Financing to choose

The banking aids

The vast majority of banks and financial institutions have turned to small and medium-sized companies over the last year.

The main lesson that the crisis has left to the Spanish economy has been the need for a change in the financial structure. The banks were until then the axis in the granting of loans and loans for SMEs.

But the new capital requirements or structure of balance sheets at European level have facilitated the emergence of new financing instruments.

The Confederation of Small and Medium Enterprises (Cepyme) continues to place financing as one of the biggest problems for SMEs. “Of the total volume arranged in new credit operations (carried out in the second quarter of 2014, the latest data available) destined to finance companies, more than half (55%) corresponds to large companies, while SMEs received only 32%. , 5% “, explains the organism.

Cepyme also points out that the differences between the SMEs themselves are noteworthy, given that microenterprises account for 13.4% of loans, small loans for 10.2%, and medium-sized companies for 8.8%.

Change of third 



Banks, however, are showing greater support for SMEs in 2015, after the confirmation of the economic recovery and the rebound in demand. It is also a way to attract customers, improve margins and make your business profitable.

The conditions for accessing a loan, although high, have been softened, and the loan lines have been extended. Citi expects Spanish institutions to increase loans to small and medium-sized companies by 4% in 2015, reaching a volume of 306,000 million euros.


Less than a month ago the new law regulating crowdfunding came into force. It is also expected that alternative financing channels will acquire a greater weight in the loan portfolio of SMEs. That is how the reception that they had in 2014, where some options such as crowdfunding doubled the capture of resources compared to 2013. The markets are playing an essential role.

The MARF, where SMEs can issue debt, maintains an outstanding balance of more than 500 million just one year after its launch. And in the MAB, where companies can debut as listed entities and get more visibility, 182 million was channeled into financing last year.

“What has been achieved by the MAB and the MARF in a short time has to be valued very positively in terms of supporting the reduction of the financial vulnerability of our business fabric,” explains Domingo García Coto, director of the study service of the Madrid Stock Exchange.

Time and culture

Time and culture

García Coto recalls that “in Spain until very recently only 20% of business financing was obtained by instruments traded in the markets, while in other leading economies in Europe this percentage reached between 40 and 50%, and in the United States, 70%. “

“This situation has begun to correct itself little by little, it is a slow process that demands normative and cultural changes that take time,” he says.

The Government has taken note of the need to transform the financial structure and has taken some steps in that direction. Less than a month ago the new law that regulates crowdfunding came into force.

Some limits have been set on the contributions that investors can make on these platforms in exchange for obtaining a return; They will be able to invest between 6,000 and 10,000 euros per year depending on their profile.

The Executive has also designed the Agenda for the Strengthening of the Industrial Sector with the purpose that this sector is key in the process of economic recovery. Among the lines of action planned until 2020 is “support for public and private financing programs for SMEs in strategic industrial sectors.

“The credit crunch caused by the crisis, along with the traditional dependence of companies on conventional financing has been one of the main barriers to starting the recovery,” says the program. The Government recognizes that “we must increase the weight of financing does not agree.”

The internationalization

The internationalization

It is a natural growth process for a company, although for most of the Spanish companies it has been an escape route in the crisis that caused the collapse of the local business in many sectors.

SMEs have support to go abroad. And the Government wants it not to be limited only to countries of the European Union.

“The credit crunch caused by the crisis has been one of the main barriers to starting the recovery Currently, there are different financing lines at the state and autonomous levels and for different businesses, among the latest trends in the internationalization, as described in SME Initiative.

It is a program that has been launched by the Government of Navarre and consists of the union of different companies to go abroad collectively, with the consequent advantages.

BBVA points out that the actions that should be taken to guarantee the success of the internationalization of an SME are the analysis of the new environment, the market study and an assessment of the opportunities and threats.