Relationship Between Borrowers’ Characteristics and Loan Default Among SMES in Eldoret City; The Moderating Role of Social Capital
Main Article Content
Keywords
Borrower’s characteristics, social capital, loan default, SMEs
Abstract
Financing Small and Medium Enterprises (SMEs) in developing nations is gaining attention due to their vital role in job creation. Research has largely focused on access to finance, overlooking loan default issues and project execution challenges. Even with available funding, SME defaults remain prevalent. Social capital helps bridge information gaps, especially in micro-lending, where strong borrower-lender relationships are key. Therefore, the purpose of this study was to investigate whether social capital moderates the relationship between borrowers’ characteristics and loan default among SMEs. The study was anchored on Social Capital Theory. The study targeted 2,485 SMEs in Eldoret City, with a sample size of 270 respondents determined using the Yamane formula. Data was collected using closed-ended questionnaires distributed to SME owners and managers. Cronbach alpha was used to determine the reliability and validity of questionnaires collected through pilot study in Iten town. Data was analyzed using descriptive and inferential statistics. The findings indicated that borrower’s gender (, borrower’s education ( and social capital (β=0.239, p<0.05) had a positive and significant effect on borrower’s loan default. However, borrower’s business experience had a negative and significant effect on loan default (β_3=-0.108, p<0.05), indicating that more experienced borrowers are less likely to default. Further, the moderating effect between borrower’s gender and social capital (β=0.105, p<0.05), as well as borrower’s education and social capital (β=0.101, p<0.05), showed a significant positive effect on loan default, suggesting that social capital amplifies the influence of these borrower characteristics on default risk. The findings provide both management and policy recommendations. Lenders should evaluate borrower characteristics during the loan evaluation process. Secondly, policy action is necessary to improve financial literacy among SMEs. Due to varying cultural, legal, and institutional contexts in developing countries, further research may explore alternative jurisdictions.
References
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Beck, T., Behr, P., & Güttler, A. (2013). Gender and banking: Are women better loan officers? Review of Finance, 17(4), 1279-1321. https://doi.org/10.1093/rof/rfs028
Bhatt, N., & Tang, S. Y. (2002). Determinants of repayment in microcredit: Evidence from programs in the United States. International Journal of Urban and Regional Research, 26(2), 360-376. https://doi.org/10.1111/1468-2427.00386
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Connelly, L. M. (2011). Cronbach’s alpha. Medsurg Nursing, 20(1), 45-47.
D’Espallier, B., Guérin, I., & Mersland, R. (2011). Women and repayment in microfinance: A global analysis. World
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de Camargo Fiorini, P., Seles, B. M. R. P., Jabbour, C. J. C., Mariano, E. B., & de Sousa Jabbour, A. B. L. (2018). Management theory and big data literature: From a review to a research agenda. International Journal of Information Management, 43, 112-129.
Duarte, F., 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://link.springer.com/article/10.1007/s11187-017-9944-9
Dufhues, T., Buchenrieder, G., & Munkung, S. (2011). Social capital and loan repayment performance in Southeast Asia. Journal of Socio-Economics, 40(5), 679-691. https://doi.org/10.1016/j.socec.2011.05.007
Eresia-Eke, C. E., & Raath, C. (2013). SMME owners’ financial literacy and business growth. Mediterranean Journal of Social Sciences, 4(13), 397-406. https://doi.org/10.5901/mjss.2013.v4n13p397
Felix, P., & Wachira, L. (2018). Lender characteristics and loan default in Kitui. African Journal of Economic and Management Studies, 9(1), 78-90. https://www.ijbmer.com/docs/volumes/vol9issue6/ijbmer2018090606.pdf
Fidrmuc, J., & Hainz, C. (2010). Default rates in the loan market for SMEs: Evidence from Slovakia. Economic Systems, 34(2), 133-147. https://doi.org/10.1016/j.ecosys.2010.01.001
Gao, X., Liu, Y., Yin, J., & Zhang, Y. (2022). Mobile lending, social capital, and loan default: Evidence from China. Journal of Financial Stability, 58, 100964. https://doi.org/10.1016/j.jfs.2021.100964
Gathige, S. M. (2010). Factors explaining loan default among off farm loan borrowers of microfinance programmes in Kenya. A case study of small scale enterprises in Nairobi, Kenya (Doctoral dissertation, University of Nairobi, Kenya).
