Serge Allegrezza, Leila Ben Aoun-Peltier, Anne Dubrocard and Solène Larue analyse the determinants of finance seeking by Luxembourgish independent small and medium-size enterprises (SMEs) during and after the 2007–2009 financial crisis. The data used are taken from the ‘Access to Finance for SMEs’ survey coordinated by Eurostat. The study is conducted for the different types of funding considered (i.e. loans, equity and other sources), together and separately, and by distinguishing manufacturing from services firms. Regressions estimate how much individual characteristics, past behaviour and business environment perceptions affect decisions about seeking or not seeking external finance.