Table 3 Factor analysis on the challenges of SMEs

1. Unrealistic demand for collateral securities

0.716

2. Competition from foreign firms

0.683

3. Stiff competition from domestic firms

0.669

4. Small market size

0.698

5. Unfair treatment from local authorities

0.676

6. Unrealistic demand for loan guarantees

0.612

7. Inadequate access to cheaper credit

0.502

8. High inflation rates

0.723

9. Inadequate training in ICT

0.459

10. Expensive loans

0.587

11. High taxes

0.557

12. Unreliable electricity

0.563

13. Ever-changing technology

0.446

Total

6.49

2.05

1.39

1.32

1.22

1.01

% of variance

32.43

10.26

6.97

6.61

6.09

5.04

Cumulative %

32.43

42.68

49.66

56.27

62.36

67.40