Wiid (2010). Acquisition of funds has always been a major challenge for SMEs. There are several reasons for the failure of small enterprises to develop and grow, one of them being financial constraints. This study exposes and evaluates the financial challenges that small enterprises face, as well as whether SME owners are aware of alternative funding institutions. The research established that recommendations to small business developers from government agencies include more financial knowledge and training, better communication and a suggestion that there should be one particular organization to help small business developers to meet these demands. Small business developers are also encouraged to have a good business plan, to do research in terms of the viability of the product to be promoted and follow correct procedures when applying for financial assistance.

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