High borrowing costs remain a major challenge for micro, small and medium enterprises (MSMEs) in Liberia. This survey report examines the demand- and supply-side factors that shape lending rates, drawing on data from Liberia and across Sub-Saharan Africa.

It highlights how operational costs, credit risk, limited collateral, market structure and macroeconomic conditions influence the cost of finance for MSMEs, and explores policy measures that could help create a more enabling lending environment for small businesses.