Opportunities, Challenges and Needs of Small Business Financing

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@article{1706177,
      author = {Rhea M. Sevillo, Dr. Erly M. Martir},
      title = {Opportunities, Challenges and Needs of Small Business Financing},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {8},
      number = {2},
      pages = {498-536},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706177.pdf},
      abstract = {This study aims to identify the opportunities, challenges, and needs of small business financing in the Province of Iloilo for 2023. It addresses specific questions about respondents' demographics, including age, education, business type, duration, capitalization, and funding sources. The research also explores significant differences in these aspects and the relationships among opportunities, challenges, and needs. Using a descriptive-correlational design, data were collected from 200 small business owners in Iloilo through purposive sampling. A validated researcher-made questionnaire was used to gather data on demographics, financing opportunities, challenges, and needs. Statistical tools such as frequency counts, percentages, means, Kruskal-Wallis H-Test, and Spearman?s rho were employed. Key findings include a diverse respondent group, with significant interest in financing opportunities like entrepreneurship training and easy funding access. Challenges included applicant comparisons and task automation, while needs focused on regulatory clarity and loan information. Significant differences in perceived opportunities were noted based on business duration, with a positive correlation between challenges and needs. The study concludes that tailored interventions recognizing demographic diversity are crucial for sustainable entrepreneurial development. Recommendations include targeted support programs, investment in training and financial literacy, digital solution integration, regulatory clarity, continuous feedback mechanisms, and public-private partnerships to enhance the small business financing ecosystem in Iloilo.},
      keywords = {Opportunities, Needs, Challenges, Small Business Financing},
      month = {August},
  }