Iraq's path to economic recovery after conflict necessitates robust support for its business sector and small and medium enterprises (SMEs). SMEs are a powerful engine for employment creation, playing a crucial role in fostering long-term economic stability, resilience and the achievement of durable solutions for displaced persons. The Enterprise Development Fund (EDF) has been instrumental in this recovery process, providing targeted financial support to SMEs across various sectors to catalyze growth and job creation. The present report shows the findings from a panel survey of Iraqi SMEs that received financial support through the EDF. The aim is to break down and analyze businesses’ advances and drawbacks over the first year after aid disbursement. The conclusions provide valuable feedback for the program and are intended to serve as a foundation for targeted interventions and overall improvements.