The Impact of Financial Literacy on the Growth of Small and Medium Entreprises (Smes)

Abstract

The study was about Financial Literacy and the growth of Small Enterprises in Imvepi market, with specific reference to traders who were VSLA participants in Imvepi market, Odupi Sub County Terego District. The study was guided by the following objectives: To examine the ability to keep records and its impact on the growth of Small and Medium sizes enterprises in Imvepi market Odupi Sub County Terego District, to determine the extent to which banking services literacy has led to growth of small and medium size enterprises in Imvepi market Odupi Sub County Terego District and to examine the impact of debt management literacy towards the growth of small and medium size enterprises in Imvepi market Odupi Sub County Terego District The study used a cross sectional study research design where data was gathered in a period of time in order to answer research questions. The study used a population of 46 with a sample size of 36 Which was determined using the krejice Morgan Table, purposive, stratified and simple random sampling techniques were used to select the sample, self-administered questionnaire was the main data collection instruments. The study found a significant impact of financial literacy on the growth of SMEs in Imvepi market, Odupi Sub County Terego District.