Small and Medium Enterprises Awareness of Alternative Microfinancing: A Qualitative Case Study

Abstract

The knowledge of alternative financing choices is the primary challenge to survival for many small and medium enterprises (SME) leaders. The purpose of this qualitative, exploratory multiple case study was to explore the participants’ knowledge of alternative financing choices and adequate business plan, as well as management practices that help few sustain their business operations in Southeastern Nigeria. The conceptual framework that grounded this study was six participants and a focus group as well as adaptive leadership. The data collection process involves face-to-face, onsite, semi-structured interview questions of six participant SME leaders selected through purposive sampling in Southeastern Nigeria. Analysis of the data transcript from multiple sources such as semi-structured interviews and a focus group were reconciled through pattern matching techniques. Positive social change from the findings of the study may develop SMEs’ potential to increase job creation to the advantage of the unemployed people with better employment opportunities, enhancing public infrastructure through greater tax revenues, and generating a long-term, viable, sustainable future to Southeastern Nigeria’s public education through an increased tax base.