ultimately enhancing performance of their enterprises and asserts that networks of relationships and assets located in these networks have a positive impact on performance and product innovation. Networking not only enhances the performance of enterprises but also aids to a great extent its survival. Barr (1998) further notes that networks can enhance the performance of enterprises by improving their income generating ability and capacity to compete. Further, networks can also help reduce uncertainties faced by the enterprises , by providing entrepreneurs with information on various aspects such as market and technology , information on output markets , their functions and standards , may help enterprises become more competitive and thus have a direct effect on productivity. 2.2.2 Collateral To be precise, collateral is typically physical assets or securities that the creditor can sell in the event of the borrower’s default. In many cases, the assets or securities pledged as collateral are owned by the borrowing firm (inside collateral) and hence do not increase the potential losses that the borrower may suffer (RIETI 2005) MFIs do not insist on collateral, the groups guarantee loans act as the collateral for group borrowers.
The compulsory savings which is a pre- requisite for borrowing, act partly as security. However, collateral is put in writing such that on default by a member, the group members can sell the given security to recover the loan. Social collateral works through reputation effects on group members in which repayment of loans is seen by group members as necessary to maintain their social standing in the community, (Woolcock, 2002). Van (2005), concludes that agents will always form groups with agents of the same type and that agents’ types can be distinguished according to the rate at which they are willing to trade increased joint liability commitments. For individual loans, security is a requirement and the MFI takes security like land titles, vehicle logbooks which are kept in custody. Security is also what the client offers as form of guarantee to acquire loans, and surrender in case of failure to pay. Lenders should consider security very important because it is an alternative payment in case the customer fails to pay. Rajan (2002) indicated that securities apart from land and building keep on losing value as to globalization where new technology keeps on developing therefore, credit institutions shouldn’t emphasize more on collateral. According to Chan and Thakor (2000), security should be safe and easily marketable. The extent of the risk of primary sources of repayment failing will determine the extent to which security should be relied upon. Atieno (2009), shows that loan security is one of the important aspects of credit to the small and medium enterprises. Most lending to small – scale enterprises is security based, without any regard for potential cash flow. However, organizations lending to micro enterprises have devised alternative forms of collateral. These include group credit guarantee where institutions lend to individuals using groups as guarantors and personal guarantors where individuals are given loans based on a guarantor’s pledge,Atieno (2009) further indicated that loan guarantee schemes are increasingly being implemented as a means of encouraging financial institutions to increase their lending to the risky sectors and those without the traditional formal security. Micro credit is most often extended without traditional collateral (Wenner, 2006). He argues that if physical collateral were a requirement for borrowing, most MFIs clientele would be unable to participate due to their extreme poverty levels. Since borrowers do not have physical collateral, MFIs focus on using social collateral via group lending. Group lending encompasses a variety of methodologies (Woolcock, 2002), but all
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