EXPLORING DEBT FINANCING OPTION FOR SME’S : A SYSTEMATIC LITERATURE REVIEW
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Jery Wardiman(1*)
Master of Economics Education , Faculty of Economics and Business, Universitas Negeri Padang
-
Yunia Wardi(2)
Master of Economics Education , Faculty of Economics and Business, Universitas Negeri Padang
-
Marwan Marwan(3)
Master of Economics Education , Faculty of Economics and Business, Universitas Negeri Padang
-
Nofriansyah Nofriansyah(4)
Doctor of Economics Education, Faculty of Economics and Business Education, Universitas Pendidikan Indonesia
(*) Corresponding Author
Keywords:
SME Financing, Debt Financing, Fintech Lending, Bank Financing, Venture Capital
Abstract
The development and success of small and medium-sized enterprises (SMEs) are highly dependent on accessible and suitable financing options. This article provides an in-depth review of various SME financing sources, examining the benefits, drawbacks, and impacts of each option, including fintech lending, traditional bank financing, and venture capital. The findings offer a systematic understanding of SME finance dynamics. Results indicate that while venture capital can accelerate growth, it often raises challenges related to sustainability and governance. In contrast, bank financing provides stability but is hindered by high interest rates and complex bureaucratic processes. Fintech financing offers rapid access and ease but comes with heightened security and risk assessment concerns. The study suggests that SMEs should align funding choices with their unique needs and characteristics. Additionally, regulators and stakeholders are encouraged to increase their knowledge and safeguards in response to the expanding fintech lending market. Future research could explore innovative, eco-friendly financing solutions to meet SMEs' evolving needs. This article contributes valuable insights to stakeholders, supporting the sustainable growth of SMEs.
Keywords: SME Financing; Debt Financing; Fintech Lending; Bank Financing; Venture Capital
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References
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Babaei, G., Giudici, P., & Raffinetti, E. (2023). Explainable FinTech lending. Journal of Economics and Business, 125–126, 106126.
https://doi.org/10.1016/j.jeconbus.2023.106126
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101.
Brown, R., & Lee, N. (2019). Strapped for cash? Funding for UK high growth SMEs since the global financial crisis. Journal of Business Research, 99, 37–45. https://doi.org/10.1016/j.jbusres.2019.02.001
Bu, Y., Du, X., Wang, Y., Liu, S., Tang, M., & Li, H. (2024). Digital inclusive finance: A lever for SME financing? International Review of Financial Analysis, 93, 103115. https://doi.org/10.1016/j.irfa.2024.103115
Cornelli, G., Frost, J., Gambacorta, L., Rau, P. R., Wardrop, R., & Ziegler, T. (2023). Fintech and big tech credit: Drivers of the growth of digital lending. Journal of Banking & Finance, 148, 106742. https://doi.org/10.1016/j.jbankfin.2022.106742
D’Apolito, E., Galletta, S., Iannuzzi, A. P., & Labini, S. S. (2024). Sustainability and bank credit access: New evidence from Italian SMEs. Research in International Business and Finance, 69, 102242.
Dong, Y., & Men, C. (2014). SME financing in emerging markets: Firm characteristics, banking structure and institutions. Emerging Markets Finance and Trade, 50(1), 120–149.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
Elgammal, M. M., Al Bakri, A. A., & AlJanahi, A. Y. (2023). The Effect of New and Traditional Sources of Financing on the Performance of Small and Entrepreneurship Businesses: The Case of Qatar. Cogent Economics & Finance, 11(2).
https://doi.org/10.1080/23322039.2023.2183667
Fruet-Cardozo, J. V., Granados-López, P., Caridad-López del Río, L., & Perez-Galvez, J. C. (2022). Quantitative analysis of small and medium-sized enterprises (SMEs) financing in El Salvador, Central America. A situation complicated by high criminality. Economics & Sociology, 15(2), 236–252. https://doi.org/10.14254/2071-789X.2022/15-2/15
Galema, R. (2020). Credit rationing in P2P lending to SMEs: Do lender-borrower relationships matter? Journal of Corporate Finance, 65, 101742. https://doi.org/10.1016/j.jcorpfin.2020.101742
Gao, M., Leung, H., Liu, L., & Qiu, B. (2023). Consumer behaviour and credit supply: Evidence from an Australian FinTech lender. Finance Research Letters, 57, 104205. https://doi.org/10.1016/j.frl.2023.104205
Huda, A. N. (2012). The Development of Islamic Financing Scheme for SMEs in a Developing Country: The Indonesian Case. Procedia - Social and Behavioral Sciences, 52, 179–186. https://doi.org/10.1016/j.sbspro.2012.09.454
Iota, K. N., & Gert, W. (2014). Non-bank debt financing for SMEs. OECD Journal: Financial Market Trends, 2014(1), 139–162. https://doi.org/10.1787/fmt-2014-5jxx05svvw34
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Kärnä, A., & Stephan, A. (2022). Do firms in rural regions lack access to credit? Local variation in small business loans and firm growth. Regional Studies, 56(11), 1919–1933. https://doi.org/10.1080/00343404.2021.2016681
Kato, A. (2021). A literature review of venture capital financing and growth of SMEs in emerging economies and an agenda for future research. Academy of Entrepreneurship Journal, 27(1), 1–17.
