This report tracks the trajectory of SME finance from the aftermath of the global financial crisis to the more recent economic turmoil triggered by the COVID-19 pandemic. Highlighting key policy and regulatory responses, it examines initial counter-cyclical measures such as credit guarantees and direct lending, before moving on to discuss the evolution of policy approaches that emphasize equity and asset-based finance, the digitalization of financial services, and the importance of financial literacy for entrepreneurs. Drawing on OECD insights and the G20/OECD framework, it showcases the adaptability and resilience of SME financing strategies. Additionally, the report offers a timely analysis of the swift policy interventions deployed to support SMEs during the COVID-19 crisis, underscoring the crucial role of targeted liquidity and funding measures. Prepared for the G20's consideration, this report is a pivotal resource for policymakers aiming to bolster SME growth and financial resilience in challenging times.