The global economic crisis 2008 revealed the enormous dependence on bank financing by Spanish companies, especially, in the case of small and small companies, that constitute the majority of the Spanish business fabric.
The subsequent recession, internationalization, digital transformation, The birth of new financing options and the launch of investment and loan platforms registered by the CNMV have made possible a change in approach, giving rise to the so-called alternative financing. The possibilities it offers to the self-employed and small and medium-sized businesses as a way to obtain credit have made it an option that increasingly attracts more users..
On the other hand, This greater diversity has enabled not only a multiplicity of options for obtaining capital but also an increase in the possibilities of incorporating talent. These changes have also involved an important transformation in the philosophy of small and medium enterprises that have gone from being multigenerational family economic projects to more open structures by incorporating new shareholders in their growth plans monetizing part or all its investment.
Among the most significant pathways of alternative financing for SMEs are traded markets, Fund managers, the crowdfunding or the Crowdlending. It is , usually, of more flexible structures that seek options tailored to each company adapting to their specific needs and in which both the financing process and the analysis of the operations are more agile and simple.
In these lines we will try to give brief brushstrokes on the main alternative financing options. The choice of the most appropriate road/roads for each company and will depend on the type of financial need, of short objectives, medium and long term and, of course, of costs.
We will start talking about EquityFinancing, Private Equity, RISK CAPITAL, Venture Capital o Financing with own capital. Unlike financing through debt, this is, for example, A loan, in relation to which there is a certain date of return of principal and interests, In this type of financing there is no return of the money invested by the third. On the contrary, The third, Usually a strategic investor with medium or long -term expectations becomes a partner with the right to collection of future dividends as well as the rest of the company's partners or shareholders. It is, thus, of a modality in which, In exchange for financing, The investor obtains a participation in the company facilitating, In that way, the planning of the latter. It is the most popular financing formula in the case of emerging companies with potential (startups).
Another increasingly popular alternative is the call Direct lending (focused on large and medium enterprises) The Crowdlending (centered on smaller companies dimension). In the case of Direct Landing, it is generally managed financing by investment funds that lend the money from their institutional clients or large heritage. However, The above, These funds are allocated to a high segment of SMEs with financing needs in amounts higher than 10 millions of euros. The alternative lending For small and medium -sized companies it is channeled, Conversely, through platforms through which investors (individuals or professionals) choose the company they want to finance, as well as the interest rate they want to receive as a counterpart of their investment and that is set through auction. Among the advantages provided by this alternative financing formula for companies are that the interest to be paid is usually lower than the bank than, found the investor, The formalization process is rapid and agile and that return conditions are usually more flexible. On the contrary, The most important inconveniences of this alternative are not to obtain the 100% of the amount that the company needs and the cost of the platform services (which forces to analyze the price of said services in order to opt for the most appropriate platform, safe and with more tight costs) .
Although they can be confused, a third alternative different from Crowdlending is he Crowdfunding. It usually consists of an online financing network which entails the possibility of reaching a large number of potential investors. This financing formula is usually associated with economic donations to finance a project in which the contributor /"investor" does not recover the money contributed. In other intermediate assumptions, The contributors receive a certain reward through public recognition of the contribution, Enjoy services under special conditions or obtain personalized products ... finally, There is a third modality in which the capital contributed has the investment character with return either through receiving a percentage of the company (equity crowdfunding) and the collection of the corresponding dividends, or by returning the amount invested with interest (Crowdlending). The advantage of this modality is that it allows to cover the need for financing through relatively small contributions of a large number of people. As a rule, However, the crowfunding It entails greater risk for the contributor because generally the recovery of the investment goes to the success of the project.
Finally it is necessary to refer to Unregulated alternative markets suitable for expanding companies or for socimis (reits). Promoted by the policies of the European Union, it is intended to facilitate the participation of SMEs in these markets through the balance between the simplification and elimination of access obstacles and the safety and protection of investors. Compared to the inconvenience of traditional markets with greater limitations in incorporation and high costs, Non -regulated alternative markets, with lower administrative requirements and incorporation and maintenance costs, They are presented as an interesting option for the financing of the expansion plans of the Spanish SMEs. In this sense, And besides being a source of financing, The incorporation of a company into such a market provides notoriety and image for it before employees, Shareholders, customers, vendors, The Financiers, among others, Increase your chances of incorporating qualified talent and, also, It has an improvement in processes, Organization and Corporate Governance. Likewise, It enables the sale to third parties by those shareholders who wish to monetize their participation in the company or allow you to use their actions as currency for both possible corporate operations and to remunerate their executives and employees. For those purposes, Market documentary and informative transparency, as well as the confirmation of the business model by, both of the regulatory and market, will allow greater ease of obtaining resources with a lower financial cost. Equally, Financing in capital markets will allow bank credit to combine in a balanced way, Corporate debt and own capital and with this the risk will be reduced if bank financing is scarce as a result of a crisis situation.
The main European alternative markets that Spanish companies can opt for are BME Growth and Euronext. The choice of one or another market will depend on the concrete strategy of each entity. So, In relation to those fundamentally national or growth phase projection companies, National The International, the BME Growth is emerging as the most appropriate market, On the contrary, In relation to those companies with international expansion plans the market Euronext It is raised as a more suitable option.
Mercedes Aguilar
social / lawyer.
Responsible for the Department of Mercantil
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