Published Article

This study examined the strategic ways of raising funds for small scale business, assessing the prospect. Starting and sustaining a small-scale business requires more than just an innovative idea and a determined entrepreneur; securing adequate funding is crucial for business growth and survival. In the context of carrying out this research the following subheads among many others were expounded on: concept of funding, concept of small scale business and types of small scale business. The study mentioned retail businesses, service-based businesses and manufacturing businesses as types of small scale businesses. Furthermore, it mentioned bootstrapping, government grants and crowdfunding as some of the strategic ways of raising capital to fund small scale businesses. Some of the notable challenges of raising capital to fund small scale business as mentioned in the study included: limited access to formal credit, high cost of borrowing and insufficient investor confidence. More so, the study mentioned: enhancing financial literacy and leveraging digital financial platforms as some of the mitigating strategies to the challenges of raising capital to fund small scale business. Securing adequate funding is crucial for the growth and survival of small-scale businesses. While financial constraints remain a major challenge, entrepreneurs can explore various funding options beyond traditional bank loans. One of the recommendations made was that small-scale business owners should explore multiple funding avenues, including bootstrapping, crowdfunding, government grants, and angel investors.

KEYWORDS: Funds and Small Scale Business