SME financing: Between the tightening of bank credit and the rise of innovative alternatives

This paper explores the evolving landscape of SME financing in a context marked by the progressive tightening of traditional bank credit and the emergence of innovative funding alternatives. Small and medium-sized enterprises (SMEs), widely recognized as key drivers of innovation and employment, face increasing difficulties in accessing conventional financial resources due to heightened risk aversion among banks, stricter regulatory requirements, and macroeconomic instability. In response, SMEs are progressively turning to alternative financing solutions, such as crowdfunding, venture capital, peer-to-peer lending, and blockchain-based mechanisms, including smart contracts. The study highlights the dual dynamics shaping the current financing environment: while traditional sources like bank credit and government grants remain essential, they are no longer sufficient on their own. New technologies and decentralized platforms are redefining the financial ecosystem, offering greater flexibility, transparency, and inclusion. However, these alternatives also come with challenges, such as regulatory uncertainty, market saturation, and the need for strategic adaptation. Through a comparative and analytical approach, the paper underscores the importance of fostering a diversified, resilient, and innovation-oriented financial framework. It calls for coordinated efforts between public policy, financial institutions, and technological actors to support the sustainable development and competitiveness of SMEs in an increasingly complex economic environment.