Small and medium-sized businesses in Lanzarote are currently experiencing a reality full of difficulties, since, in addition to the negative environment generated by the economic problems derived from the crisis, there are also financing difficulties due to the credit restrictions that large banking companies apply and that can, on many occasions, drown the business of many entrepreneurs.
The importance of small and medium-sized companies in the economic reality of Lanzarote is, as in the entire national territory, enormous, since a large part of the generation of employment and the recovery of the delicate economic situation that the country is going through depends on its activity. According to official data, in Spain almost 80% of jobs are generated by small and medium-sized businesses, a group that represents up to 95% of the Spanish business fabric. The situation in Lanzarote has similar figures, so the difficulties for this part of society translate into job losses, decreased wealth and economic difficulties that affect the bulk of the island's population.
According to official sources and those close to the world of small and medium-sized businesses, one of the main problems is the lack of credit flow from banking entities, an essential money for the financing of companies that cannot do without it without seeing their business and job creation capacity affected. Thus, since the beginning of the crisis, large banks have opted for a strategy of hardening the requirements to qualify for a loan, which has meant that the number of accepted applications has decreased vertiginously. In addition, if the application is accepted, the interest rates can ruin any project of a small and medium-sized company, since the increase in the price of money has caused serious difficulties in this sector.
Despite the bleak panorama formed by the financing difficulties and the tightening of the requirements to access credit, small and medium-sized businesses in Lanzarote can glimpse some hope on the horizon. Loans through the Internet have proven to be one of the most effective solutions to obtain a means of rapid financing that solves some eventual situations. The advantages of this form of credit are wide, since the greater ease of obtaining approval of the application and interest rates that are becoming lower and lower, as a result of competition between the different companies that operate in the sector, make credit through the Internet the lifeline for many small businesses.
Thus, in the current situation, many small and medium-sized businesses have been able to experience how online credit provides them with what traditional banking entities deny them, namely, a fast and effective way of financing that solves occasional liquidity problems and does not ruin new projects aimed at generating employment and wealth in Lanzarote.
