Spanish small business owners skip salaries to avoid external financing

A survey of nearly 1,700 self‑employed entrepreneurs and micro‑companies by fintech platform Qonto found that half of Spanish owners have at some point foregone their own salary to sidestep seeking external financing. Spain recorded the highest proportion in the study, with 50 % of respondents reporting such salary sacrifice, compared with 46 % across France, Germany, Italy and the broader European sample.

The report also highlighted that 57 % of Spanish small and medium‑sized enterprises view cash‑flow management as their chief challenge, and 36 % consider taking on debt a sign of poor financial stewardship. As a result, many avoid bank loans even when liquidity constraints limit growth, leading 28 % of surveyed firms to miss business opportunities. The findings underline a cultural aversion to borrowing among Spanish entrepreneurs, driven by concerns over losing autonomy and the stigma of indebtedness.