The need for a new design of the financing offer in Morocco for the Moroccan SME in the presence of a multi-crisis context

Abstract

Moroccan SMEs are of undeniable importance in the economic fabric in which they represent 95% according to the statistics of the confederation of SMEs. They constitute a neuralgic axis of our economy with 40% of the production and 13% of exports. They are present in all sectors of economic activity. In spite of the turbulence of the environment, the SME are pretentious to grow and to develop through the investment which requires a strong capital to be concretized. Nevertheless, the company's own funds remain insufficient in the face of the ambitions of these small firms. There remains only one demand which is the recourse to bank financing which remains laborious to obtain. Nevertheless, the investment is conducted in a context of uncertain future which is rewarded by a risk premium, which explains the high cost of bank financing to SMEs. It is therefore imperative to call for a change in the managerial culture of SMEs, mainly newly created structures, and to encourage banks to make scalable financing proposals ensuring prosperity and sustainability for SMEs. The objective of our article is thus to well identify the conditions of granting of credit for the SME especially in period of crisis and to demonstrate the role of the intervention of the State as intermediary between the establishments of credit and the SME by the means of the guarantees. Thus, our article focuses on a narrative literature review that seeks to focus on the design of the financing offer for the benefit of Moroccan SMEs in an economic context of crisis.

Keywords: Financing offer, growth, Moroccan SMEs, financial failure

JEL Classification: G17, H12.

Paper type: Theoretical Research.