Effect of Financial Accessibility Challenges on the Growth of Women Group Owned Enterprises in Limuru Market

Abstract

Financial accessibility as a determinant of growth of enterprises has remained a popular aspect of practical and theoretical consideration in Kenya since independence. Women enterprises comprise about a third of all business activities across the globe and contribute significantly to employment generation and economic development. However, women-owned enterprises have demonstrated low rates of growth and complete retardation in some instances. This study sought to establish the effect of financial accessibility challenges on the growth of womenowned in Limuru market of Kiambu County, Kenya. The study adopted a descriptive study design. The target population for this study was 310 women entrepreneurs operating within Limuru market. Using stratified random sampling technique, the study sampled 172 women entrepreneurs in Limuru market. Primary data from the selected women owned enterprises was collected using semi structured questionnaires. Findings from the study revealed that challenges in accessing finances have a negative and significant effect on growth of women owned enterprises (β = -.318; p=0.00, p < 0.05). Based on the findings and conclusions made in the study, the study makes the following recommendations. First, the County Government of Kiambu should empower women and create awareness regarding the role of women in entrepreneurship and economic growth. Further, the affirmative action funds such as WEF should relax their requirements for loan access to encourage many women to access funds. Moreover, the microfinance institutions and SACCOs in Kiambu County should encourage women to access funds to enable their businesses to grow.