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THE ROLE OF SACCO’S IN ENHANCING THE GROWTH OF MICRO AND SMALL ENTERPRISES: A CASE STUDY OF SELECTED SACCOs IN MOMBASA ISLAND


Fred Momanyi Ondieki

Masters Student, Jomo Kenyatta University of Agriculture and Technology, Kenya

Dr. Fred Mugambi

Jomo Kenyatta University of Agriculture and Technology


ABSTRACT

The purpose of this study was to examine the role of SACCO’s in enhancing growth of MSEs in Mombasa Island. It did so by examining the contribution of SACCO’s on growth of MSE and also assessing the outcome of SACCO’s loans on the growth of MSE. The study used descriptive statistics where research questionnaires were administered among the sample group population of 100 respondents who were interviewed by the researcher and with the help of Sacco officials. Statistical Package for Social Scientists (SPSS) was used to analyze data starting with preparation, data capturing, cleaning and coding. Data processing and analysis involved editing to detect any errors or omissions and data classification that involved arranging data into common categories. Tabulation enabled responses for each category in the questionnaire to be counted. Data presentation was in form of frequency tables, pie charts, graph and percents. From the findings, thirty five percent of respondents felt that Sacco services were not tailored towards ensuring the growth of MSE since 35 respondents disagreed with the statement that the Sacco services offered to entrepreneurs were tailored towards ensuring MSE growth. On the relationship of the Sacco services, 30 respondents (30.0%) strongly disagreed with the statement that there was no relationship between Sacco services and business growth with 32 respondents (32.0%) only disagreed. From the findings, loan borrowed was used for business purposes that translated to 49.0% and 72.0% of the loan borrowed for business was used to increase stock. Good percent of respondents also agreed that the loan terms were favorable for the growth of MSE. The key findings from the study assisted in establishing how the Sacco services can be improved and tailored towards improving the MSEs and provided knowledge on how to address the growth of MSE using the Sacco facilities. For example the government should boost Sacco’s by offering interest free loans to Sacco members so that they can spur the economic growth. The government should provide constant support and empower SASRA to carry out its functions without political interferences. Saccos should develop more products tailored towards business growth of the enterprises established by Sacco members.


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