Full Project – The role of cooperative society in entrepreneurship development

Full Project – The role of cooperative society in entrepreneurship development

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Thrift and loan cooperative societies are member-based organizations that help members to address economic problems. The ultimate goal is to encourage thrift among the members and to meet loan needs of people who might otherwise fall prey to loan sharks and other predatory lenders (Ledger 2004 in Adekunle et al 2007). Cooperative societies are widely spread organization in developing countries, they are known for strong commitment of, as well as participation in the decision making of their members (Haan et al 2003). These societies mobilize local savings and administer  loan  to  members,  thereby  encouraging  thrift  and  entrepreneurial  activity  (Adekunle,  et  al  2007).  A cooperative society according to International Cooperative Alliance (ICA) 1995 is “an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations, through a jointly owned and democratically controlled enterprise”. When first started, loan unions use relatively unsophisticated administrative practices, so that the cost are very small and most interest income from loans may either be distributed to the members or reinvested in the loan union within a capitalization programme. Consequently, (UNDESA 1999) has it that they can be set up in poor communities, where access to means of secure savings and to loan at non-exploitative terms is of greatest importance. Thrift and loan cooperative societies (TLCS) assure any group of individuals an effective means to combine resources, however small they further stated. It can exit among traders, farmers, craftsmen, artisan etc who pool their resources together to meet their common needs by means of regular savings passbooks in which his savings are recorded for keep. It permits a larger savings mobilization than within the capacity of most individuals. Financial intermediation through thrift and loan cooperative societies (TLCS) may be a catalyst for local entrepreneurial growth. The society retains capital and the surplus form outside transactions in the society within which it operates and is used for further entrepreneurial development. According to Erasmus (1994) in Adekunle et al (2007), cooperatives are a form of participatory, democratic economic and work organization in which members are simultaneously  the owners,  managers  and  workers.  Loan  is important  element  in any progressive and dynamic economy. As economic activities increase and economy becomes more diversified, loans become unavoidable. The unsurpassed solution is forn1ation of thrift and loan cooperative societies (TLCS) among close associates. They support entrepreneurial development because they have certain characteristic aid entrepreneurship. TLCS also in (Adekunle et al 2007), its characteristics include discretionary power of members, open communication, management suggests rather than instructs, risk and uncertainty are shared and there is motivational potential.


Cooperative Societies encounter a lot of economic, social, cultural and political issues which every moment yearn for way   out.   High   cost   of   living,   ecological   problem,   sickness,   underemployment, poverty, hunger etc  exist in our Society. It is obvious that many people are financially and economically incapacitated and at such cannot engage in productive ventures or expand on existing business. As a result there is widespread of poverty brought about by poor business opportunities, low income, little savings, low investments and low productivity. Consequently, this situation has triggered a lot of social vices among which is child and women labour, kidnapping and drug addiction especially among the youths. Nigeria as a whole is not exempted as poverty and food shortage still ravage about 80% of its population of l40m (NPC 2006). Thus corruption cost of finance and access to finance remain a significant challenge. The masses hardly benefit neither from the financial support from government support programmes nor commercial banks. The sources of start-up and growth finance, shows that their sources of funding were from personal savings. Daily Sun Wednesday, May 2, 2012 argue that loans for SMEs in Africa especially Nigeria are far more costly than in other developing countries. For instance, it was found that banks in Africa charge on average close to 15.6 percent for loans to their best borrowers while interest rates in other developing countries hardly exceed 11 percent. This makes access to commercial bank loans difficult.

To achieve hunger, poverty and unemployment reduction a considerable private sector investment to which thrift and loan cooperative belong is required in research, technology development, efficient extension, loan and entrepreneurship capacity development to apply, adopt and adapt these technologies.

The purpose of the review is to assess the role of Role of Cooperative Society in Entrepreneurship Development (A Study of Cooperative Thrift and Loan Society Limited in Federal polytechnic Nekede).



Objective of the study

The broad objective of the study is to assess the Role of Cooperative Society in Entrepreneurship Development in Federal polytechnic Nekede Imo State so as to determine their contributions to meet members’ needs and community development.

Other specific objectives are to:

– determine if the volume of loans raised were not enough for business expansion.

– ascertain if members repay loans satisfactorily.

– identify problems facing the Cooperative Thrift and Loan Society Limited in Federal polytechnic Nekede

– make policy recommendation based on the major findings.


In the course of this work, the following research questions were highlighted in order to get the Role of Cooperative Society in Entrepreneurship Development.

  1. Is there any significant relationship between Cooperative Thrift and Loan Society Limited federal polytechnic Nekede funding and entrepreneurship development?
  2. Do the executives of the Cooperative Thrift and Loan Society Limited federal polytechnic Nekede publicize their activities to the members?
  3. Is the interest rate paid on loan given by Cooperative Thrift and Loan Society Limited federal polytechnic Nekede by its members moderate?
  4. Do the Cooperative Thrift and Loan Society Limited federal polytechnic Nekede receive adequate support from school management and government?


This study will be of good relevance to

Organization: It will enable the organization understands the Role of Cooperative Society in Entrepreneurship Development.

Would be Researcher’s This study will also serve as a reference point to other researchers who would wish to conduct in the field, and also to the institutions.

This research work will be relevant to every business student in Cooperative Economics and management as regards to Role of Cooperative Society in Entrepreneurship Development. It is also relevant for those who want to research more on this topic and also serve for a reference purpose in the academic sectors.

It will also be relevant to the government to create a good environment for growth of Cooperative Societies, its survival and success.


The scope of this study is limited to Role of Cooperative Society in Entrepreneurship Development (A Study of Cooperative Thrift and Loan Society Limited, Federal polytechnic Nekede, Owerri Imo State). All findings will be limited to the cooperative society.


1.7  DEFINITION OF TERMS                                                 

All the terms giving below are defined as used in this context.

  1. Cooperative Society: This is association of men and women who come together to promote and seek for the welfare of its members. It is a registered society that seeks to promote and protect the interest of its members at large.
  2. Entrepreneur

The one who conceives the idea of a business, runs the business, bears the risk and enjoys profit or loss.

  1. Financial Institutions

Are institutions responsible for collecting and giving out funds to individuals, firms, organization etc for business purpose.

  1. Loan

Financial assistance rendered by Corporative Societies to farmers. It is payable and no collateral is required before corporative can grant the loan.


  1. Manager

One who adopts a process for running the affairs of a business.

  1. Small Scale Business

A business in which the managers are the owners, area of operation mainly local, owners supply capital and small in size within the industry.

  1. Research:

it is the process of arriving at dependable solution to problems through planned and systematic collection, analysis and interpretation of data.

  1. Co-Operative Studies: It is a study that educates students on the underlying principles of Co-operative society.

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Full Project – The role of cooperative society in entrepreneurship development