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 businessowners in order to improve financial expansion and provide satisfaction. The study was thereforeconducted to examine the impact of commercial banks assistance on sustainability of family businessesin Nigeria. The study covered two (2) selected commercial banks and twenty (20) family businesseslocated at Lagos and Abuja. Data were collected using primary source through the administration of138 questionnaires to selected respondents, using the area sampling technique. The data obtained wereanalyzed and presented in tables with the use of percentage and chi-square method. However, the studyrevealed that family businesses encounter setbacks in a bid to obtain loans and advances fromcommercial banks and also, commercial banks have contributed in no small way to the sustainability offamily businesses through their loans and advances scheme. The study recommends that commercialbanks 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 asynergy between them and commercial banks.