Keberhasilan UMKM dalam Pembiayaan: Tinjauan Literatur pada Pembiayaan Formal, Informal, dan Fintech di Indonesia

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are the backbone of Indonesia’s economy, contributing significantly to GDP and employment. However, limited access to formal financing remains a key challenge that hinders MSME growth and sustainability.This study aims to review recent literature (2020–2025) on the factors influencing MSMEs’ success in financing and their implications for competitiveness and business sustainability. This research employs a literature review approach, analyzing national and international studies from the past five years. The analysis focuses on key variables, namely formal financing access, financial literacy, the role of fintech, and government policy support. The findings indicate that MSME financing success is significantly influenced by financial literacy, financial inclusion through fintech lending, and regulatory support. MSMEs with higher financial literacy are more capable of managing financing effectively, while digital innovations expand access to alternative funding sources. Additionally, the synergy between government, financial institutions, and business networks strengthens MSMEs’ financing capacity. The conclusion is MSME financing success is not solely determined by capital availability but also by financial literacy, fintech adoption, and supportive policies. Efforts to enhance literacy, expand digital financing access, and foster multi-stakeholder collaboration are crucial to strengthen MSME competitiveness and sustainability in the digital economy era.