Currently, many MSEs in El Salvador face difficulties in accessing formal financing due to lack of credit history or collateral. However, financial inclusion facilitates access to credit, microcredit and other financial products that are crucial to start, maintain and expand their businesses.

It should be noted that a large percentage of MSEs in El Salvador operate informally. Financial inclusion can encourage the formalization of these businesses, which is beneficial both for entrepreneurs (access to benefits and larger markets) and for the country's economy (increased tax collection and improved competitiveness).

Similarly, FUSAI's MYPE Observatory indicated that entrepreneurs consider that the main reason why they would not apply for a loan in any financial institution was the interest rate and high fees for 50.1% of entrepreneurs, followed by excessive requirements, documents and cumbersome procedures for 16.7%.

Financial inclusion in El Salvador is crucial for the sustainable and equitable development of the country, as it strengthens MSEs, promotes formalization, generates employment, reduces inequalities, and contributes to overall economic growth.

Translated by: A.M