FINANCING MICRO AND SMALL ENTERPRISES: ASSESSING THE IMPACT OF MUDRA LOANS IN AN EMERGING ECONOMY
Keywords:
Impact, Mudra Loan, SME Finance, Income Generation, Business Expansion, Standard of Living, Employment Generation.
Abstract
This paper studies the impact of mudra on small and micro enterprises in terms of income generation, business expansion, standard of living, and employment generation in the process. The research is socio-economic research. The project applied mean difference method for quantitative data analysis and relative importance index method to analyse qualitative data. Paper used Schedule to conduct personal interviews to collect data from 384 respondents using convenience sampling. It was found that to some extent, the schemes have been successful in providing loans to MSME sector. The enterprises are benefitted due to collateral free mudra loan in terms of income generation and business expansion. But there was no significant impact on employment generation and standard of living as proved from the data collected from the respondents due to mudra loan. Also, no significant improvement in human development index was found among the respondents. No significant improvements in quality of food and nutrition were found as informed by the respondents. Financial independence has not been achieved for the women entrepreneurs. Policy implications for government and bank has been discussed at the end of paper. The paper is based on the project funded by Indian Council of Social Science Research, New Delhi. This is a first kind of study conducted to study the impact of mudra loans on small and micro enterprises in India.
JEL Classification Codes: M10, E21.
References
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Arráiz, I., Meléndez, M., & Stucchi, R. (2014). Partial credit guarantees and firm performance: evidence from Colombia. Small Business Economics, 43(3), 711–724. https://doi.org/10.1007/s11187-014-9558-4
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Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E., & Harmgart, H. (2015). The impacts of microfinance: Evidence from joint-liability lending in Mongolia. American Economic Journal: Applied Economics, 7(1), 90–122. https://doi.org/10.1257/app.20130489
Bewaji, T., Yang, Q., & Han, Y. (2015). Funding accessibility for minority entrepreneurs: An empirical analysis. Journal of Small Business and Enterprise Development. https://doi.org/10.1108/JSBED-08-2012-0099
Brixiová, Z., Kangoye, T., & Yogo, T. U. (2020). Access to finance among small and medium-sized enterprises and job creation in Africa. Structural Change and Economic Dynamics, 55, 177–189. https://doi.org/10.1016/j.strueco.2020.08.008
Bruhn, M., & McKenzie, D. (2009). In pursuit of balance: Randomization in practice in development field experiments. American economic journal: applied economics, 1(4), 200-232. https://doi.org/10.1257/app.1.4.200
Blumberg, B., Cooper, D., & Schindler, P. (2011). Business Research Methods. McGraw-Hill Education.
Bertrand, M., & Crépon, B. (2014). Microeconomic perspectives. In Youth and Employment in Sub-Saharan Africa (pp. 125-188). Routledge.
Carmona-Lavado, A., Gopalakrishnan, S., & Zhang, H. (2020). Product radicalness and firm performance in B2B marketing: A moderated mediation model. Industrial Marketing Management, 85, 58-68.
Chandler, V. (2012). The economic impact of the Canada small business financing program. Small Business Economics, 39(1), 253–264. https://doi.org/10.1007/s11187-010-9302-7
Cravo, T. A., & Piza, C. (2019). The impact of business-support services on firm performance: a meta-analysis. Small Business Economics, 53(3), 753–770. https://doi.org/10.1007/s11187-018-0065-x
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de Blasio, G., De Mitri, S., D’Ignazio, A., Finaldi Russo, P., & Stoppani, L. (2018). Public guarantees to SME borrowing. A RDD evaluation. Journal of Banking and Finance, 96, 73–86. https://doi.org/10.1016/j.jbankfin.2018.08.003
DeNegri, J., Maffioli, A., Rodriguez, C., & Vázquez, G. (2011). The Impact of Public Credit Programs on Brazilian Firms. Inter-American Development Bank (IDB) - Working Paper Series, 293, 1–48. http://ideas.repec.org/p/idb/spdwps/1103.html
Duarte, F. D., Gama, A. P. M., & Gulamhussen, M. A. (2018). Defaults in bank loans to SMEs during the financial crisis. Small Business Economics, 51(3), 591–608. https://doi.org/10.1007/s11187-017-9944-9
Dvouletý, O., Čadil, J., & Mirošník, K. (2019). Do Firms Supported by Credit Guarantee Schemes Report Better Financial Results 2 Years After the End of Intervention? B.E. Journal of Economic Analysis and Policy, 19(1), 1–20. https://doi.org/10.1515/bejeap-2018-0057
Gampala, P. (2018). Credit impact on performance of micro and small enterprises in Telangana. Academy of Entrepreneurship Journal, 24(2), 30.
