Purpose: The purpose of this paper is to investigate the performance of the revolving fund (RF) regarding the ability of smallholder debtors to retrieve land title deeds, and also to examine the factors influencing the outstanding debts and percentage of outstanding interest of the smallholders in the Central and Northeastern regions of Thailand. Design/methodology/approach: Primary data were collected from 430 debtors in the Central and Northeastern regions of Thailand in order to compare the differences in livelihood assets as well as their opinions on benefits derived from the operation of the RF. Secondary data were also collected from the RF administration, in order to evaluate the effectiveness and efficiency of the fund. Heteroskedasticity-corrected ordinary least squares and Tobit regression models were employed to examine the factors influencing the outstanding debts and percentage of outstanding interest of the smallholders, respectively. Furthermore, the student's t-test was used to examine the differences in the livelihood assets among debtors in the two regions; and one-way analysis of variance (ANOVA) was used to examine differences in livelihood indicator scores among the three types of debtors. Findings: The empirical results revealed that the RF is effective as the fund could provide loan to smallholders to enable them redeem their land title deeds from their previous creditors. The t-test results reveal significant differences in the livelihood assets among debtors in the two regions. One-way ANOVA indicates differences in livelihood indicator scores among the three types of debtors. The results of the heteroskedasticity-corrected ordinary least squares regression revealed that being married, low frequency of floods and less influence of third parties significantly reduced the outstanding debts. The results of the censored Tobit regression revealed that increased frequency of meeting with the RF administration, less influence of third parties, high