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Iqbal, Z., & Rao, Z. U. R. (2023). Social capital and loan credit terms: Does it matter in microfinance contracts? Journal of Asian Business and Economic Studies, 30(3), 187-209. https://ideas.repec.org/a/eme/jabesp/jabes-10-2021-0185.html
Irish Times (2019). Loan default rates fall among SMEs, Central Bank report says. https://www.irishtimes.com/business/economy/loan-default-rates-fall-among-smes-central-bank-report-says-1.3870174?utm_source=chatgpt.com
Ito, S. (2003). Microfinance and social capital: Does social capital help create good practice? Development in Practice, 13(4), 322-332. https://www.tandfonline.com/doi/abs/10.1080/0961452032000112383
Jalloh, M., Appiah, K., & Gyimah, P. (2019). Gender and loan default in Sierra Leone. African Review of Economics and Finance, 11(1), 1-21.
Kangogo, D., Lagat, J., & Ithinji, G. (2013). Social capital dimensions and loan repayment in Uasin Gishu, Kenya. International Journal of Social Economics, 40(10), 904-917. https://mpra.ub.uni-muenchen.de/48624/
KEPSA (2024). KEPSA Ceo’s Opening Remarks During The Kepsa Annual Sme Conference, Awards & Exhibition Programme On 23rd August, 2024. https://admin.kepsa.or.ke/public/files/docs/17244156772.pdf
Kimaiyo, D. (2016). Factors limiting small and medium enterprises access to credit in Uasin Gishu county, Kenya (Doctoral dissertation, University of Nairobi).
Koride, P., & Gurtoo, A. (2019). A comparison of borrowing and default behaviour between men and women. Studies in Microeconomics, 7(2), 189-209. https://journals.sagepub.com/ doi/10.1177/2321022219838637?icid=int.sj-abstract.citing-articles.83
Magali, J. J. (2013). The influence of rural savings and credits cooperatives societies (SACCOS’) variables on loans default risks: The case study of Tanzania. Research Journal of Finance and Accounting, 4(19), 77-91. https://core.ac.uk/download/pdf/234629742.pdf
M'Muruku, S. M., Kingori, G. G., & Mwirigi, R. N. (2023). Effect of Borrower's Socio-Economic Profile on Agribusiness Loans Default Rate in Agricultural Finance Corporation, Mount Kenya Region. Journal of Economics, Management and Trade, 29(8), 24-40. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4461780
Mugenda, O. M., & Mugenda, A. G. (2003). Research Methods: Quantitative and Qualitative Approaches. Nairobi: ACTS Press.
Muia, D., Kamau, A., Kamau, P., Baiya, H., & Ndung’u, J. (2018). Social Capital as a Coping Mechanism for Women Small Scale Traders in the Informal Economy in Nairobi, Kenya. University of Nairobi.
Muthee, E., & Maina, R. (2023). Entrepreneurial Social Capital and Performance of Micro, Small, and Medium Enterprises. International Journal of Entrepreneurial Knowledge, 11(2), 127–138. https://www.ijek.org/index.php/IJEK/article/view/208
Muthoni, M. P. (2016). Assessing Borrower's and Business' Factors Causing Microcredit Default in Kenya: A Comparative Analysis of Microfinance Institutions and Financial Intermediaries. Journal of Education and Practice, 7(12), 97-118. https://eric.ed.gov/?id=EJ1099561
Mwangi, I. W., & Ouma, S. A. (2012). Social capital and access to credit in Kenya. American Journal of Social and Management Sciences, 3(1), 8-16.
Mwaniki, P. N., Makori, D., & Irungu, A. M. (2024). Borrowers’ Characteristics and Repayment of Individual Loans Provided by Youth Enterprise Development Fund in Embu County, Kenya. African Journal of Emerging Issues, 6(2), 46-58. https://ajoeijournals.org/sys/index.php/ajoei/article/view/544
Njoroge, J. M. (2014). Behavioral Factors Associated With High Default Rates for Loans to Small and Medium Enterprises (SMEs) in Kenya. United States International University-Africa.