Garcia-Tabuenca, A., & Crespo-Espert, J. L. (2010). Credit guarantees and SME efficiency. Small Business Economics, 35(1), 113–128. https://doi.org/10.1007/s11187-008-9148-4
Gerlach-Kristen, P., O’Connell, B., & O’Toole, C. (2015). Do credit constraints affect SME investment and employment? Economic and Social Review, 46(1), 51–86.
Gosenpud, J., & Vanevenhoven, J. (2011). Using tools from strategic management to help micro-entrepreneurs in developing countries adapt to a dynamic and changing business environment. Journal of Applied Business Research (JABR), 27(5), 1-14.
Gai, L., Ielasi, F., & Rossolini, M. (2016). SMEs, public credit guarantees and mutual guarantee institutions. Journal of Small Business and Enterprise Development, 23(4), 1208–1228.
Hoelscher, J., Howard-Jones, P., & Webster, A. (2016). The impact of loan financing on SME’ s from transitional countries (No. BAFES01). Department of Accounting, Finance & Economic, Bournemouth University.
Imarhiagbe, B. O., Smallbone, D., Saridakis, G., Blackburn, R., & Mohammed, A. (2021). Access to finance for SMEs in post-socialist countries : the Baltic States and the South Caucasus compared. https://doi.org/10.1108/JSBED-01-2021-0036
India Today. (2018). Fact Check: Are MUDRA loans really generating jobs? India Today. Retrieved from https://www.indiatoday.in/fact-check/story/fact-check-are-mudra-loans-really-generating-jobs-1313563-2018-08-13
Indian Institute of Banking & Finance. (2013). Small and Medium Enterprises in India. Taxmann Publications Private Limited.
Kothari, C. R., & Garg, G. (2019). Research methodology: Methods and techniques (Fourth multicolor edition). New Age International (P) Limited, Publishers.
Kersten, R., Harms, J., Liket, K., & Maas, K. (2017). Small Firms, large Impact? A systematic review of the SME Finance Literature. World Development, 97(2016), 330–348. https://doi.org/10.1016/j.worlddev.2017.04.012
Khan, M. A., & Burki, M. (2020). Determinants of small and medium enterprises with the interaction effect of managerial activities. International Journal of Research in Business and Social Science (2147- 4478), 9(4), 153–160. https://doi.org/10.20525/ijrbs.v9i4.750
Kumari, R., & Trivedi, P. (2019). Determinants of SME Credit in Mumbai-Empirical Analysis On Factors. The Journal of Developing Areas, 53(2), 193–203. https://doi.org/10.1353/jda.2019.0030
Kumar, R., & Biswas, A. (2016). Innovative Financing and its Implications on MSME Sector in India. In Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector (pp. 421-433). IGI Global. https://doi.org/10.4018/978-1-5225-0143-5.ch025
Khandker, S. R., Koolwal, G. B., & Samad, H. A. (2010). Handbook on impact evaluation: quantitative methods and practices. World Bank Publications.
Lopez-Acevedo, G., & Tinajero, M. (2010). Mexico impact evaluation of SME programs using panel firm data. World Bank Policy Research Working Paper Series, January, 1–45.
Mahmood, S., & Matlay, H. Z. (2014). Optimal microfinance loan size and poverty reduction amongst female entrepreneurs in Pakistan. 21(2), 231–249. https://doi.org/10.1108/JSBED-03-2014-0043
Morris, M. H., Santos, S. C., & Neumeyer, X. (2020). Entrepreneurship as a solution to poverty in developed economies. Business Horizons, 63(3), 377-390.
