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In this article, I have put down some very tentative thoughts on loans, firstly as they are used in financing small-scale African enterprises, and secondly as a service that African businessmen give to their customers. These remarks arise out of research in progress, and may well need to be revised when the findings are more complete, and have been analysed. Meanwhile, I hope that what follows will suggest a few ideas in a field of development where there are many problems, but little previous experience and knowledge to go by.
Page 224 note 1 ‘Inadequate attention to budgetary soundness has caused many development financing programs to end in conspicuous failure, yet less apparent but probably even more common and more wasteful failures have resulted from too great a concern for budgetary soundness and too little attention to orienting and equipping financial programs to make a contribution to economic development.’ Davenport, Robert W., Financing the Small Manufacturer in Developing Countries (New York, 1967), p. 16.Google Scholar The comment is based primarily on Latin American and Asian experience.