In 2023, more than 1.9 million small and medium-sized enterprises (SMEs) in Spain required financing, accounting for 54.2% of all SMEs. This was a decrease of two percentage points compared to the previous year but still significantly higher than pre-pandemic levels. Despite the challenges faced by SMEs due to rising interest rates and product prices, the report found that there were some positive signs, such as an increase in the number of SMEs selling in foreign markets and engaging in innovation activities.
Looking ahead, the report indicated that short-term growth prospects for SMEs decreased in 2023. The percentage of companies expecting their turnover to increase in the next 12 months declined, while the number of SMEs planning to expand their workforce decreased. The most commonly used financial products by SMEs in 2023 were bank loans, ICO Lines, and credit lines. However, there was a notable decrease in non-bank financing compared to the previous year.
According to the report, only 17.8% of companies reported growth and improvement in 2023, while 38.1% stated that their economic situation had worsened compared to the previous year. The business services sector saw the largest increase in the number of SMEs in 2023, followed by education, health, and construction industries. However, the commerce and personal services sector experienced a decline in the number of companies due to economic instability and reduced profits.
Overall, despite facing challenges such as rising interest rates and product prices, there are opportunities for SMEs in Spain to grow and innovate through non-bank financing products like ICO Lines and credit lines.
In conclusion,
In summary,
The report highlights both challenges and opportunities for SMEs in Spain’s financial landscape.
Despite facing challenges such as rising interest rates and product prices
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