A PIER research study using DBD company accounts (1999-2024) and bank loan data finds Thai capital is misallocated: asset efficiency (ROA from 8.3% in 2013 to 6.3% in 2024) has fallen across most sectors. For SMEs, only about 1 in 5 of the most efficient 30% got bank credit, versus over 60% for large firms. SMEs paid an average 7.8% interest against 3.9% for large firms, and the researchers judge SME rates as higher than their risk explains. For an SME owner, this means bank credit is harder to get and more expensive than your performance warrants, so keep clean financial statements and compare loan offers and alternatives carefully. This is research, not a policy change, so no immediate action is required.