Lack of fund has been one of the major problems militating against the progress and growth of our business organizations. This is caused by a lot of factors such as low savings (Vicacious Circle of Poverty), Ignorance of the Public to invest, mismanagement etc. There are many ways of solving the problems of Finance and Providing adequate finance to our business organizatios such as equity stock, savings, ploughing back profits, but for the purpose of this research, we have to pay attention to loan and loan syndication.
TABLE OF CONTENTS
Table of Contents
1.1 The Purpose of the study
1.2 Significant of the study
1.3 Scope of the study
1.4 Limitations of the study
2.1 Definition of Syndicated Loan
2.2 Forms of Syndicated credit finance
2.3 Procedures for Syndicating a loan
2.4 Methods of Syndicating loan
2.5 Advantages of Syndicated loan as financing alternative
3.1 Sample Size
3.2 Sources of Data
3.2.1 Secondary Sources
3.3 Location of Data
3.4 Method of analysis
4.1 Summary of Findings
The relative insufficiency of funds for capital investment is a common factor in every economy especially in developing countries like Nigeria. In every developing country, the low level of capital investment manifest in high unemployment rates, low productivity and corresponding low standard of living for greater majority of the population.
Finding a solution to this problem of providing fund for capital investment has been a major Pre-occupation of financial institutions in Nigeria. Beyond the traditional term loan, share offers, bonds and so on, business organizations and financial institutions alike have sought out avenue to tackle the problem of insufficient fund for capital investment. One of the solutions they have come out with is syndicated fund or multiple credit facilities, which is aimed at spreading risks and weakening the impact of respecting laws and regulations on lending by financial institutions.
Syndicate has been defined as an association of industrialists, or financials or banking consortium forced to carry out some industrial projects.
Accordingly, loan syndication is basically defined as an agreement between two or more leading financial institutions to provide a borrower with credit facility utilizing common loan documentation.
The spectacular growth of loan syndication as an alternative financial instrument for business organization occurred as a response to several economic factors in Nigeria.
Notable among these are:
- The National Industrial Policy of 1989 which is aimed at:-
* achieving accelerated pale of industrial growth in Nigerian economy.
* The introduction of structural adjustment programme in 1986, culminating in the establishment of Naira, this made imported machinery and equipment very expensive and requiring huge capital outlays which most companies or financial institutions cannot comfortably afford.
Also, the study of the extent to which business organizations in the country employ syndicated loan as an alternative financing means with particular reference to Anambra, Rivers and Enugu States respectively, has been carried out in this study.
LOAN SYNDICATION AS AN ALTERNATIVE TO BUSINESS FINANCE IN NIGERIA
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