Kato, A. I., & Tsoka, G. E. (2020). Impact of venture capital financing on small- and medium-sized enterprises’ performance in Uganda. The Southern African Journal of Entrepreneurship and Small Business Management, 12(1). https://doi.org/10.4102/sajesbm.v12i1.320
Legesse, T. S., & Guo, H. (2020). Does firm efficiency matter for debt financing decisions? Evidence from the biggest manufacturing countries. Journal of Applied Economics, 23(1), 106–128.
Liu, L., Jiang, H., & Zhang, Y. (2023). The impact of venture capital on Chinese SMEs’ sustainable development: a focus on early-stage and professional characteristics. Humanities and Social Sciences Communications, 10(1), 381. https://doi.org/10.1057/s41599-023-01893-7
Lopez‐gracia, J., & Mestre‐barberá, R. (2015). On the Relevance of Agency Conflicts in SME Debt Maturity Structure. Journal of Small Business Management, 53(3), 714–734. https://doi.org/10.1111/jsbm.12083
Manyanga, W., Kanyepe, J., Chikazhe, L., & Manyanga, T. (2023). The effect of debt financing on the financial performance of SMEs in Zimbabwe. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2282724
Manzoor, F., Wei, L., & Sahito, N. (2021). The role of SMEs in rural development: Access of SMEs to finance as a mediator. PLOS ONE, 16(3), e0247598. https://doi.org/10.1371/journal.pone.0247598
Marcelo, G. V., & Joseph A, M. (2019). The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil. European Business Organization Law Review, 20(4), 633–664. https://doi.org/10.1007/s40804-019-00167-7
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
Modina, M., Pietrovito, F., Gallucci, C., & Formisano, V. (2023). Predicting SMEs’ default risk: Evidence from bank-firm relationship data. The Quarterly Review of Economics and Finance, 89, 254–268. https://doi.org/10.1016/j.qref.2023.04.008
Moscalu, M., Girardone, C., & Calabrese, R. (2020). SMEs’ growth under financing constraints and banking markets integration in the euro area. Journal of Small Business Management, 58(4), 707–746.
https://doi.org/10.1080/00472778.2019.1668722
Myers, S. C. (1984). Finance theory and financial strategy. Interfaces, 14(1), 126–137.
Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt financing and firm performance: empirical evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324–334.
Ngo, V. D., Nguyen, D. K., & Nguyen, N. T. (2021). Entrepreneurial finance, innovation and development: A research companion. Taylor & Francis.
Nguyen, H. T., Dang, V. C., & Pham, Q. T. (2023). The impact of debt diversification on the performance of SMEs in Vietnam. Cogent Social Sciences, 9(1). https://doi.org/10.1080/23311886.2023.2191897
Nigmonov, A., Shams, S., & Alam, K. (2024). Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market. Emerging Markets Review, 58, 101084. https://doi.org/10.1016/j.ememar.2023.101084
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., & Moher, D. (2021). Updating guidance for reporting systematic reviews: development of the PRISMA 2020 statement. Journal of Clinical Epidemiology, 134, 103–112.
