Current account is the financial product most used by formal companies

A current account seems to be the most useful financial instrument for formal companies since it is the product to which the business sector had the greatest access during the last 18 months according to the data compiled by the National Survey of Economic Activity (ENAE 2022)focused on Access to Financing for the formal business sector.

In its results, the report points out that, in terms of the size of the company, the current account remains the main product to which companies have access, with a percentage participation higher than 79.5% in all ranks.

The construction, water supply, social services and human health, agriculture, forestry and fishing sectors are those with the highest percentage when it comes to accessing financing for their operations, according to the findings of ENAE 2022, recently published by the National Statistics Office (ONE).

Access to the loan

Of the total number of companies surveyed by ONE, 45.5% requested a loan during the last 18 months. The sectors with the highest percentage are: Construction (57.7%), Social and Human Health Services (54.0%), Manufacturing Industries (54.0%), Electricity Supply (52.5%)

and Commerce (52.5%).

Among the entities or financial agents where the companies made the loan requests, the Multiple Banks stood out with the highest percentage, with 89.5%. Followed very far by the company itself (11.8%) and credit corporations (5.8%).

Regarding the main destination of the loanOf all the companies, 40.5% directed their financing to Working Capital. 18.4% allocated their funds to the purchase of machinery and equipment, and 12.7% to the purchase of vehicles.

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