| Variables | Coefficients | Standard. Error | t-statistic | P > |z| |
| Age (years) | −5.317*** | 0.968 | −5.49 | 0.000 |
| Gender (male = 1, female = 0) | 3.085*** | 0.840 | 3.67 | 0.000 |
| Level of education | −2.222*** | 0.497 | −4.47 | 0.000 |
| Marital status | 7.056*** | 1.913 | 3.69 | 0.000 |
| Longevity in business (years) | −2.055*** | 0.627 | −3.28 | 0.001 |
| Availability of business plan (yes = 1) | −9.542*** | 1.734 | −5.50 | 0.000 |
| Availability of collateral security (yes = 1) | −1.313*** | 0.431 | −3.05 | 0.002 |
| Registration of business (yes = 1) | −8.449*** | 1.864 | −4.53 | 0.000 |
| Constant | 44.041*** | 7.789 | 5.65 | 0.000 |