Against the backdrop of current debates on rural resilience and the sustainability of small farms, this study reassesses state financing and credit policies in interwar Romania (1918–1939). Using a mixed design—archival statistical series, reconstructed macro aggregates, the 1930 General Census, demographic monographs, and qualitative sources (parliamentary debates, ministerial and cooperative reports, and agrarian doctrines) - it evaluates the effectiveness of land credit, cooperative finance, debt conversion, fiscal interventions, and cereal valorization for small-scale holdings. Evidence shows that, although policy ambition was high, effectiveness was limited by chronic undercapitalization, fragmented collateral, shallow intermediation, low agrotechnical adoption, adverse price shocks after 1929, and persistent human-capital and health-nutrition constraints. National wealth data reveal a land-heavy balance sheet even in 1938–39; Purchasing Power Parity (PPP) benchmarks indicate modest per capita levels by European standards and weak convergence. The article distills lessons for contemporary policy: finance is effective only when embedded in organizations, inputs, and risk-sharing arrangements that enable small farms to translate liquidity into capital deepening, productivity, and income stability.