Regional equity market is now an important part of multi-level capital market system in our country，meanwhile，provide financing support for SMEs is one of its basic market functions. Based on the overall review of current development status and operating model of the regional equity markets in our country，this paper mainly analyze the characteristics，means and development obstacles of regional equity markets while providing financing services for SMEs. Considering related international experiences and the current reality of regional equity markets in our country，this paper put forward some suggestions in the last part.