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Entrepreneurial finance has long addressed the issue of financing small businesses from the exclusive perspective of the supply of funding, neglecting an understanding of the demand-side mechanisms, which are nevertheless essential and embodied by managers. Thus, based on the two characteristic elements of small businesses, the preponderance of the manager and their managerial specificities, we have developed a theoretical framework based on two theories, managerial choice and financial proxemics, whose association suggests that the financing decision is a choice based on a rationale of proximity. The result is a four-dimensional conceptual model structured around: the decision-maker, the decision-making process, the influence of the financiers, and the financing purpose. The analysis leads to ten theoretical propositions intended to complement and/or renew the study of financing decisions in small businesses from a demand-side perspective.