Ministry of Micro. (2021). Annual Report 2020-21.
Morgan, P. J., & Pontines, V. (2018). Financial Stability and Financial Inclusion: the Case of Sme Lending. Singapore Economic Review, 63(1), 111–124. https://doi.org/10.1142/S0217590818410035
Moussa, F. (2020). Impact of microfinance loans on the performance of smes: The case of Lebanon. Business: Theory and Practice, 21(2), 769–779. https://doi.org/10.3846/btp.2020.11110
Nguyen, H. T. T., Van, H. V., Bartolacci, F., & Tran, T. Q. (2018). The impact of government support on firm performance in Vietnam: New evidence from a dynamic approach. Asian Academy of Management Journal, 23(2), 101–123. https://doi.org/10.21315/aamj2018.23.2.5
Onwumere, J. U. J., Ibe, I. G., Ugbam, O. C. (2012). The impact of micro-credit on poverty alleviation and human capital development: Evidence from Nigeria. European Journal of Social Sciences, 28(3), 416–423.
Rahman, A., & Zbrankova, H. (2019). Female borrowers and credit constraints in sme loan market: An analyses from the visegrad countries. Polish Journal of Management Studies, 20(2), 426–440. https://doi.org/10.17512/pjms.2019.20.2.36
Ramcharran, H. (2017). Bank lending to small business in India: Analyzing productivity and efficiency. Quarterly Review of Economics and Finance, 65, 16–24. https://doi.org/10.1016/j.qref.2016.06.003
Ruslan, R. A. H. M., Gan, C., Hu, B., & Quang, N. T. T. (2020). Impact of Microcredit on SMEs Performance in Malaysia. International Journal of Business and Economics, 19(1), 109-130.
Samujh, R. H., Twiname, L., Reutemann, J. (2012). Credit guarantee schemes supporting small enterprise development: A review. Asian Journal of Business and Accounting, 5(5), 21–40.
Sandhu, N. (2020). Dynamics of banks ’ lending practices to farmers in India. https://doi.org/10.1108/JSBED-05-2019-0161
Santoso, D. B., Gan, C., Revindo, M. D., & Massie, N. W. G. (2020). The impact of microfinance on Indonesian rural households’ welfare. Agricultural Finance Review, 80(4), 491–506. https://doi.org/10.1108/AFR-11-2018-0098
Shoma, C. D. (2019). Financing female entrepreneurs in cottage, micro, small, and medium enterprises: Evidence from the financial sector in Bangladesh 2010–2018. Asia and the Pacific Policy Studies, 6(3), 397–416. https://doi.org/10.1002/app5.286
Straka, J., Birčiaková, N., & Stávková, J. (2015). Impact of SMEs on standards of living of Czech rural households. Economics and Sociology, 8(4), 51–64. https://doi.org/10.14254/2071-789X.2015/8-4/4
Uesugi, I., Sakai, K., & Yamashiro, G. M. (2010). The effectiveness of public credit guarantees in the Japanese loan market. Journal of the Japanese and International Economies, 24(4), 457-480. https://doi.org/10.1016/j.jjie.2010.08.001
Valentin, A., & Wolf, B. (2013). Credit guarantee schemes and their impact on SME lending: existing literature and research gaps. International Journal of Entrepreneurial Venturing, 5(4), 391-405.
Winkel, D., Vanevenhoven, J., Yu, A., & Bronson, J. (2013). The invisible hand in entrepreneurial process: bricolage in emerging economies. International Journal of Entrepreneurship and Innovation Management, 17(4-6), 214-223.
Wasiuzzaman, S. (2020). Creditworthiness and access to finance of SMEs in Malaysia : do linkages with large firms matter ? 27(2), 197–217. https://doi.org/10.1108/JSBED-03-2019-0075
Zecchini, S., & Ventura, M. (2009). The impact of public guarantees on credit to SMEs. Small Business Economics, 32(2), 191-206.
