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Commercial Banks' Interest Rates and Performance of Smes In COMMERCIAL BANKS’ INTEREST RATES AND PERFORMANCE OF SMES IN UGANDA: A CASE STUDY OF MAKINDYE EAST DIVISION KAMPALA DISTRICT, BY BAZUNGU PACIFIC 1163-05194-08580 A RESEARCH REPORT SUBMITTED TO THE COLLLEGE OF ECONOMICS AND MANAGEMENT IN THE DEPARTMENT OF ECONOMICS AND APPLIED STATISTICS IN PARTIAL FULFILLMENT OF THE REQUIEREMENT FOR THE AWARD OF BACHELORS DEGREE OF SCIENCE IN STATISTICS OF KAMPALA INTERNATIONAL UNIVERSITY JULY-2019 DECLARATION I BAZUNGU PACIFIC, hereby declare to the best of my knowledge that this work is purely my own effort and has never been submitted to any university around the globe for any award. Sign .....4~I. BAZUNGU PACIFIC 1163-05194-08580 Date.~Q~ APPROVAL This work has been under my supervision since the researcher began her research from the proposal to completion of the full research report and I approve that it is ready to be submitted to the Department of Economics and Applied Statistics of Kampala International University. SIGN: MR: MUHEREZA FRANKLIN DATE: .~.1.°7 DEDICATION I dedicate this research to my lovely grand mum Mrs Semakula Ancille parents Sebazungu Micheal and Namayanja Ritah for their unending care, love and support towards my education. My lovely Uncle Magala Gean Claude for his genuine support, my siblings plus entire family and lastly to my loving friends Lutaya Zaidi, David, Rose, Jane, Tonny and all my course mates. III TABLE OF CONTENTS DECLA~TION ~ II APPROVAL10.,.80.~0 ~ U,,,.,. ~ U n..n,,,,,,,,,, H DEDICA1”ION,,,,.,.,,..,..,~ ,~aU.,, .m,,,n,, ~ Ill ABS’rRAc1~ ACKNOWLEDGEMEN~T UU,,U,,fl, ~ UUU,U,,,,,u,,, Un ~ UUUU,,,, ABBREVIAUTIONS e,,,u,,n u.n..,, ~ unan.,,,,, ~ CIiAP1’ER ONE.. ,,..,,,,,, ~ .~Ut., ~ • ~ ,,. 1 IN1’RODUCTION,,,,,,., ,,,,,,5, UU~~ ~ UUU*fl,nnn,,~,~~ 1 1.1 Back ground of the study 1 1.2 Problem statement 6 1.3 Purpose of the study 7 1.4 Specific objectives of the study 7 1.5 Research Questions 7 1.6 Research Hypothesis 7 1.7 Scopeofthestucjy 7 1.7.1 Content Scope 7 1.7.2 Geographical Scope 8 1.7.3 Time scope 8 1.8 Theoretical scope 8 1.9 Significance of the study g 1.9 Operational definitions of the key terms g CHAP1ER TWO ~ 11 LI1’ER.AlLJRE REVIEW ~ .~ U•~U 11 2.0 Introduction 11 2.1 Theoretical review 11 2.1.1 Austrian or Aglo Theory 11 iv 2.1.2 The Financial Life Cycle Theory by Franco Modigliani 12 2.1.3 The Fisher’s Theory of money and Interest 12 2.2 Conceptual Framework 13 2.3 conceptual reviews 14 2.3.1 Commercial Banks’ interest rates 14 2.3.2Small and Medium~size Enterprises . 14 2.3.3 Role and benefits of SMEs 15 2.3.4 Collateral requirements and access to loans by SMEs 15 2.3.5Effect of interest rates to credit on financial performance of SMEs 16 2.3.6 Growth rate of deposits 17 2.3.7 Lending 17 2.3.8 Bank rate 18 2.3.9 National saving 18 2.4 Empirical Review 18 2.4 Research gaps 22 2.4.1 Literature gap 22 2.4.2 Theoretical gap 23 2.4.3 Empirical gap 23 CI’LAP1ER. —aREE ..,.,.., 24 ~ ~ ~ . 3.0 Introduction 24 3.lResearch design 24 3.2 Study population 24 3.3 Sampling method and sample size 24 Table3. 1. Showing Study population and sample size table 25 3.4 Sources of data 25 3.4.1 Primary sources . 25 V 3.4.2 Secondary sources 25 3.5Data collection methods/ instruments 26 3.5.1 Questionnaires 26 3.5.2 Interview guides 26 3.6 Data processing, analysis and presentation 26 3.7 Validity and reliability of the instrument 27 3.8 Challenges of the study 27 CHAPTER FOLJR.,..,..,,.,.,..,.,,.,,...,.,.,..,.., ,....,,..., 28 RESULTS AND DISCUSSIONS OF FINDINGS,.,,,,, ,..., .,... 28 4.0 Introduction 28 4.1 Characteristics of respondents by sex 28 Table 4.1: Sex of respondents 28 4.2 Distribution of respondents by age, level of education and number of years spent in business 28 Table 4.2: responses on Characteristics of respondents 28 4.3 Distribution of source of capital and source of loan 30 Table 4.3: responses on source of capital and loans 30 4.4 Distribution interest rate indicators 30 4.4.1 Distribution of Growth of deposits using a five Likert-scale 30 Table 4.4.4: Growth of deposits 31 4.4.2: The distribution of Bank rate using a five Likert-scale 31 Table 4.4.2: Responses of Bank rate 31 4.4.3 Distribution of National savings as an indicator of banks interest rate using a five Likert-scale 32 Table 4.4.3: Responses on National savings 32 4.5 Distribution of SMEs performances 33 vi 4.5.1: A pie chart showing whether access to credit in Uganda by SMEs improve asset levels and productivity. This was done by interviewing 80 respondents......... 33 4.5.2: Distribution of responses on whether the increase in sales in business increases profits 33 4.5.3 Distribution of Total sales’ responses by 80 respondents in the sampling frame 34 Table 4.5.3: Responses on Total sales 34 4.5.4 Distribution of collateral security using summary statistics 35 Table 4.5.4: Collateral security 35 4.5.5 Distribution of Government policy on interest rates 36 4.6 Relationship between Commercial Banks’ interest rates and SMEs performance using regression analysis 36 Table 4.6: Coefficients of SMEs performance 36 CHAP1*ER FIVE . ~ ,,.,.,,.,,~,,,,, ,.... 