“…Obstacles to financing microenterprises in different countries can include monetary policies (Casey & O'Toole, 2014), the quality of the financial institutions, the investment climate (Beck, Demirguc-Kunt, Laeven, & Maksimovic, 2006), turbulent, hostile, business environments (Khan & Quaddus, 2015), taxes and regulations (Berger & Udell, 2006), legal, financial, market-based and macroeconomic factors, market structure and size, and financial risks in the markets (Panda, 2018). Canton et al (2013) also argue that enterprises operating in countries with higher GDP per capita face reduced financial constraints.…”