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pective to the analysis of small firms in developing countries was evident in the review of the literature carried out by Nadvi and Schmitz (1994).

This perspective became increasingly important for small enterprises development policies. These policies looked not only to reinforce clusters of manufacturing enterprises where they existed, but also sought actively to encourage co-operation between small firms. The Proyectos de Fomento programme and the small firm export development programme in Chile in the early 1990s were examples of policies based around promoting inter-firm collaboration and division of labour (Henriques 1992). Similarly, Tendler and Amorim (1996) described how the Brazilian small enterprise development agency, SEBRAE, fostered collaboration between small firms in the furniture industry.

One of the most impressive features of the performance of the Italian industrial districts in the 1980s was their continuing prosperity in the face of increasing global competition. In the case of the footwear industry, for example, Italian producers not only thrived while shoe industries in other parts of Europe went into decline, but also contributed to the prosperity of the regions in which they were located. In the 1970s and 1980s, the regions of the 'Third Italy' experienced greater rises in per capita income than other parts of the country (Rabellotti 1995). In spite of competing in the global economy, the districts were able to upgrade their capabilities sufficiently to maintain and improve the standard of living of those working in them.

The lessons from the Italian industrial districts have been applied to small enterprise promotion in developing countries. Nevertheless, more recent work on globalization, the position of developing country producers within the global economy has cast doubt on the potential for sustained upgrading and income improvement in at least some developing countries clusters. The issue is not simply one of export orientation and increasing competition in the global economy. One of the measures of success of industrial districts in Europe has been the success and export markets. The key question concerns the position of developing country firms and clusters within particular global divisions of labour. Globalisation is not solely a question of increasing trade:

''Internationalisation' refers simply to the increasing geographical spread of economic activities across national boundaries; as such it is not a new phenomenon.’ Globalisation' of economic activity is qualitatively different. It is a more advanced and complex form of Internationalisation which implies a degree of functional integration between internationally dispersed economic activities' (Dicken 1992: 1).

The Managerial Skills, Background and Experience

Emerging financial institutions as part of conditions set would want to access the managerial skill, background and experience of a creditor. This accounts for the many reasons why so many SMEs have not been credit worthy. Most SMEs lack good managerial skills and by virtue of the fact that funds might be channeled into another investment which might not help in recouping investment. According to a research carried by Edit Lukàcs (2006) on developing countries, it came out that about 78% of SMEs were illiterate and this has had a negative repercussion on their businesses. They lacked basic managerial ski