This study is intended to establish relationships among a borrower's attributes, the
likelihood of loan approval, and the effect of lender's human capital in the SME
loan-granting process. A conjoint analysis has been used as the main analytical tool. The
results showed that: (1) a borrower's attributes are all positively related to the likelihood
of loan approval on different levels, (2) officers place different weights on a borrower's
attributes, and (3) human capital factors do not have significant roles in the SME
loan-granting proces
