This article examines the impact of firm size, asset collateral, liquidity, cash flow from operations (OCF), cash holdings, and fixed-asset turnover on Access to Debt Finance (ADF). The authors adopted a comparative approach for examining listed and un-listed SMEs by utilizing a sample size of 55 companies from 2015 to 2020. Several statistical models were employed to examine the data. A pilot study was undertaken to gain insight into the challenges SMEs encountered when accessing debt finance. The study revealed that SMEs struggle to obtain adequate debt financing to bridge their financing gap. The findings show an insignificant relationship between OCF and ADF. Moreover, the results demonstrate a significant influence of liquidity on ADF for both listed and un-listed SMEs. In the case of un-listed SMEs, factors such as size, and cash-holding play a crucial role in determining their ability to access debt finance. Conversely, listed SMEs indicate collateral of assets and the turnover of fixed assets are key determinants affecting their access to debt finance. SMEs must dedicate additional resources in managing their cash flow, as it is the core foundation for the sustained growth of any organization. After an in-depth analysis, the study recommends that financial institutions should adopt a consultative approach; providing SMEs with indispensable assistance to promote their growth.