Wenzhou’s comprehensive financial reform is the first state level regional financial reform pilot in the country. For more than five years, the originally scheduled task of reform has been basically completed. There are many lessons to be drawn from this reform. After field research, this paper summarizes what Wenzhou has done in the field of small business finance. The survey finds that Wenzhou has done a lot of explorations in the process of financial reform, such as settling the “two dilemmas in financing”, constructing the “four systems” of local finance，how to regulate private finance， how to innovate financial services to small business finance, and improving credit environment for small business finance. “Wenzhou index” has become an important index to observe the healthy situation of the private finance. Some practices in Wenzhou reform have been carried out in Zhejiang Province and throughout the country. This report argues that the Wenzhou financial reform provided a sample for the China program to explore small business finance．