Pang, X., & Liu, L. (2021). Venture capital, control rights, and family enterprise growth. PLOS ONE, 16(8), e0256318. https://doi.org/10.1371/journal.pone.0256318
Polishchuk, Y., Kornyliuk, A., Lopashchuk, I., & Pinchuk, A. (2020). SMEs debt financing in the EU: on the eve of the coronacrisis. Banks and Bank Systems, 15(3), 81–94. https://doi.org/10.21511/bbs.15(3).2020.08
Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital Business, 3(2), 100067. https://doi.org/10.1016/j.digbus.2023.100067
Sofia, M., Tan, F., Bachtiar, N., & Putra, F. P. (2022). The Influence of Venture Capital on Growth through Innovation and the Use of Internet Technology in Micro and Small Industries (MSIs) in Indonesia. Economies, 10(12), 292.
https://doi.org/10.3390/economies10120292
Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281–306). Elsevier.
Stefanelli, V., Ferilli, G. B., & Boscia, V. (2022). Exploring the lending business crowdfunding to support SMEs’ financing decisions. Journal of Innovation & Knowledge, 7(4), 100278. https://doi.org/10.1016/j.jik.2022.100278
Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of debt policy and company’s performance. International Journal of Economics and Business Administration, 8(4), 204–213.
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Suyono, E., Takhar, A., & Chitakunye, D. (2021). Small Business Financing for Supporting SMEs in Indonesia. In Research Anthology on Small Business Strategies for Success and Survival (pp. 1340–1355). IGI Global. https://doi.org/10.4018/978-1-7998-9155-0.ch065
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19.
Wang, H., Xiang, X., & Han, L. (2023). Financial development, legal systems and SME finance: Cross-country evidence. International Review of Economics & Finance, 88, 981–1002. https://doi.org/10.1016/j.iref.2023.07.021
Whang, U., & Koo, K. H. (2022). Policy-based Loans to Korean SME Exporters and the Intensive Margin of Exports. East Asian Economic Review, 26(3), 179–204.
Xu, X., & Li, J. (2020). Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China. Journal of Cleaner Production, 264, 121574.
Yang, Y., Chen, X., Gu, J., & Fujita, H. (2019). Alleviating Financing Constraints of SMEs through Supply Chain. Sustainability, 11(3), 673.
https://doi.org/10.3390/su11030673
Zhang, W., Ausaf, M. A., & Jahangir, J. (2022). Indicators From China’s Listed Corporations on Corporate Financing Behavior and Policy-Related Risk. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.930929
Zheng, H., Piao, X., & Park, S. (2021). The Role of Founder-CEO, Human Capital and Legitimacy in Venture Capital Financing in China’s P2P Lending Industry. Sustainability, 13(4), 1625. https://doi.org/10.3390/su13041625
Zubair, S., Kabir, R., & Huang, X. (2020). Does the financial crisis change the effect of financing on investment? Evidence from private SMEs. Journal of Business Research, 110, 456–463.
Afonso, E., Miguel Almeida, F., Porras Prado, M., & Rizzo, A. E. (2021). How Does Peer-to-Business Lending Affect Financial Policy of SMEs? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3796896
Agustina, M., Majid, M. S. Abd., Musnadi, S., Faisal, F., Hafasnuddin, H., & Yahya, Y. (2022). Does Banking Performance Matter for Indonesian Economic Growth? 2022 International Conference on Decision Aid Sciences and Applications (DASA), 1207–1211. https://doi.org/10.1109/DASA54658.2022.9765279
Babaei, G., Giudici, P., & Raffinetti, E. (2023). Explainable FinTech lending. Journal of Economics and Business, 125–126, 106126.
https://doi.org/10.1016/j.jeconbus.2023.106126
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101.
Brown, R., & Lee, N. (2019). Strapped for cash? Funding for UK high growth SMEs since the global financial crisis. Journal of Business Research, 99, 37–45. https://doi.org/10.1016/j.jbusres.2019.02.001
Bu, Y., Du, X., Wang, Y., Liu, S., Tang, M., & Li, H. (2024). Digital inclusive finance: A lever for SME financing? International Review of Financial Analysis, 93, 103115. https://doi.org/10.1016/j.irfa.2024.103115
Cornelli, G., Frost, J., Gambacorta, L., Rau, P. R., Wardrop, R., & Ziegler, T. (2023). Fintech and big tech credit: Drivers of the growth of digital lending. Journal of Banking & Finance, 148, 106742. https://doi.org/10.1016/j.jbankfin.2022.106742
D’Apolito, E., Galletta, S., Iannuzzi, A. P., & Labini, S. S. (2024). Sustainability and bank credit access: New evidence from Italian SMEs. Research in International Business and Finance, 69, 102242.