Ochieng, Z. O. (2015). Modelling the relationship and impact of the factors affecting loan default among small, micro and medium enterprises (Doctoral dissertation, University of Nairobi).
Omondi, P. (2021). Loan default among SMEs in Kenya: CBK report analysis. East African Business Journal, 3(1), 98-115.
Omowole, B. M., Olufemi-Phillips, A. Q., Ofodile, O. C., Eyo-Udo, N. L., & Ewim, S. E. (2024). The role of SMEs in promoting urban economic development: A review of emerging economy strategies. Journal Name Unspecified.
Owusu-Manu, D. G., Asiedu, R. O., Edwards, D. J., Donkor-Hyiaman, K., Abuntori, P. A., & El-Gohary, H. (2019). An assessment of mortgage loan default propensity in Ghana. Journal of Engineering, Design and Technology, 17(5), 985-1017. https://doi.org/10.1108/JEDT-12-2018-0210
Peprah, C. (2016). Challenges SMEs face in acquiring loans from banks: A comparative study between Finland and Ghana.
Qian, X., Xu, W., & Li, K. (2010). Do entrepreneurial social networks boost enterprise growth? Evidence from the Pearl River Delta in China. Frontiers of Business Research in China, 4(3), 498-513. https://doi.org/10.1007/s11782-010-0104-8
Santandreu, A., López Pascual, J., & Cruz-Rambaud, S. (2020). Gender differences in loan repayment: Evidence from the USA. Journal of Business Research, 112, 1-12. https://doi.org/10.1016/j.jbusres.2020.02.034
Santoso, W., Trinugroho, I., & Risfandy, T. (2020). Determinants of loan default: Evidence from Indonesia. Journal of Financial Risk Management, 15(3), 320-335. https://doi.org/10.4236/jfrm.2020.153018
Ssekiziyivu, D., Bananuka, J., Nabeta, I., & Tumwebaze, Z. (2018). Borrowers' characteristics, terms of credit and loan repayment performance among MFIs clients in Uganda. African Journal of Economic and Management Studies, 9(4), 512-526. https://doi.org/10.1108/AJEMS-08-2017-0204
Surya, B., Menne, F., Sabhan, H., Suriani, S., Abubakar, H., & Idris, M. (2021). Economic growth, increasing productivity of SMEs, and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 20. https://www.mdpi.com/2199-8531/7/1/20
Tangut, P. (2012). Effects of Women's Access to Business Credit on Gender Relations in Rural Households: A Case of Uasin Gishu County, Kenya. Kenyatta University
Ullah, A., Verner, V., Madaki, M. Y., Adams, F., & Bavorova, M. (2024). Factors Influencing Informal Credit Access and Utilization among Smallholder Farmers: Insights from Mountainous Regions of Pakistan. Agriculture, 14(10), 1764. https://www.mdpi.com/2077-0472/14/10/1764
Wabwire, J. (2020). Financial inclusion determinants and their effect on utilisation of formal financial services by smallholder farmers in Kenya (Doctoral dissertation, Kabarak University).
Wamalwa, W. N. (2016). Determinants of Loan Repayment by Borrowers from Micro-Financial Institutions in Nakuru County, Kenya. Journal of Investment and Management, 5(5), 64-69. https://doi.org/10.11648/j.jim.20160505.14
Wanjiku, J., & Muturi, W. (2015). Financial literacy and its effect on loan repayment: A case study of ECLOF Kenya. Journal of Economics and Finance, 6(5), 60-72.
World Bank Group (2019). Small and Medium Enterprises (SMEs) Finance. Improving SMEs’ access to finance and finding innovative solutions to unlock sources of capital. https://www.worldbank.org/en/topic/smefinance
World Bank. (2007). Gender and economic growth in Kenya: Unleashing the power of women. Washington, DC: World Bank.
