Sustainable Development from Within: Empowering Communities through Financial Empowerment and SME Support
Article Sidebar
Main Article Content
Abstract
This study explores the intersection of SME development, community empowerment, and financial support mechanisms, aiming to uncover insights for fostering inclusive economic growth and resilience within grassroots communities. Employing a qualitative research approach, the study conducts a systematic literature review to analyze scholarly works, theoretical perspectives, and empirical studies related to the topic. The literature selection process involves searching academic databases and employing snowball sampling techniques to ensure comprehensive coverage. Data collection entails critical reading, note-taking, and coding of textual data, with NVivo software used for data organization. Thematic analysis is employed to identify recurring themes and theoretical frameworks across the literature, shedding light on the transformative potential of financial support programs for SMEs. The study highlights the pivotal role of microfinance, venture capital, and government subsidies in addressing funding constraints faced by SMEs, while also recognizing challenges such as high-interest rates and bureaucratic inefficiencies. Moreover, it underscores the importance of community empowerment in shaping the enabling environment for entrepreneurship and economic growth. Empowered communities are better positioned to leverage external resources and initiatives for collective benefit, thereby enhancing resilience and well-being. The findings emphasize the need for targeted interventions, institutional reforms, and partnerships to promote SME development and community empowerment effectively.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Acs, Z. J., & Audretsch, D. B. (2010). Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction (Vol. 5). Springer Science & Business Media.
Acs, Z. J., & Audretsch, D. B. (2010). Innovation and Small Firms (Vol. 24). MIT Press.
Acs, Z. J., & Szerb, L. (2007). Entrepreneurship, Economic Growth, and Public Policy. Small Business Economics, 28(2-3), 109–122. https://doi.org/10.1007/s11187-006-9004-5
Acs, Z. J., Desai, S., & Hessels, J. (2013). Entrepreneurship, Economic Development and Institutions. Small Business Economics, 40(2), 249–254. https://doi.org/10.1007/s11187-012-9443-x
Armendariz, B., & Morduch, J. (2010). The Economics of Microfinance. MIT Press.
Banerjee, A., Duflo, E., Glennerster, R., & Kinnan, C. (2015). The Miracle of Microfinance? Evidence from a Randomized Evaluation. American Economic Journal: Applied Economics, 7(1), 22–53. https://doi.org/10.1257/app.20130533
Banerjee, A., Karlan, D., & Zinman, J. (2015). Six Randomized Evaluations of Microcredit: Introduction and Further Steps. American Economic Journal: Applied Economics, 7(1), 1–21. https://doi.org/10.1257/app.20130533
Beck, T., & Demirgüç-Kunt, A. (2006). Small and Medium-Size Enterprises: Access to Finance as a Growth Constraint. Journal of Banking & Finance, 30(11), 2931–2943. https://doi.org/10.1016/j.jbankfin.2006.05.009
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2005). SMEs, Growth, and Poverty: Cross-Country Evidence. Journal of Economic Growth, 10(3), 199–229. https://doi.org/10.1007/s10887-005-3533-5
Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing Patterns around the World: Are Small Firms Different? Journal of Financial Economics, 89(3), 467–487. https://doi.org/10.1016/j.jfineco.2007.10.005
Beck, T., Demirgüç-Kunt, A., & Martinez Peria, M. S. (2010). Banking Services for Everyone? Barriers to Bank Access and Use around the World. World Bank Economic Review, 24(3), 397–430. https://doi.org/10.1093/wber/lhq003
Bhattacharjee, S., Hossain, M., & Hossain, M. A. (2018). Role of SMEs in Economic Development of Bangladesh. International Journal of Economics, Commerce and Management, 6(2), 72–82.
Bhattacharjee, S., Hossain, M., & Islam, M. R. (2018). Role of SMEs in Developing Economies: A Literature Review. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3160193
Booth, A., Sutton, A., & Papaioannou, D. (2016). Systematic Approaches to a Successful Literature Review. Sage.
Braun, V., & Clarke, V. (2006). Using Thematic Analysis in Psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Creswell, J. W., & Miller, D. L. (2000). Determining Validity in Qualitative Inquiry. Theory into Practice, 39(3), 124–130. https://doi.org/10.1207/s15430421tip3903_2
Creswell, J. W., & Poth, C. N. (2018). Qualitative Inquiry and Research Design: Choosing among Five Approaches. Sage Publications.
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic Inquiry. Sage Publications.
Merriam, S. B., & Tisdell, E. J. (2016). Qualitative Research: A Guide to Design and Implementation (4th ed.). Jossey-Bass.
Mersland, R., & Strøm, R. Ø. (2009). Performance and Governance in Microfinance Institutions. Journal of Banking & Finance, 33(4), 662–669. https://doi.org/10.1016/j.jbankfin.2008.11.013
Morduch, J. (1999). The Microfinance Promise. Journal of Economic Literature, 37(4), 1569–1614.
Narayan, D. (2002). Empowerment and Poverty Reduction: A Sourcebook. The World Bank.
Qi, G. (2006). Study on Government Financial Support Policy for Small and Medium-sized Enterprises. Physics Procedia, 5, 210–214. https://doi.org/10.1016/j.phpro.2010.01.035
Rappaport, J. (1987). Terms of Empowerment/Exemplars of Prevention: Toward a Theory for Community Psychology. American Journal of Community Psychology, 15(2), 121–148. https://doi.org/10.1007/BF00919275
Rappaport, J. (1987). Terms of Empowerment/Exemplars of Prevention: Toward a Theory for Community Psychology. American Journal of Community Psychology, 15(2), 121–148. https://doi.org/10.1007/bf00919275
Saldana, J. (2016). The Coding Manual for Qualitative Researchers. Sage Publications.
Sanders, R. (2020). SMEs and Community Finance: Experiences of SMEs and Community Finance Providers in the Evolving Financial Service Landscape. International Journal of Entrepreneurial Behavior & Research, 26(4), 725–746. https://doi.org/10.1108/IJEBR-12-2019-0784
Storey, D. J. (1994). Understanding the Small Business Sector. Routledge.
World Bank. (2020). World Development Report 2020: Trading for Development in the Age of Global Value Chains. The World Bank. https://doi.org/10.1596/978-1-4648-1447-4
Zimmerman, M. A. (2000). Empowerment Theory: Psychological, Organizational, and Community Levels of Analysis. Handbook of Community Psychology, 43–63.