SMEs faced a complex environment marked by national and international uncertainty. Although there was a slight recovery toward the end of the year, growth remained below its potential. Inflation fell to 5%, and investment stopped declining, but economic volatility remained high.
In this context, SMEs play a vital role in Colombia’s economic recovery and sustainable development. Their involvement is key to the reindustrialization strategy, particularly in sectors such as agribusiness, tourism, light manufacturing, and the circular economy.
Statistics support this role, as SMEs are the key economic driver in Colombia, currently accounting for 99.5% of all formal businesses, generating 79% of employment, and contributing approximately 40% of the annual GDP.
In 2024, a total of 339 412 new businesses were registered, of which 98.9% were microenterprises, 0.16% were small enterprises, and 0.04% were medium-sized. Additionally, 45% of these new business units created at least one job (Confecámaras, 2025[1]).
The results of the Business Opinion Survey conducted by Fedesarrollo and released in December 2024 showed an increase in business confidence, reaching 20.6% compared to 17.6% in November, its highest level since July 2023 (21.7%). This rise is mainly due to greater optimism regarding the current economic situation.
However, a high level of business informality persists in Colombia. According to a recent study by the Banco de la República (Tobar Cruz and Ruiz Martínez, 2025[2]), between 2019 and 2022, 77% of microbusinesses operated informally. This is closely linked to credit access: only 15.3% of microenterprises had access to credit, compared to 74.8% of medium-sized enterprises.
Access to financing is essential for SME enterprises in Colombia, as it enables them to obtain the resources needed to invest in technology, expand production capacity, innovate, and enhance competitiveness. It also facilitates formalization, promotes financial inclusion, and reduces social and regional inequalities, particularly in vulnerable areas or among traditionally excluded populations such as women entrepreneurs and rural communities.
Nonetheless, according to the 2022–2023 SME Survey by the National Association of Financial Institutions ANIF1 2022- 2023, gaps in access to the financial system still persist, especially in credit. The survey reports that 40% of companies did not apply for a loan. Among micro and small enterprises, this figure averages 28%.
In 2023, the National Development Plan (PND) 2022–2026 titled "Colombia: World Power for Life" was approved by the new National Government. The plan includes financial inclusion as a fundamental pillar for the country’s development, within the transformation axis known as “Human Security and Social Justice.” One of its main objectives is to ensure access to financial services for everyone, with a special focus on productive units within the popular economy2 and the most vulnerable groups. This plan serves as the main roadmap for legislative initiatives aimed at improving financing conditions for MSMEs developed during this period. This includes Instruments for Financial and Credit Inclusion of the Popular Economy, an Open Data Scheme for Financial Inclusion and Interoperability in Immediate Low-Value Payment Systems.