2023-11-30 18:12:32
SMEs are a fundamental pillar of the Spanish economy, representing more than 95% of companies, contributing 65% of GDP and generating 75% of jobs. Whether to finance new investments or for their current activity, they require resources in a competitive and unstable environment. Factors such as the process of concentration of financial entities that began in the 2008 crisis or the escalation of rates since the start of the war in Ukraine, together with the deterioration of balance sheets due to the pandemic and inflation, have significantly increased the difficulty and cost of obtain classic bank financing, since the requirements and cost of access to credit have become tougher, while the ‘photo’ of many companies has become ugly. Thus, in 2023 and for the first time in ten years according to data from the Bank of Spain, the perception of SMEs regarding their possibilities of accessing traditional bank financing has worsened significantly. Given this situation, it is essential to have any alternative financing opportunity that is feasible for the company on the radar.
In this context, various solutions are already offered depending on the moment in which the company is. Thus, if we are in the take-off phase, it is reasonable to analyze options such as those called crowdfunding y venture capital. When the business is established and needs to finance its expansion, an interesting option is the one offered by the venture capital companies and funds, which not only provide financing but also certain management support, in addition to facilitating an eventual exit on the part of the shareholders, if applicable (for example in situations of business succession). Finally, in phases of normal operation but with high debt, when banks refuse to increase the level of credit, the market offers funds focused on working capital and long-term financing (private debt funds). This option is normally more expensive, but has some important advantages such as its high flexibility and the speed of the granting process.
It is important to know other options that are becoming increasingly important, such as the markets of the MARF, BME Growth or, more recently, BME Scaleup. In a few words, the MARF (Alternative Fixed Income Market) is a market that facilitates access to financing/debt for many medium-sized companies, via the issuance of promissory notes and bonds. He BME Growth, its equivalent for Equity or Capital operations, is a market aimed at small capitalization companies that seek to grow organically and inorganically, obtain an objective valuation, increase visibility, prestige, and brand image, as well as have a source liquidity for current shareholders and help in the generational change of family businesses. This market has regulations designed specifically for this type of companies, and has less demanding costs and processes than those of the continuous market. Alternatively, the newly created BME Scaleup, the first step in financing through the securities markets operated by BME. It is mainly aimed at companies in any sector, in an early development phase and with a proven and scalable business model. That is, the scale-ups, companies with annualized growth greater than 20% for more than three years. whether it is in billing or in number of employees. BME has already identified at least 450 companies of these characteristics in Spain. BME Scaleup is also an excellent option for Socimis, which are required to list on a regulated market or multilateral trading system (SMN). This new market incorporates lower costs compared to BME Growth, and eliminates the need to have a minimum share distribution.
Finally, if the context were not expansive but one of potential insolvency, there are novel and important restructuring mechanisms that greatly reduce the usual corporate mortality rates until 2022.
In PKF certificate We have expert professionals in the management of all these situations, duly coordinated with our tax experts and auditors. In particular, we are Securities company that we actively operate in MARF, BME Growth and BME Scaleup.
#Jokin #Cantera #Bengoechea #Alternative #financing #options #SMEs