For much of the world, the G20 members are seen as leaders that can usher the rest of the planet into new eras of government and economic matters. The G20 is taking such a role in the process of small business finance reform, encouraging G20 countries to guide developing nations in their development of regulations and policies that make it easier for small businesses to access financing.

Part of that initiative is the SME Action Plan on Financial Infrastructure, developed by the G20 SME Finance Forum and the World Bank Group, and ratified by the G20 last month.

The proposals offer international best practices for governments and regulators to support SME financing through legislative overhauls. But while the G20’s proposals were presented as a way to aid developing nations in their SME lending efforts, one World Bank Group official says that it’s the developed nations that will be able to learn a thing or two about the new era of SME financing from developing countries.