Alessio D’Ignazio, & Menon, C. (2012). The Causal Effect of Credit Guarantees for SMEs: Evidence from Italy. https://doi.org/https://doi.org/10.1111/sjoe.12332
Angelucci, M., Karlan, D., & Zinman, J. (2014). Microcredit impacts: evidence from a randomized microcredit program placement experiment by compartamos banco. National bureau of economic research. http://www.nber.org/papers/w19827
Arráiz, I., Meléndez, M., & Stucchi, R. (2014). Partial credit guarantees and firm performance: evidence from Colombia. Small Business Economics, 43(3), 711–724. https://doi.org/10.1007/s11187-014-9558-4
Atmadja, A. S., Su, J. J., & Sharma, P. (2016). Examining the impact of microfinance on microenterprise performance (implications for women-owned microenterprises in Indonesia). International Journal of Social Economics, 43(10), 962–981. https://doi.org/10.1108/IJSE-08-2014-0158
Attanasio, O., Augsburg, B., De Haas, R., Fitzsimons, E., & Harmgart, H. (2015). The impacts of microfinance: Evidence from joint-liability lending in Mongolia. American Economic Journal: Applied Economics, 7(1), 90–122. https://doi.org/10.1257/app.20130489
Bewaji, T., Yang, Q., & Han, Y. (2015). Funding accessibility for minority entrepreneurs: An empirical analysis. Journal of Small Business and Enterprise Development. https://doi.org/10.1108/JSBED-08-2012-0099
Brixiová, Z., Kangoye, T., & Yogo, T. U. (2020). Access to finance among small and medium-sized enterprises and job creation in Africa. Structural Change and Economic Dynamics, 55, 177–189. https://doi.org/10.1016/j.strueco.2020.08.008
Bruhn, M., & McKenzie, D. (2009). In pursuit of balance: Randomization in practice in development field experiments. American economic journal: applied economics, 1(4), 200-232. https://doi.org/10.1257/app.1.4.200
Blumberg, B., Cooper, D., & Schindler, P. (2011). Business Research Methods. McGraw-Hill Education.
Bertrand, M., & Crépon, B. (2014). Microeconomic perspectives. In Youth and Employment in Sub-Saharan Africa (pp. 125-188). Routledge.
Carmona-Lavado, A., Gopalakrishnan, S., & Zhang, H. (2020). Product radicalness and firm performance in B2B marketing: A moderated mediation model. Industrial Marketing Management, 85, 58-68.
Chandler, V. (2012). The economic impact of the Canada small business financing program. Small Business Economics, 39(1), 253–264. https://doi.org/10.1007/s11187-010-9302-7
Cravo, T. A., & Piza, C. (2019). The impact of business-support services on firm performance: a meta-analysis. Small Business Economics, 53(3), 753–770. https://doi.org/10.1007/s11187-018-0065-x
Crépon, B., Devoto, F., Duflo, E., & Pariente, W. (2014). Estimating the impact of microcredit on those who take it up: evidence from a randomized experiment in morocco. In nber working paper series. http://www.nber.org/papers/w20144
de Blasio, G., De Mitri, S., D’Ignazio, A., Finaldi Russo, P., & Stoppani, L. (2018). Public guarantees to SME borrowing. A RDD evaluation. Journal of Banking and Finance, 96, 73–86. https://doi.org/10.1016/j.jbankfin.2018.08.003
DeNegri, J., Maffioli, A., Rodriguez, C., & Vázquez, G. (2011). The Impact of Public Credit Programs on Brazilian Firms. Inter-American Development Bank (IDB) - Working Paper Series, 293, 1–48. http://ideas.repec.org/p/idb/spdwps/1103.html
Duarte, F. D., Gama, A. P. M., & Gulamhussen, M. A. (2018). Defaults in bank loans to SMEs during the financial crisis. Small Business Economics, 51(3), 591–608. https://doi.org/10.1007/s11187-017-9944-9
Dvouletý, O., Čadil, J., & Mirošník, K. (2019). Do Firms Supported by Credit Guarantee Schemes Report Better Financial Results 2 Years After the End of Intervention? B.E. Journal of Economic Analysis and Policy, 19(1), 1–20. https://doi.org/10.1515/bejeap-2018-0057
Gampala, P. (2018). Credit impact on performance of micro and small enterprises in Telangana. Academy of Entrepreneurship Journal, 24(2), 30.
