Microfinancing Services to Income Steadiness by Mini Grocery Store Owners

Abstract

The new normal set up for everyone due to CoViD – 19 has been more challenging in terms of surviving the family living, job security, personal and emotional stress and for businesses, their income steadiness or its existence itself. Many has changed because of this pandemic. Many businesses were affected especially micro businesses. However, the development of micro businesses around the world has been drastically improved with the help of assistance of the government, technology and globalization, and most especially the influence of microfinancing. This study was conducted to oversee the microfinance services and its perceived effect to the income steadiness of the said business, using structured questionnaire to 150 mini grocery stores that has an existing or history of availed services from microfinance establishment, using purposive sampling around San Pablo City. Researchers found out that there is a strong correlation between the micro financing services and income steadiness of the mini grocery stores. It is recommended that further researches will be made to a larger locale and in different type of businesses, also, the continuous assistance in monitoring of government in microfinancing services to loan beneficiaries is highly recommended.

Digitization of Microfinancing Operational Procedures

“…This concept is recognized as one of the social indicators of positive financial performance (Singh, 2023). Considering social performance indicators in microfinancing, studies have established a strong correlation between microfinancing services and the income stability of identified businesses (Apat & Bawica, 2022). Additionally, microfinancing has been shown to significantly impact the growth of entrepreneurship, particularly among women in specific localities (Adeoti et al, 2021).…”