Finance Access or Policy Alignment? Decoding the Real Driver of Performance in Maluku’s Fisheries Management Enterprises

The fisheries processing industry serves as a backbone and strategic pillar of the blue economy, contributing significantly to food security, export competitiveness, and sustainable livelihoods.However, limited financial accessibility and fragmented policy implementation continue to hinder the growth of small and medium-sized enterprises (SMEs), particularly in Maluku Province.This study aims to analyze the effect of access to finance on business performance, with government policy support as a mediating variable.Using a quantitative explanatory approach, data were collected from 263 respondents representing 140 fisheries processing SMEs and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM).The results show that access to finance has a positive and significant effect on fisheries business performance, both directly and indirectly through government policy support.The mediation effect confirms that coherent and inclusive policy frameworks enhance the effective utilization of financial resources.These findings highlight the importance of integrating financial and institutional mechanisms to improve competitiveness and ensure sustainability within the fisheries processing sector in Maluku.