Garcia-Tabuenca, A., & Crespo-Espert, J. L. (2010). Credit guarantees and SME efficiency. Small Business Economics, 35(1), 113–128. https://doi.org/10.1007/s11187-008-9148-4
Gerlach-Kristen, P., O’Connell, B., & O’Toole, C. (2015). Do credit constraints affect SME investment and employment? Economic and Social Review, 46(1), 51–86.
Gosenpud, J., & Vanevenhoven, J. (2011). Using tools from strategic management to help micro-entrepreneurs in developing countries adapt to a dynamic and changing business environment. Journal of Applied Business Research (JABR), 27(5), 1-14.
Gai, L., Ielasi, F., & Rossolini, M. (2016). SMEs, public credit guarantees and mutual guarantee institutions. Journal of Small Business and Enterprise Development, 23(4), 1208–1228.
Hoelscher, J., Howard-Jones, P., & Webster, A. (2016). The impact of loan financing on SME’ s from transitional countries (No. BAFES01). Department of Accounting, Finance & Economic, Bournemouth University.
Imarhiagbe, B. O., Smallbone, D., Saridakis, G., Blackburn, R., & Mohammed, A. (2021). Access to finance for SMEs in post-socialist countries : the Baltic States and the South Caucasus compared. https://doi.org/10.1108/JSBED-01-2021-0036
India Today. (2018). Fact Check: Are MUDRA loans really generating jobs? India Today. Retrieved from https://www.indiatoday.in/fact-check/story/fact-check-are-mudra-loans-really-generating-jobs-1313563-2018-08-13
Indian Institute of Banking & Finance. (2013). Small and Medium Enterprises in India. Taxmann Publications Private Limited.
Kothari, C. R., & Garg, G. (2019). Research methodology: Methods and techniques (Fourth multicolor edition). New Age International (P) Limited, Publishers.
Kersten, R., Harms, J., Liket, K., & Maas, K. (2017). Small Firms, large Impact? A systematic review of the SME Finance Literature. World Development, 97(2016), 330–348. https://doi.org/10.1016/j.worlddev.2017.04.012
Khan, M. A., & Burki, M. (2020). Determinants of small and medium enterprises with the interaction effect of managerial activities. International Journal of Research in Business and Social Science (2147- 4478), 9(4), 153–160. https://doi.org/10.20525/ijrbs.v9i4.750
Kumari, R., & Trivedi, P. (2019). Determinants of SME Credit in Mumbai-Empirical Analysis On Factors. The Journal of Developing Areas, 53(2), 193–203. https://doi.org/10.1353/jda.2019.0030
Kumar, R., & Biswas, A. (2016). Innovative Financing and its Implications on MSME Sector in India. In Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector (pp. 421-433). IGI Global. https://doi.org/10.4018/978-1-5225-0143-5.ch025
Khandker, S. R., Koolwal, G. B., & Samad, H. A. (2010). Handbook on impact evaluation: quantitative methods and practices. World Bank Publications.
Lopez-Acevedo, G., & Tinajero, M. (2010). Mexico impact evaluation of SME programs using panel firm data. World Bank Policy Research Working Paper Series, January, 1–45.
Mahmood, S., & Matlay, H. Z. (2014). Optimal microfinance loan size and poverty reduction amongst female entrepreneurs in Pakistan. 21(2), 231–249. https://doi.org/10.1108/JSBED-03-2014-0043
Morris, M. H., Santos, S. C., & Neumeyer, X. (2020). Entrepreneurship as a solution to poverty in developed economies. Business Horizons, 63(3), 377-390.
Ministry of Micro. (2021). Annual Report 2020-21.
