IMPACT OF COMMERCIAL BANKS ASSISTANCE ON SUSTAINABILITY OF FAMILY BUSINESSES IN NIGERIA

Abstract

Commercial banks in Nigeria have overtime continued to render financial services to family business owners in order to improve financial expansion and provide satisfaction. The study was therefore conducted to examine the impact of commercial banks assistance on sustainability of family businesses in Nigeria. The study covered two (2) selected commercial banks and twenty (20) family businesses located at Lagos and Abuja. Data were collected using primary source through the administration of 138 questionnaires to selected respondents, using the area sampling technique. The data obtained were analyzed and presented in tables with the use of percentage and chi-square method. However, the study revealed that family businesses encounter setbacks in a bid to obtain loans and advances from commercial banks and also, commercial banks have contributed in no small way to the sustainability of family businesses through their loans and advances scheme. The study recommends that commercial banks should make effort to ensure that loans and advances are always accessible for family businesses. Finally, for sustainability of family businesses growth and development in Nigeria, there should be a synergy between them and commercial banks.