The importance of micro- and small enterprises in economic development has been acknowledged as a vital factor in the global economy. However, in spite of the dominance of micro and small enterprises in the industry, the stagnation of these small businesses has remained a source of contention in many countries. Access to finance is one important aspect in determining the growth motivation of micro-and small enterprise owners. Even though external finance may present a opportunity for expansion, it appears to have impeded the growth and upgrading of micro and small enterprises. The goal of this study is to determine whether the experiences in obtaining external financing had an impact on the growth motivation of the owners. A qualitative study was conducted to discover the factors that influence business owners' motivation to expand and upgrade the size of their business category. The study's findings has emerged the motivating drivers that influences the growth motivation of the owners. Based on the result of the study, access to finance rationalizes the stagnation and survival mentalities of micro and small business owners.