Zakaria, N., Rasyid, M., Mohamed, S., Daud, N., & Ismail, M. (2020). Study loan default among Malaysian tertiary graduates. Journal of Education and Learning, 9(2), 140-150. https://doi.org/10.5539/jel.v9n2p140
Adusei, M., & Appiah, S. (2011). Determinants of group lending in credit union industry in Ghana. International Business & Economics Research Journal, 10(2), 77-86. https://doi.org/10.1080/15228916.2011.588914
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182. https://doi.org/10.1037/0022-3514.51.6.1173
Beck, T., Behr, P., & Güttler, A. (2013). Gender and banking: Are women better loan officers? Review of Finance, 17(4), 1279-1321. https://doi.org/10.1093/rof/rfs028
Bhatt, N., & Tang, S. Y. (2002). Determinants of repayment in microcredit: Evidence from programs in the United States. International Journal of Urban and Regional Research, 26(2), 360-376. https://doi.org/10.1111/1468-2427.00386
Business Daily (2023). 60pc of small businesses can’t repay their loans. https://www.businessdailyafrica.com/bd/corporate/companies/60pc-of-small-businesses-can-t-repay-their-loans--4358008
Central Bank of Kenya. (2020). Annual Report 2020. Nairobi: Central Bank of Kenya. https://www.centralbank.go.ke/uploads/cbk_annual_reports/2019/Annual%20Report%202020.pdf
Cheluget, D. C. (2013). Effects of Access to Financial Credit on the Growth of Women-Owned Small Retail Enterprises in Uasin Gishu County: A Case of Kapseret Constituency. University of Nairobi.
Connelly, L. M. (2011). Cronbach’s alpha. Medsurg Nursing, 20(1), 45-47.
D’Espallier, B., Guérin, I., & Mersland, R. (2011). Women and repayment in microfinance: A global analysis. World
Development, 39(5), 758-772. https://doi.org/10.1016/j.worlddev.2010.10.008
de Camargo Fiorini, P., Seles, B. M. R. P., Jabbour, C. J. C., Mariano, E. B., & de Sousa Jabbour, A. B. L. (2018). Management theory and big data literature: From a review to a research agenda. International Journal of Information Management, 43, 112-129.
Duarte, F., 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://link.springer.com/article/10.1007/s11187-017-9944-9
Dufhues, T., Buchenrieder, G., & Munkung, S. (2011). Social capital and loan repayment performance in Southeast Asia. Journal of Socio-Economics, 40(5), 679-691. https://doi.org/10.1016/j.socec.2011.05.007
Eresia-Eke, C. E., & Raath, C. (2013). SMME owners’ financial literacy and business growth. Mediterranean Journal of Social Sciences, 4(13), 397-406. https://doi.org/10.5901/mjss.2013.v4n13p397
Felix, P., & Wachira, L. (2018). Lender characteristics and loan default in Kitui. African Journal of Economic and Management Studies, 9(1), 78-90. https://www.ijbmer.com/docs/volumes/vol9issue6/ijbmer2018090606.pdf
Fidrmuc, J., & Hainz, C. (2010). Default rates in the loan market for SMEs: Evidence from Slovakia. Economic Systems, 34(2), 133-147. https://doi.org/10.1016/j.ecosys.2010.01.001
Gao, X., Liu, Y., Yin, J., & Zhang, Y. (2022). Mobile lending, social capital, and loan default: Evidence from China. Journal of Financial Stability, 58, 100964. https://doi.org/10.1016/j.jfs.2021.100964
Gathige, S. M. (2010). Factors explaining loan default among off farm loan borrowers of microfinance programmes in Kenya. A case study of small scale enterprises in Nairobi, Kenya (Doctoral dissertation, University of Nairobi, Kenya).
Gilbert, K. L. (2008). A meta-analysis of social capital and health (Doctoral dissertation, University of Pittsburgh).
Godquin, M. (2004). Microfinance repayment performance in Bangladesh: How to improve the allocation of loans by
MFIs. World Development, 32(11), 1909-1926. https://doi.org/10.1016/j.worlddev.2004.05.011
Iqbal, Z., & Rao, Z. U. R. (2023). Social capital and loan credit terms: Does it matter in microfinance contracts? Journal of Asian Business and Economic Studies, 30(3), 187-209. https://ideas.repec.org/a/eme/jabesp/jabes-10-2021-0185.html
Irish Times (2019). Loan default rates fall among SMEs, Central Bank report says. https://www.irishtimes.com/business/economy/loan-default-rates-fall-among-smes-central-bank-report-says-1.3870174?utm_source=chatgpt.com
Ito, S. (2003). Microfinance and social capital: Does social capital help create good practice? Development in Practice, 13(4), 322-332. https://www.tandfonline.com/doi/abs/10.1080/0961452032000112383
Jalloh, M., Appiah, K., & Gyimah, P. (2019). Gender and loan default in Sierra Leone. African Review of Economics and Finance, 11(1), 1-21.