38 SUM MARY DISCUSSIONS, CONCLUSIONS AND FINDINGS 38 5.0 Introduction 38 5.1 Summary of findings 38 5.2 Discussion 40 5.3 Recommendations 41 5.4 Areas of Further Research 42 REFERENCE5,,..,,,,,~.,,, 4.3 A~~ENDICES ~ a 46 Appendix A: ~ a,,, ~ 46 ~ B: Research ‘Tlriie Franie.,,,,,,,,,,,,,,,,,,,,,,,~,,,, 52 Appendix 3: Budget .., , ,,,, . 53 VI ABSTRACT The research study explored the effect of commercial banks’ interest rates on the performances of SMEs in Makindye East Division, Kampala District. Performance of SMEs was guided by its indicators. And these indictors included; Expansion, profitability and total sales. The specific objectives of the study were; to determine the level of accessibility of credit by SMES from commercial banks, to determine the performance level of SMEs in Makindye East Kampala and lastly to establish the relationship between interest rates and performance of SMEs in Makindye East Kampala. In this study, both quantitative and qualitative data was used and self- administered questionnaires were adopted during data collection. The sample size of the study was obtained using a non probability sampling techniques and took 80 respondents where 18 were female and 62 were male respondents. The research found out that there is no significant relationship between commercial banks’ interest rates and the performances of SMES in Makindye East Division. This was evidenced from the Sig value being greater than level of significance (0.05). The researcher therefore recommends commercial banks to reduce on their level of interest rates and also reduce on the level of collateral securities to acquire loans. Also, the study recommended the government to engage in setung up policies to reduce on the interest rates among the commercial banks in order to develop SMES and businesses in Makindye East Division, Kampala District. VIII ACKNOWLEDGEM ENT My sincere gratitude goes to the Almighty God for His endless mercies, wisdom, knowledge and Grace that has helped in my studies. Special thanks go to my mother, grand mum, Uncle, Lutaya Zaidi and all my Course mates who have always been a source of inspiration, support and encouragement as I pursued my course. My thanks goes to all lecturers, the Department of Economics and Applied Statistics of Kampala International University for all forms of assistance rendered to me during the course of my studies. My Supervisor Mr. Muhereza Franklin for his support and guidance which led to the successful completion of this research report. I wish to thank all my relatives and well-wishers for their moral support and prayers. And above all, I thank God for his grace and mercy that saw me through the course of my Studies. ix ABBREVIATIONS SMES Small and Medium Enterprises SPSS Statistical package for social scientists DV Dependent Variable IV Independent Variable MDG5 Millennium Development Goals SDGs Sustainable Development Goals ANOVA Analysis of Variance SAQ Self-Administered Questionnaire BOU Bank of Uganda PEAP Poverty Eradication Action Plan x CHAPTER ONE INTRODUCTION Li Back ground of the study Since the 1960s to date, small and medium sized enterprises (SME5) have been given due recognitions especially in the developed nations for playing very important roles towards fostering accelerated economic growth, development and stability within several economies(Yitzhaki, 2006). They make-up the largest proportion of businesses all over the world and play tremendous roles in employment generation, provision of goods and services, creating a better standard of living, as well as immensely contributing to the gross domestic products (GDPs) of many countries (OECD, 2000).Over the last few decades, the contributions of the SMEs sector, the development of the largest economies in the world have beamed the searchlight on the uniqueness of the SME5; and this have succeeded in overruling previously held views that SMEswere only miniature versionsli of larger companies (Al-Shaikh 1998; Gaskill et al. 1993). In both the UK and Nigeria, the SMEs sector constitutes the largest proportion of the entire businesses. In the UK for instance, SMEs represent over 95 percent of all businesses and contribute over 65 percent of the labour force as well as over 30 percent of the GDP (Day 2000; Dewhurst and Burns 1993). Likewise, In Nigeria, data from the Federal Office of Statistics reveal that about 97 percent of the entire enterprises in the country are SMEs and they employ an average of 50 percent of the working population as well as contributing up to 50 percent to the countries industrial output (Ariyo ,1999; Ihua ,2005).
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