In the first eleven months of 2020, SME financing accumulated growth of 4.8%, always discounting the effect of inflation. Thus, in a context where credit to the non-financial private sector as a whole continues to decline, the share of SMEs in total financing continued to grow: in November it was 22.9%, 2.5 points more than during the same month of 2020 and 7.2 points above the record for November 2019.
On the other hand, if the year 2019 is taken as a point of comparison, it is necessary that -due to the low base of comparison- in the last quarter SME financing began to grow. However, in the average of the first eleven months of 2021 it registered a drop of 4.6 percent compared to 2019 (for the private sector as a whole the same figure amounted to 24.7%).
Instruments and fees
In December, the amounts operated in the main SME instruments continued to improve: current account overdrafts grew 21.8% year-on-year in real terms and discounted documents 69.3%. However, in the accumulated figure for 2021 there was a 5.8% year-on-year drop in the first case (in the second a 73.3% increase was recorded).
The rates registered heterogeneous variations: in the case of advances, a monthly decrease of 1.2 points was registered, while in documents there was a rise of half a point.
Source: Ambito
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