Kangogo, D., Lagat, J., & Ithinji, G. (2013). Social capital dimensions and loan repayment in Uasin Gishu, Kenya. International Journal of Social Economics, 40(10), 904-917. https://mpra.ub.uni-muenchen.de/48624/
KEPSA (2024). KEPSA Ceo’s Opening Remarks During The Kepsa Annual Sme Conference, Awards & Exhibition Programme On 23rd August, 2024. https://admin.kepsa.or.ke/public/files/docs/17244156772.pdf
Kimaiyo, D. (2016). Factors limiting small and medium enterprises access to credit in Uasin Gishu county, Kenya (Doctoral dissertation, University of Nairobi).
Koride, P., & Gurtoo, A. (2019). A comparison of borrowing and default behaviour between men and women. Studies in Microeconomics, 7(2), 189-209. https://journals.sagepub.com/ doi/10.1177/2321022219838637?icid=int.sj-abstract.citing-articles.83
Magali, J. J. (2013). The influence of rural savings and credits cooperatives societies (SACCOS’) variables on loans default risks: The case study of Tanzania. Research Journal of Finance and Accounting, 4(19), 77-91. https://core.ac.uk/download/pdf/234629742.pdf
M'Muruku, S. M., Kingori, G. G., & Mwirigi, R. N. (2023). Effect of Borrower's Socio-Economic Profile on Agribusiness Loans Default Rate in Agricultural Finance Corporation, Mount Kenya Region. Journal of Economics, Management and Trade, 29(8), 24-40. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4461780
Mugenda, O. M., & Mugenda, A. G. (2003). Research Methods: Quantitative and Qualitative Approaches. Nairobi: ACTS Press.
Muia, D., Kamau, A., Kamau, P., Baiya, H., & Ndung’u, J. (2018). Social Capital as a Coping Mechanism for Women Small Scale Traders in the Informal Economy in Nairobi, Kenya. University of Nairobi.
Muthee, E., & Maina, R. (2023). Entrepreneurial Social Capital and Performance of Micro, Small, and Medium Enterprises. International Journal of Entrepreneurial Knowledge, 11(2), 127–138. https://www.ijek.org/index.php/IJEK/article/view/208
Muthoni, M. P. (2016). Assessing Borrower's and Business' Factors Causing Microcredit Default in Kenya: A Comparative Analysis of Microfinance Institutions and Financial Intermediaries. Journal of Education and Practice, 7(12), 97-118. https://eric.ed.gov/?id=EJ1099561
Mwangi, I. W., & Ouma, S. A. (2012). Social capital and access to credit in Kenya. American Journal of Social and Management Sciences, 3(1), 8-16.
Mwaniki, P. N., Makori, D., & Irungu, A. M. (2024). Borrowers’ Characteristics and Repayment of Individual Loans Provided by Youth Enterprise Development Fund in Embu County, Kenya. African Journal of Emerging Issues, 6(2), 46-58. https://ajoeijournals.org/sys/index.php/ajoei/article/view/544
Njoroge, J. M. (2014). Behavioral Factors Associated With High Default Rates for Loans to Small and Medium Enterprises (SMEs) in Kenya. United States International University-Africa.
Ochieng, Z. O. (2015). Modelling the relationship and impact of the factors affecting loan default among small, micro and medium enterprises (Doctoral dissertation, University of Nairobi).
Omondi, P. (2021). Loan default among SMEs in Kenya: CBK report analysis. East African Business Journal, 3(1), 98-115.
Omowole, B. M., Olufemi-Phillips, A. Q., Ofodile, O. C., Eyo-Udo, N. L., & Ewim, S. E. (2024). The role of SMEs in promoting urban economic development: A review of emerging economy strategies. Journal Name Unspecified.
