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Aiming at the financing mode selection problem of a closed‑loop supply chain consisting of a retailer, a recycler, and a capital constrainted manufacturer, the revenue functions of the manufacturer, retailer, recycler, and closed ‐ loop supply chain are constructed when the capital constrained manufacturer can get financing from the retailer (internal financing) or the bank (external financing), respectively, and based on the Stackelberg game, the optimal pricing and return rate strategies under two financing modes are given. On this basis, by comparing the optimal decisions and revenue of the recycler, retailer, manufacturer, and closed ‐ loop supply chain under different financing modes, the financing mode selection strategies are given from different perspectives. The research results show that under certain conditions, the retailer providing financing services are beneficial for the manufacturer, retailer, recycler and closed ‐ loop supply chain. [ABSTRACT FROM AUTHOR]