Small businesses are typically the engine of growth in an economy. Studies have shown that small and medium enterprises account for as much as 55% of GDP and over 65% of employment in high income countries. In middle income countries, the numbers rise to about 70% of GDP and about 95% of total employment. However, recent studies on the Nigerian economy indicate that SMEs account for less than 50% of total economic output. This relatively low figure indicates the growth potential of small businesses in Nigeria and the need to support their growth.