A. M. 
Access to credit has become an invisible problem that affects the growth and development of emerging economies. According to the World Economic Forum, prospects for business in these countries are not very encouraging. The Corporación Financiera Internacional (CFI) estimates that 40% of micro, small and medium-sized enterprises (MSMEs) in developing countries face an annual funding gap of $5.2 trillion. This deficit severely limits the ability of these enterprises to expand and contribute to the economic development of their respective countries.
Small and medium-sized enterprises (SMEs) play a crucial role in emerging economies. They represent about 90% of enterprises and account for more than 50% of total employment. Despite their relevance, they face significant barriers to accessing the credit needed for their operation and growth. In these contexts, formal SMEs contribute up to 40% of the Gross Domestic Product (GDP), which highlights their importance in the economic fabric of developing nations.
One of the main difficulties faced by SMEs is the high interest rate and lack of adequate collateral that can secure loans. These factors make access to finance a considerable challenge, limiting the opportunities for expansion and development of these enterprises. High interest rates not only increase the cost of credit, but also discourage financial institutions from lending to these enterprises.
For SMEs and individuals in general, access to credit is critical to launching long-term projects and achieving economic goals. Without the ability to finance their operations or investments, many of these companies cannot carry out strategic plans or take advantage of market opportunities, resulting in stagnation or even closure of business.
The problem is even more acute in developing countries, where financial structures and credit markets are less developed. The lack of adequate access to credit in these contexts perpetuates the gap between emerging and developed countries, preventing the former from realizing their full growth potential and contributing more significantly to global development.
