Abstract: We design questionnaires to get basic data from 339 enterprises in 6 areas to analyze financing service efficiency for Small and Medium Enterprises from policy bank loans, commercial bank loans and private lending. Conclusions from empirical analysis are shown that the three kinds of credit funds play a positive role in the development of SME, and the efficiency of policy funds and private capital is higher than that of commercial banks. The investment orientation for the three kinds of funds has large-scale enterprise preferences, which contradicts to the practice of providing financing for SME. Service efficiency for three kinds of funds is quiet different. Service efficiency of policy funds for high-tech enterprises is higher than other kind enterprises. Service object ambiguity of private lending decreases its service efficiency, which needs policy norms and guidance. In financing service system three kinds of funds have linkage effect. These conclusions provide a basis for reasonably defining the service function and service interval of three kinds of credit financing in the financing service system of small and medium enterprises.