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Financing: 57% of Moroccan SMEs consider interest rates too high (survey)
Half of Moroccan small and medium-sized enterprises (SMEs) still struggle to obtain formal financing from banks or financial institutions, according to a recent survey by the European Investment Bank (EIB), conducted in partnership with the European Union (EU) under the Trade and Competitiveness Programme (TCP).
The survey, carried out among 150 SME executives operating in key sectors such as textiles, agri-food, and automotive, reveals persistent barriers to financial inclusion and structural weaknesses in Morocco’s SME ecosystem.
Informal financing still widespread
The data show that 35% of SMEs resort to informal sources — family, friends, or personal networks — to fund their activities, a method the EIB describes as “risky and unsustainable.” Meanwhile, 15% of firms reported loan refusals, and only 1% said they had never sought any type of financing, formal or informal.
High rates and strict guarantees: the main barriers
Beyond loan rejections, the cost and conditions of credit are seen as major obstacles.
- 57% of respondents consider interest rates “too high”,
- 50% cite excessive collateral requirements, and
- 26% admit lacking sufficient own funds to meet banking criteria.
These figures underline the ongoing mismatch between financial institutions’ requirements and the operational realities of Moroccan SMEs.
Structural and procedural hurdles persist
The study also highlights procedural and informational challenges:
- 53% of business leaders denounce heavy administrative procedures,
- 27% regret the lack of financial guidance, and
- 26% deplore insufficient information about available funding options.
Such constraints, despite recent simplification efforts, continue to limit SMEs’ access to existing financial mechanisms, hindering their growth and competitiveness.
Financing as a key to export capacity
According to the EIB, limited access to capital directly hampers export potential. Over one-third of SMEs surveyed view financing as a major barrier to international expansion. Although 40% of Moroccan SMEs export, they do so at a small scale due to limited resources and lack of structuring capacity.
To support the sector, the EIB has partnered with Banque Centrale Populaire (BCP) to launch a credit line dedicated to exporting SMEs, aiming to strengthen value chains and target high-potential industries.
“Even with solid international opportunities, obtaining credit remains a challenge. Conditions rarely match our reality. We’re asked for guarantees we can’t provide, and the rates are simply too high,” said one Moroccan SME owner quoted in the report.
