For half of Morocco’s small and medium-sized enterprises, securing a bank loan is still an uphill battle. That’s the key takeaway from a recent study by the European Investment Bank (EIB), published under the Trade and Competitiveness Programme, a European Union-backed initiative aimed at supporting economic growth.
The survey, conducted among 150 business leaders in critical sectors like textiles, agribusiness, and automotive, highlights the ongoing difficulties SMEs face when trying to access formal financing. While nearly 50% of respondents said they had obtained a loan from a financial institution, more than a third reported relying on personal networks or family support to meet short-term cash flow needs—a fallback that often proves risky, unsustainable, and ill-suited to the demands of business expansion.
One in four executives pointed to high interest rates or unattainable collateral requirements as key barriers. Half of those surveyed cited excessive demands for guarantees, and over a quarter admitted they lacked the equity needed to reassure lenders. In 15% of cases, credit applications were outright rejected. On the other end of the spectrum, only 1% said they had never sought—or even attempted to seek—financing, whether formal or informal.
Beyond the tight eligibility standards, other challenges compound the problem. Many business owners described loan procedures as long-winded and overly complex. A quarter confessed to feeling completely lost in a system they don’t fully understand. Information about financing options was often described as fragmented and unclear, leaving many unsure of where to turn.
In response, the EIB says it is working more closely with Moroccan banks to make credit more accessible. Through the Trade and Competitiveness Programme, it offers partial credit guarantees to reduce the risk burden on banks financing investment projects in key value chains. The goal is to unlock financing for businesses that are often left behind under traditional lending frameworks.
For more than a third of surveyed business owners, a lack of financing is a direct obstacle to exporting. While four out of ten SMEs are involved in exports, most do so at a very limited scale due to insufficient resources to structure their offerings and meet international standards.
As one entrepreneur put it, “Securing credit remains difficult, even when real export opportunities are on the table. Between steep guarantees and misaligned interest rates, the banking system just doesn’t reflect the day-to-day realities of SMEs.”
To address this, the EIB programme is introducing tailored technical support, reduced interest rates, more flexible lending conditions, and shared guarantees. The approach is designed to remove barriers to investment and help Moroccan SMEs scale up their presence in international markets.
One concrete step already taken was the launch of a credit line through a partnership between the EIB and Banque Centrale Populaire, aimed specifically at supporting export-oriented SMEs in strategic sectors.
