Moroccan SMEs: One in Two Faces Limited Access to Bank Financing

As part of the Trade and Competitiveness Programme, the European Investment Bank (EIB) has released the second phase of its survey titled "EIB/EU Survey: The Challenges of SMEs in Morocco in 2025." Conducted among 150 leaders of Moroccan SMEs, primarily in strategic value chains such as textiles, agri-food, and automotive, the study reveals a significant finding: for one in two SMEs, access to formal financing remains unattainable. SMEs and very small enterprises (VSEs) represent 93% of the entrepreneurial fabric in Morocco, contributing significantly to value creation and job generation when they have the necessary resources. Nearly half of the SMEs surveyed reported having obtained a loan from a financial institution, while 35% had to resort to informal sources (friends, family, or personal networks) to finance their activities. This practice is risky, unsustainable, and ill-suited to meet substantial financing needs. Additionally, 15% of SMEs reported having been denied a loan, highlighting existing barriers to credit access. Notably, only 1% of the companies surveyed claimed they had never sought formal or informal loans, indicating a strong reliance on financing, regardless of the source. SMEs face challenges regarding loan access conditions, including unfavorable interest rates (57%), high collateral requirements (50%), and insufficient equity (26%). According to the decision-makers' responses, these conditions remain difficult to meet for businesses of this size. Furthermore, intangible constraints add another layer of complexity: cumbersome and complex procedures (53%), a lack of support to navigate them (27%), and insufficient information on available financing options (26%) limit SMEs' ability to effectively access existing resources. The EIB is working closely with Moroccan banks to make the financial system more favorable for SMEs. Through the Trade and Competitiveness Programme, the EIB offers local financial institutions shared guarantee mechanisms aimed at reducing their risk exposure when financing investment projects led by SMEs in strategic value chains. The survey indicates that more than a third of leaders believe that the lack of financing is a direct barrier to exporting. Additionally, four out of ten SMEs report exporting, but on a very limited scale due to insufficient resources to structure themselves and comply with foreign market requirements. "Even with solid international opportunities, obtaining credit remains a challenge. The conditions are rarely suited to the reality of SMEs. We are asked for guarantees that we cannot provide, and the rates are often too high," stated a leader of a Moroccan SME. In light of this reality, the Trade & Competitiveness Programme serves as a strategic lever. Implemented by the EIB and co-financed by the European Union, it offers tailored technical and financial support. The establishment of a structured system based on a portfolio of partially guaranteed loans by the EIB, preferential rates, reduced collateral requirements, and technical assistance to banks and SMEs aims to unlock the investment potential of these businesses and enhance their competitiveness in international markets. In Morocco, the EIB has signed a partnership agreement with BCP to develop a specific credit line for SMEs in export-oriented value chains.