Dong, Y., & Men, C. (2014). SME financing in emerging markets: Firm characteristics, banking structure and institutions. Emerging Markets Finance and Trade, 50(1), 120–149.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
Elgammal, M. M., Al Bakri, A. A., & AlJanahi, A. Y. (2023). The Effect of New and Traditional Sources of Financing on the Performance of Small and Entrepreneurship Businesses: The Case of Qatar. Cogent Economics & Finance, 11(2).
https://doi.org/10.1080/23322039.2023.2183667
Fruet-Cardozo, J. V., Granados-López, P., Caridad-López del Río, L., & Perez-Galvez, J. C. (2022). Quantitative analysis of small and medium-sized enterprises (SMEs) financing in El Salvador, Central America. A situation complicated by high criminality. Economics & Sociology, 15(2), 236–252. https://doi.org/10.14254/2071-789X.2022/15-2/15
Galema, R. (2020). Credit rationing in P2P lending to SMEs: Do lender-borrower relationships matter? Journal of Corporate Finance, 65, 101742. https://doi.org/10.1016/j.jcorpfin.2020.101742
Gao, M., Leung, H., Liu, L., & Qiu, B. (2023). Consumer behaviour and credit supply: Evidence from an Australian FinTech lender. Finance Research Letters, 57, 104205. https://doi.org/10.1016/j.frl.2023.104205
Huda, A. N. (2012). The Development of Islamic Financing Scheme for SMEs in a Developing Country: The Indonesian Case. Procedia - Social and Behavioral Sciences, 52, 179–186. https://doi.org/10.1016/j.sbspro.2012.09.454
Iota, K. N., & Gert, W. (2014). Non-bank debt financing for SMEs. OECD Journal: Financial Market Trends, 2014(1), 139–162. https://doi.org/10.1787/fmt-2014-5jxx05svvw34
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Kärnä, A., & Stephan, A. (2022). Do firms in rural regions lack access to credit? Local variation in small business loans and firm growth. Regional Studies, 56(11), 1919–1933. https://doi.org/10.1080/00343404.2021.2016681
Kato, A. (2021). A literature review of venture capital financing and growth of SMEs in emerging economies and an agenda for future research. Academy of Entrepreneurship Journal, 27(1), 1–17.
Kato, A. I., & Tsoka, G. E. (2020). Impact of venture capital financing on small- and medium-sized enterprises’ performance in Uganda. The Southern African Journal of Entrepreneurship and Small Business Management, 12(1). https://doi.org/10.4102/sajesbm.v12i1.320
Legesse, T. S., & Guo, H. (2020). Does firm efficiency matter for debt financing decisions? Evidence from the biggest manufacturing countries. Journal of Applied Economics, 23(1), 106–128.
Liu, L., Jiang, H., & Zhang, Y. (2023). The impact of venture capital on Chinese SMEs’ sustainable development: a focus on early-stage and professional characteristics. Humanities and Social Sciences Communications, 10(1), 381. https://doi.org/10.1057/s41599-023-01893-7
Lopez‐gracia, J., & Mestre‐barberá, R. (2015). On the Relevance of Agency Conflicts in SME Debt Maturity Structure. Journal of Small Business Management, 53(3), 714–734. https://doi.org/10.1111/jsbm.12083
Manyanga, W., Kanyepe, J., Chikazhe, L., & Manyanga, T. (2023). The effect of debt financing on the financial performance of SMEs in Zimbabwe. Cogent Social Sciences, 9(2). https://doi.org/10.1080/23311886.2023.2282724
Manzoor, F., Wei, L., & Sahito, N. (2021). The role of SMEs in rural development: Access of SMEs to finance as a mediator. PLOS ONE, 16(3), e0247598. https://doi.org/10.1371/journal.pone.0247598
Marcelo, G. V., & Joseph A, M. (2019). The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil. European Business Organization Law Review, 20(4), 633–664. https://doi.org/10.1007/s40804-019-00167-7
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
Modina, M., Pietrovito, F., Gallucci, C., & Formisano, V. (2023). Predicting SMEs’ default risk: Evidence from bank-firm relationship data. The Quarterly Review of Economics and Finance, 89, 254–268. https://doi.org/10.1016/j.qref.2023.04.008
Moscalu, M., Girardone, C., & Calabrese, R. (2020). SMEs’ growth under financing constraints and banking markets integration in the euro area. Journal of Small Business Management, 58(4), 707–746.
https://doi.org/10.1080/00472778.2019.1668722
Myers, S. C. (1984). Finance theory and financial strategy. Interfaces, 14(1), 126–137.
