SMEs face liquidity and classification challenges in Spain and Costa Rica

Small and medium-sized enterprises (SMEs) play a critical role in various economies, representing the vast majority of the productive fabric. In Spain, SMEs account for 99% of the business landscape and provide 11.6 million jobs across sectors such as services, construction, agriculture, and industry.

However, these businesses face significant vulnerabilities due to their size. A study involving over 600 companies reveals that 70% of SMEs must accept longer payment terms than desired to maintain B2B client relationships, primarily due to client liquidity issues. In the fourth quarter of 2025, the financial effort linked to commercial debt for Spanish SMEs reached nearly 2,000 million euros. Delays in payments impact 48% of companies by reducing income and increase financial costs in 23% of cases.

In Costa Rica, the distinction between different SME classifications is vital. There is a difference between the business classification used by the Ministry of Economy, Industry and Commerce (MEIC) for public policy and financing, and the accounting definition used under International Financial Reporting Standards (IFRS) for SMEs. A company may qualify for one framework without automatically qualifying for the other.