Small and medium enterprises (SMEs) are central to Iraq’s economic recovery and private-sector development, yet they continue to face major barriers to accessing finance—particularly in a post-conflict context. This policy brief presents findings from a baseline survey of 518 SMEs engaged in the Enterprise Development Fund (EDF) program, which combines capital grants, financial training, and blended finance. The study finds high levels of informality (52% unregistered) and low financial access, with just 6.5% of businesses using debt financing. Financial exclusion is particularly stark for women and internally displaced persons (IDPs), who receive significantly lower loan amounts than other groups. The brief also highlights low trust in financial institutions and gender disparities in financial access despite women demonstrating stronger financial practices. These findings inform the design of targeted interventions to improve investment readiness, foster inclusive financial access, and support employment growth across returnees, IDPs, and host communities. This research is part of a broader RCT evaluating the impact of EDF interventions on SME growth, financial behavior, and labor outcomes.