Financing Barriers Still Limit MSME Growth
MSMEs are widely recognized as the backbone of national economies, particularly in developing countries like Indonesia. They contribute significantly to employment, poverty reduction, and economic resilience. However, entering international markets remains a major challenge.
One of the most pressing obstacles is limited access to financing. Many MSMEs lack collateral, face high perceived risks, and experience information gaps when dealing with formal financial institutions. As a result, a large portion of their funding needs remains unmet, slowing down their ability to expand globally.
To address this issue, researchers highlight the importance of a hybrid financing model—a system that combines traditional bank loans, equity financing, and digital financial solutions such as fintech platforms. This integrated approach offers greater flexibility and accessibility for MSMEs seeking growth beyond domestic markets.
A Systematic Review Across Global Studies
The research applies a Systematic Literature Review (SLR) using the PRISMA framework to ensure a structured and transparent analysis. The authors reviewed 30 high-quality academic articles indexed in Scopus (Q1–Q3) published between 2021 and 2025.
These studies cover diverse regions, including Southeast Asia, Africa, the Middle East, and Europe. By synthesizing findings from multiple contexts, the researchers identify consistent patterns and insights into how financing, financial capability, and digital literacy interact in shaping MSME internationalization.
Key Findings
The study reveals three interconnected insights that explain how MSMEs can successfully enter global markets:
The findings emphasize that capital without capability does not guarantee success. Instead, the combination of financing, financial skills, and digital readiness creates a powerful foundation for internationalization.
Implications for Business and Policy
The study provides clear guidance for stakeholders across sectors:
According to Ginanjar Indra Kusuma Nugraha of Universitas Negeri Malang, the integration of financing strategies, financial capability, and digital literacy forms a comprehensive framework for MSME global expansion.
Bridging a Critical Research Gap
Previous studies often examined financing, financial capability, and digital literacy separately. This research stands out by integrating all three variables into a single analytical model focused on MSME internationalization.
The authors also highlight the need for further empirical research using primary data from diverse regions. Expanding the scope of future studies will help validate and refine this integrated framework, especially in developing economies where MSMEs play a vital role.
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