Why and how do companies get indebted? This is the main issue that this work aims to investigate. In fact, through this study we look forward to humbly to the heated debate on the small and medium sized enterprises (S.M.E.) behavior of indebtedness. We have integrated the financial characteristics of SME. This research focuses on three axes of research: Financial theory, the field of S.M.E and the intersection on these too. Based on the literature, three hypothesis have been deduced: they are based first to the financial characteristics of S.M.E, second to the owner manager profile and finally to the characteristics of the external environment. To test the validity of these hypotheses, we have conducted a survey among 30 Moroccan S.M.E working in the industrial sector. The results of this survey have shown that S.M.E present small levels of indebtedness. This indebtedness is basically a short time one. The explanations have revealed the correlation of indebtedness successively with benefit, growth opportunities, and the owner-manager profile. In sum, our study is both descriptive and explanatory of the indebtedness behavior among the national S.M.E.