SMEs' Funding In Spain

Since 2009, getting funding has been one of the greatest problems for a large amount of Spanish SMEs. Even though the percentage of worried SMEs regarding funding issues is still superior comparing to the Eurozone, it seems that Spanish companies are beginning to see the light at the end of the tunnel.


Indeed, banks’ rejection rate is getting lower, making easier the access to credit for the SMEs. Different factors demonstrate the fact:

  • First, during the third quarter of 2014, there has been a rise on the stock of business funding (it had not increased since 2010).
  • Second, the difference on the interest rate paid by a Spanish SME comparing to a European one has been largely reduced.
  • Third, the margin added to the Euribor by Spanish Banks has been decreasing since 2013.

Among these factors, it is important to notice that debt has become available and affordable, which means companies are more willing to obtain funding in order to invest.

Nevertheless, the Governor of the Bank of England, as well as the President of the FED, have announced that there will be an increase on the interest rate sooner or later, making leverage more expensive. So, it remains to be seen whether or not the rise on the credit will go on.