Success criteria for development
Date
2011-06-09
Authors
Reddy, Sarvasan
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Abstract
The National Empowerment Fund has been used as a case site as it is a
development funding institution of the Department of Trade and Industry. The
purpose of the research was to identify and evaluate the attributes of
successful versus unsuccessful funding applications for Small and Medium
Businesses. The method of data collection used in the research was through
content analysis of archival documents.
The key findings were as follows:
o Poorly structured and incomplete business plans, poorly
structured and unsubstantiated financial information, as well as
the high risk profile of the SME, do lead to unsuccessful funding
applications.
o Entrepreneurial ability or orientation, the technologies used to fund
SMEs, highlighting the impact that SMEs have on economic
growth and development, as well as the completeness of the
funding submission, have increased the likelihood of successful
funding applications.
SMEs have a vital role to play in economic growth and development and since
access to funding is an obstacle that they face, more effort and attention needs
to be given by all funders to ensure that SMEs are promoted through being
able to access the required funding by meeting the stipulated criteria and
informational requirements.
Description
MBA - WBS
Keywords
Development fund applications, Small businesses, Micro businesses