Nazir, A., Azam, M., & Khalid, M. U. (2021). Debt financing and firm performance: empirical evidence from the Pakistan Stock Exchange. Asian Journal of Accounting Research, 6(3), 324–334.
Ngo, V. D., Nguyen, D. K., & Nguyen, N. T. (2021). Entrepreneurial finance, innovation and development: A research companion. Taylor & Francis.
Nguyen, H. T., Dang, V. C., & Pham, Q. T. (2023). The impact of debt diversification on the performance of SMEs in Vietnam. Cogent Social Sciences, 9(1). https://doi.org/10.1080/23311886.2023.2191897
Nigmonov, A., Shams, S., & Alam, K. (2024). Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market. Emerging Markets Review, 58, 101084. https://doi.org/10.1016/j.ememar.2023.101084
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., & Moher, D. (2021). Updating guidance for reporting systematic reviews: development of the PRISMA 2020 statement. Journal of Clinical Epidemiology, 134, 103–112.
Pang, X., & Liu, L. (2021). Venture capital, control rights, and family enterprise growth. PLOS ONE, 16(8), e0256318. https://doi.org/10.1371/journal.pone.0256318
Polishchuk, Y., Kornyliuk, A., Lopashchuk, I., & Pinchuk, A. (2020). SMEs debt financing in the EU: on the eve of the coronacrisis. Banks and Bank Systems, 15(3), 81–94. https://doi.org/10.21511/bbs.15(3).2020.08
Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital Business, 3(2), 100067. https://doi.org/10.1016/j.digbus.2023.100067
Sofia, M., Tan, F., Bachtiar, N., & Putra, F. P. (2022). The Influence of Venture Capital on Growth through Innovation and the Use of Internet Technology in Micro and Small Industries (MSIs) in Indonesia. Economies, 10(12), 292.
https://doi.org/10.3390/economies10120292
Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281–306). Elsevier.
Stefanelli, V., Ferilli, G. B., & Boscia, V. (2022). Exploring the lending business crowdfunding to support SMEs’ financing decisions. Journal of Innovation & Knowledge, 7(4), 100278. https://doi.org/10.1016/j.jik.2022.100278
Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of debt policy and company’s performance. International Journal of Economics and Business Administration, 8(4), 204–213.
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Suyono, E., Takhar, A., & Chitakunye, D. (2021). Small Business Financing for Supporting SMEs in Indonesia. In Research Anthology on Small Business Strategies for Success and Survival (pp. 1340–1355). IGI Global. https://doi.org/10.4018/978-1-7998-9155-0.ch065
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19.
Wang, H., Xiang, X., & Han, L. (2023). Financial development, legal systems and SME finance: Cross-country evidence. International Review of Economics & Finance, 88, 981–1002. https://doi.org/10.1016/j.iref.2023.07.021
Whang, U., & Koo, K. H. (2022). Policy-based Loans to Korean SME Exporters and the Intensive Margin of Exports. East Asian Economic Review, 26(3), 179–204.
Xu, X., & Li, J. (2020). Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China. Journal of Cleaner Production, 264, 121574.
Yang, Y., Chen, X., Gu, J., & Fujita, H. (2019). Alleviating Financing Constraints of SMEs through Supply Chain. Sustainability, 11(3), 673.
https://doi.org/10.3390/su11030673
Zhang, W., Ausaf, M. A., & Jahangir, J. (2022). Indicators From China’s Listed Corporations on Corporate Financing Behavior and Policy-Related Risk. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.930929
Zheng, H., Piao, X., & Park, S. (2021). The Role of Founder-CEO, Human Capital and Legitimacy in Venture Capital Financing in China’s P2P Lending Industry. Sustainability, 13(4), 1625. https://doi.org/10.3390/su13041625
Zubair, S., Kabir, R., & Huang, X. (2020). Does the financial crisis change the effect of financing on investment? Evidence from private SMEs. Journal of Business Research, 110, 456–463.
Published
2024-11-16
How to Cite
Wardiman, J., Wardi, Y., Marwan, M., & Nofriansyah, N. (2024). EXPLORING DEBT FINANCING OPTION FOR SME’S : A SYSTEMATIC LITERATURE REVIEW. Journal of Management : Small and Medium Enterprises (SMEs), 17(3), 1321-1337. https://doi.org/10.35508/jom.v17i3.19300
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