This study aims to analyze the effect of internal and macroeconomic factors on the financial performance of Regional Credit Guarantee Institutions (PT. Jamkrida) in Indonesia. Internal factors include: guarantee risk, gearing ratio, liquidity, and asset management, while macroeconomic includes: gross domestic product and inflation. The population is PT. Jamkrida in Indonesia, which were 18 in total, of which 16 meet the requirements as a sample. The type of data was secondary data sourced from the PT. Jamkrida’s Annual Financial Report with observations for 2014-2020. The data analysis technique used was multiple regression analysis. This results: internal and external factors affect financial performance PT. Jamkrida in Indonesia. This result also proves the important role of the local government in maintaining PT. Jamkrida's capital to ensure that bank loans to SMEs run well. This study contribute to the RBV theory by providing empirical evidence of the influence of internal resources and external conditions on PT. Jamkrida’s financial performance. But, this study has limitations as indicated by the results of an adjusted R square of 13.8%, so it is possible 86.2% of other variables can explain their effect on financial performance. Therefore, it opportunities to add other factor specifications, or another methode.

Keywords: guarantee risk, gearing ratio, liquidity, asset management, GDP, inflation, and financial performance