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According to Ubom (2006) and Olagunju (2008), small business history in Nigeria can be traced to the period of our forefather who were engaged in local farming and trading. At first, they went into farming in order to satisfy their immediate need which is known as substance. They did not have to sell any of their produce to others; neither did they have to render any services to others. But as the country got populated by more people, and given divergence in human talents, natural and geographical endowments, coupled with the inability of these farmers to satisfy other needs, they then diversified into other craft and trades to provide their other needs. This resulted to the growth of small business activities.

Therefore, a small business is a business that is owned and operated with a small number of employees and relatively low volume of sales. The operation of these small businesses has become so important as it generates a great deal of energy, innovation for millions of people all over the world. Small business includes everything from stay-at-home parent who provides day care for other children, to the factory worker who makes after-hours deliveries, to the owner of a chain, of fast-food restaurants. Another important role played by small scale business is seen in the area of creation of employment opportunities for the unemployed citizens of the nation. Being relatively labour intensive, it helps in balancing the development of our industrial and socio-economic infrastructure.

Small scale business is seen at every nook and cranny of the country performing different businesses and producing various goods and services for satisfaction of the societal needs. Moreso, it is believed to be the bedrock of the nation industrialization. The individual who takes the risk in planning, organizing, directing and controlling both human and material resources for the production of goods and services are the entrepreneurs. To organize a business, the entrepreneur must combine four types of productive resources: human, financial, material and information (Essien, 2003:28).

Despite the numerous contributions of small-scales businesses to the nation’s economy, its mortality rate keeps increasing. The causes of small-scale business failure are traced to lack of adequate finance, poor management, lack of proper account keeping records, internal and external environmental factors. Therefore, this researcher seeks to determine the causes of this inadequate finance for small-scale business, growth and development in Akwa Ibom State, particularly in Uyo metropolis being the case study of this work. This work will be divided into five chapters, chapter one is the background of the study, which will cover the general introduction, statement of problems militating against small scale business, objective of the study, Research question to aid the study and an Hypotheses will be put forward to explain the study, and significant of the study, limitation of the study, organization of the study and definition of terms. Chapter two will deal with the literature review. Three will discuss the methodology apply in the course of this study, chapter four will be present data, analyses and discuss findings and recommendation, summary, and conclusion will be seen in chapter five.


It has been observed that small business organizations are the largest in number in any society and they produce highly needed products and services to the citizens of the nation. It has been a source of living to so many people over the years. It has created a lot of employment opportunities to the unemployed citizens. But these kinds of businesses are short lived due to lack of finance and inadequate lack of manpower training and development, poor managerial abilities, bad government policies, the general environmental factors as well as poor bookkeeping system. The mortality rate of small scale businesses has been on the increase.

The choice of where to sources fund for any enterprise, whether small or large depends on the amount of money needed, the age of the enterprise and its good-will, the size of the enterprise and the market which it operates and the duration of the credit sought. There are variety finance sources from which every sort of finance sought could be obtained.

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