The COVID-19 crisis has severely hit Mongolia’s economy and SMEs have been hit hardest. Strengthening SMEs is a policy priority that Mongolia has clearly recognised, as their growth can contribute to the diversification of employment and exports, and therefore reduce dependence on extractive sectors. Access to finance in particular hinders firm growth, despite the development of several public financial instruments. This Policy Insight discusses these challenges, and suggests five sets of policy actions for the Mongolian government to ease access to finance for SMEs: (1) continue to strengthen the regulatory framework and data collection for SMEs, (2) develop the provision of credit guarantees, (3) improve governance and credit processing procedures in public financial instruments, (4) enhance financial literacy of entrepreneurs, and (5) accelerate the digitalisation of procedures.