Purpose: The paper investigates the role of corporate governance on the relationship between small businesses financing choice decisions on the business performance.

Design/methodology/approach: The paper was situated within the theory of the financial growth cycle and adopted survey approach for data collection and analysis done through partial least square structural equation modelling.

Findings: The study found that the interaction of corporate governance and financing choice decisions strengthen the performance relationship. Further, corporate governance mediates the positive relationship between financing choice decisions and performance. Thus, suggesting that corporate governance can carry the effect of the financing choice decisions to performance.

Originality: The study contributes to the small business financing choice and performance literature by employing the financial growth cycle theory in explaining the financing choice decisions and in particular the role of corporate governance in the relationship.