Owusu-Manu, D. G., Asiedu, R. O., Edwards, D. J., Donkor-Hyiaman, K., Abuntori, P. A., & El-Gohary, H. (2019). An assessment of mortgage loan default propensity in Ghana. Journal of Engineering, Design and Technology, 17(5), 985-1017. https://doi.org/10.1108/JEDT-12-2018-0210
Peprah, C. (2016). Challenges SMEs face in acquiring loans from banks: A comparative study between Finland and Ghana.
Qian, X., Xu, W., & Li, K. (2010). Do entrepreneurial social networks boost enterprise growth? Evidence from the Pearl River Delta in China. Frontiers of Business Research in China, 4(3), 498-513. https://doi.org/10.1007/s11782-010-0104-8
Santandreu, A., López Pascual, J., & Cruz-Rambaud, S. (2020). Gender differences in loan repayment: Evidence from the USA. Journal of Business Research, 112, 1-12. https://doi.org/10.1016/j.jbusres.2020.02.034
Santoso, W., Trinugroho, I., & Risfandy, T. (2020). Determinants of loan default: Evidence from Indonesia. Journal of Financial Risk Management, 15(3), 320-335. https://doi.org/10.4236/jfrm.2020.153018
Ssekiziyivu, D., Bananuka, J., Nabeta, I., & Tumwebaze, Z. (2018). Borrowers' characteristics, terms of credit and loan repayment performance among MFIs clients in Uganda. African Journal of Economic and Management Studies, 9(4), 512-526. https://doi.org/10.1108/AJEMS-08-2017-0204
Surya, B., Menne, F., Sabhan, H., Suriani, S., Abubakar, H., & Idris, M. (2021). Economic growth, increasing productivity of SMEs, and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 20. https://www.mdpi.com/2199-8531/7/1/20
Tangut, P. (2012). Effects of Women's Access to Business Credit on Gender Relations in Rural Households: A Case of Uasin Gishu County, Kenya. Kenyatta University
Ullah, A., Verner, V., Madaki, M. Y., Adams, F., & Bavorova, M. (2024). Factors Influencing Informal Credit Access and Utilization among Smallholder Farmers: Insights from Mountainous Regions of Pakistan. Agriculture, 14(10), 1764. https://www.mdpi.com/2077-0472/14/10/1764
Wabwire, J. (2020). Financial inclusion determinants and their effect on utilisation of formal financial services by smallholder farmers in Kenya (Doctoral dissertation, Kabarak University).
Wamalwa, W. N. (2016). Determinants of Loan Repayment by Borrowers from Micro-Financial Institutions in Nakuru County, Kenya. Journal of Investment and Management, 5(5), 64-69. https://doi.org/10.11648/j.jim.20160505.14
Wanjiku, J., & Muturi, W. (2015). Financial literacy and its effect on loan repayment: A case study of ECLOF Kenya. Journal of Economics and Finance, 6(5), 60-72.
World Bank Group (2019). Small and Medium Enterprises (SMEs) Finance. Improving SMEs’ access to finance and finding innovative solutions to unlock sources of capital. https://www.worldbank.org/en/topic/smefinance
World Bank. (2007). Gender and economic growth in Kenya: Unleashing the power of women. Washington, DC: World Bank.
Zakaria, N., Rasyid, M., Mohamed, S., Daud, N., & Ismail, M. (2020). Study loan default among Malaysian tertiary graduates. Journal of Education and Learning, 9(2), 140-150. https://doi.org/10.5539/jel.v9n2p140
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Mar 27, 2025
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Cheruiyot , M. C., Cheboi , J., & Githaiga , P. N. (2025). Relationship Between Borrowers’ Characteristics and Loan Default Among SMES in Eldoret City; The Moderating Role of Social Capital. Journal of Business, Economics and Management Research Studies, 3(1), 93–110. https://doi.org/10.69897/jobemrs.v3i1.192
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Author Biographies
Mercy Chemutai Cheruiyot , Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya
Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya
Josephat Cheboi , Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya
Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya
Peter Nderitu Githaiga , Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya
Department of Accounting and Finance, School of Business and Economics, Moi University, P.O Box 3900-30100 Eldoret, Kenya