Government support programmes are viewed as important tools for enhancing the
performance of SMEs. Despite enormous effort by government to foster growth and development
in the SMEs sector through various support programmes, the rising failure and
underperformance of the SMEs sector suggest a contrary effect. This study explored the impact
of financial assistance on the performance of SMEs across three states in Nigeria. Mixed
methods approach was adopted using the survey and semi-structured interview methods. The
study makes use of stratified and simple random technique to select the respondent of the
questionnaire. A total of four hundred (400) copies of questionnaire were administered to
owners/managers of SMEs, out of which only three hundred and sixty (360) were returned and
adjudged usable for the analysis, while 20 semi-structured interviews were conducted on the
owners/managers of SMEs. Descriptive statistics and Multiple Regression were used to facilitate
the estimation process. In addition, thematic analysis was used to analyze the qualitative
interviews. The study identified that while financial assistance has significant impact on the
performance of SMEs, these supports are inadequate and characterized by stringent, unrealistic
bureaucratic details. Based on these findings, the study recommended that facilitating access to
adequate funding are highly effective in enhancing performance
