Challenges and opportunities for the growth of SMEs in the Spanish economy.

Small and medium-sized enterprises (SMEs) are the heart of the Spanish economy, representing a significant percentage of the country's business fabric. However, in an economic environment marked by uncertainty, SMEs face multiple challenges that jeopardize their competitiveness and growth. High labor costs, difficulties in accessing financing, bureaucracy, and the urgent need for innovation and digitalization are some of the obstacles discussed in the context of the meeting “Dialogues that Build the Future: Present and Future of Spanish SMEs,” organized by EXPANSIÓN and El Mundo in collaboration with BBVA. Andrés Pereda, Director of Corporate Development at the Chamber of Commerce of Spain, has pointed out that SMEs feel overwhelmed by the expenses associated with hiring staff, limited access to financing, and high energy costs. These difficulties are particularly pronounced in sectors such as technology, energy, industry, and construction, where competition is fierce and profit margins have been significantly reduced. The reality is that, despite Spain being considered a country of SMEs, the average size of these companies is a structural weakness that limits their growth capacity. Pereda has highlighted that investment in innovation in Spain is below the average of other European Union countries, which negatively affects SMEs' ability to finance and carry out innovation, digitalization, and internationalization projects. The lack of resources to invest in these critical areas can lead to greater difficulty in adapting to market demands and remaining competitive. To address this issue, the Chamber of Commerce has taken the initiative to offer guides and tools to entrepreneurs, aiming to optimize production processes and improve access to financial resources. This includes the development of publications focused on knowledge transfer regarding fundamental aspects such as research, development, financing, and internationalization, areas where significant support is needed. Additionally, the role of public administrations in managing European funds aimed at SMEs has been mentioned, which could open new opportunities to boost their competitiveness. However, Pereda has emphasized the importance of reducing the administrative burden that SMEs face in this process, an effort that translates into an improvement of between 25% and 30% in terms of bureaucratic load. In the financial realm, José Luis Serrano, Director of SMEs at BBVA in Spain, has underscored two key concerns: access to financing and supporting SMEs during their critical moments. The lack of long-term financial support can pose a significant obstacle, but BBVA is implementing strategies to facilitate the entrepreneurial process, offering services that include account openings and company formation. For Serrano, sustainability, digitalization, talent, and internationalization are fundamental pillars in the strategy of companies. Innovation should be seen as a facilitator, allowing SMEs to focus on their core activities and grow sustainably. Digitalization, while vital, should not overlook human advisory; therefore, BBVA has created specialized teams in various areas to provide comprehensive support to SMEs. As companies seek to advance towards sustainability, it is important to highlight that this process does not have to mean a total restart. On the contrary, the ecological transition should be seen as a growth opportunity, where companies adapt and evolve. Serrano notes that the fear of internationalization is a common sentiment among SMEs, which are often intimidated by uncertainty and cultural differences. The growth of SMEs is undoubtedly essential for the stability of employment and the socioeconomic development of the country. In this sense, the support of financial entities like BBVA is crucial in accompanying companies on their path toward sustainability and competitiveness. Collaboration must be comprehensive, addressing both current needs and long-term objectives. Finally, Serrano's conclusion resonates strongly: fostering the growth of SMEs not only benefits the companies themselves but also positively impacts society as a whole, generating more jobs and retaining young talent. At a time when the ability to adapt and reinvent is more important than ever, it is imperative that all involved parties work together for a more prosperous future for Spanish SMEs.