This study aims to analyze the development of merchants business of BMT’s partnership before and after financing at islamic microfinance institution on BMT Bina Ihsanul Fikri Yogyakarta based on the indicators of: sales capital, number of goods sold, sales income, number of employees and number of customers.This research was quantitive descriptive study. The subject in this study was the merchants, who receiving financing from BMT Bina Ihsanul Fikri Yogyakarta. This study, used 40 respondents that were selected using purposive sampling. The data collecting technique were a questionnaire and interview. Analysis tool used in this study is the Wilcoxon signed rank test. The results indicated that there were differences in the indicators such as sales capital, number of goods sold, and sales income between before and after receiving financing. It caused the average of indicators increasing after financing and the result of Wilcoxon signed rank test obtained Asymp Sig. of 0,000 (0,000<0,05) for each indicators. For the number of employees and number of customers showed no difference between before and after financing. The small and medium enterpreneurs didn’t require additional employees to run the business because it has small coverage. Meanwhile, for the number of customers there was no difference because the financing didn’t change the public preference to buying the product in a short time. The results of Wilcoxon signed rank test for the number of employees obtained Asymp Sig. of 0,157 (0,157>0,05), while for the number of cuctomers obtained Asymp Sig. of 0,066 (0,066>0,05).