Morgan, P. J., & Pontines, V. (2018). Financial Stability and Financial Inclusion: the Case of Sme Lending. Singapore Economic Review, 63(1), 111–124. https://doi.org/10.1142/S0217590818410035
Moussa, F. (2020). Impact of microfinance loans on the performance of smes: The case of Lebanon. Business: Theory and Practice, 21(2), 769–779. https://doi.org/10.3846/btp.2020.11110
Nguyen, H. T. T., Van, H. V., Bartolacci, F., & Tran, T. Q. (2018). The impact of government support on firm performance in Vietnam: New evidence from a dynamic approach. Asian Academy of Management Journal, 23(2), 101–123. https://doi.org/10.21315/aamj2018.23.2.5
Onwumere, J. U. J., Ibe, I. G., Ugbam, O. C. (2012). The impact of micro-credit on poverty alleviation and human capital development: Evidence from Nigeria. European Journal of Social Sciences, 28(3), 416–423.
Rahman, A., & Zbrankova, H. (2019). Female borrowers and credit constraints in sme loan market: An analyses from the visegrad countries. Polish Journal of Management Studies, 20(2), 426–440. https://doi.org/10.17512/pjms.2019.20.2.36
Ramcharran, H. (2017). Bank lending to small business in India: Analyzing productivity and efficiency. Quarterly Review of Economics and Finance, 65, 16–24. https://doi.org/10.1016/j.qref.2016.06.003
Ruslan, R. A. H. M., Gan, C., Hu, B., & Quang, N. T. T. (2020). Impact of Microcredit on SMEs Performance in Malaysia. International Journal of Business and Economics, 19(1), 109-130.
Samujh, R. H., Twiname, L., Reutemann, J. (2012). Credit guarantee schemes supporting small enterprise development: A review. Asian Journal of Business and Accounting, 5(5), 21–40.
Sandhu, N. (2020). Dynamics of banks ’ lending practices to farmers in India. https://doi.org/10.1108/JSBED-05-2019-0161
Santoso, D. B., Gan, C., Revindo, M. D., & Massie, N. W. G. (2020). The impact of microfinance on Indonesian rural households’ welfare. Agricultural Finance Review, 80(4), 491–506. https://doi.org/10.1108/AFR-11-2018-0098
Shoma, C. D. (2019). Financing female entrepreneurs in cottage, micro, small, and medium enterprises: Evidence from the financial sector in Bangladesh 2010–2018. Asia and the Pacific Policy Studies, 6(3), 397–416. https://doi.org/10.1002/app5.286
Straka, J., Birčiaková, N., & Stávková, J. (2015). Impact of SMEs on standards of living of Czech rural households. Economics and Sociology, 8(4), 51–64. https://doi.org/10.14254/2071-789X.2015/8-4/4
Uesugi, I., Sakai, K., & Yamashiro, G. M. (2010). The effectiveness of public credit guarantees in the Japanese loan market. Journal of the Japanese and International Economies, 24(4), 457-480. https://doi.org/10.1016/j.jjie.2010.08.001
Valentin, A., & Wolf, B. (2013). Credit guarantee schemes and their impact on SME lending: existing literature and research gaps. International Journal of Entrepreneurial Venturing, 5(4), 391-405.
Winkel, D., Vanevenhoven, J., Yu, A., & Bronson, J. (2013). The invisible hand in entrepreneurial process: bricolage in emerging economies. International Journal of Entrepreneurship and Innovation Management, 17(4-6), 214-223.
Wasiuzzaman, S. (2020). Creditworthiness and access to finance of SMEs in Malaysia : do linkages with large firms matter ? 27(2), 197–217. https://doi.org/10.1108/JSBED-03-2019-0075
Zecchini, S., & Ventura, M. (2009). The impact of public guarantees on credit to SMEs. Small Business Economics, 32(2), 191-206.
Published
2021-09-15
How to Cite
Mahajan, Y. (2021). FINANCING MICRO AND SMALL ENTERPRISES: ASSESSING THE IMPACT OF MUDRA LOANS IN AN EMERGING ECONOMY. Indian Journal of Finance and Banking, 7(1), 51-71. https://doi.org/10.46281/ijfb.v7i1.1346
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2021 Yogesh Mahajan
This work is licensed under a Creative Commons Attribution 4.0 International License.
