Small and micro businesses are the new force to promote the overall economic growth of Henan province. It is the main body to provide diversified employment，as well as the supporter to stimulate the vitality of the society and promote innovation and entrepreneurship. Solving the financing problems that restrict the development of small and micro businesses in Henan Province is beneficial to achieve the multiple objectives such as stabilizing economic growth，promoting reform，adjusting economic structure，benefiting people's livelihood and preventing risk. Based on the actual situation of the development of small and micro businesses in Henan Province，this paper puts forward suggestions to further innovate the loan risk compensation mechanism of small and micro businesses.