OCDE - Financing SMEs and Entrepreneurs 2026 - Colombia de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Key facts on SME financing SMEs faced a complex environment marked by national and international uncertainty. Although there was a slight recovery towards the end of the year 2024, growth remained below i ts potential. Inflation in July 2025 fell to 5%, and investment stopped declining, but economic volatility remained high (Banco de la República, 2025). In this context, SMEs play a vital role in Colombia’s economic recovery and su stainable development. Their involvement is key to the reindustrialisation strategy, particul arly in sectors such as agribusiness, tourism, light manufacturing, and the circular economy. Statistics support this role, as SMEs are the key economic driver in Colombi a, currently accounting for 99.5% of all formal businesses, generating 79% of employment, and contributing ap proximately 40% of the annual GDP (Confecámaras, 2025). In 2024, a total of 339,412 new businesses were registered, of which 98.9% were microenterprises, 0.16% were small enterprises, and 0.04% were medium-sized. Additionally, 45% of these new bus iness units created at least one job (Confecámaras, 2025). The results of the Business Opinion Survey conducted by Fedesarrollo and rel eased in December 2024 showed an increase in business confidence, reaching 20.6% compared to 17.6% in November, its highest level since July 2023 (21.7%). This rise is mainly due to greater optimism regarding t he current economic situation (Fedesarrollo, 2025). However, a high level of business informality persists in Colombia. According to a recent study by the Banco de la República (Tobar Cruz & Ruiz Martínez, 2025) , between 2019 and 2022, 77% of

situation (Fedesarrollo, 2025). However, a high level of business informality persists in Colombia. According to a recent study by the Banco de la República (Tobar Cruz & Ruiz Martínez, 2025) , between 2019 and 2022, 77% of microbusinesses operated informally. This is closely linked to credit access: only 15.3% of microenterprises had access to credit, compared to 74.8% of medium-sized enterprises (Banca de las Oportunidades; Superintendencia Financiera de Colombia, 2025). Access to financing is essential for SME enterprises in Colombia, as it enables them to obtain the resources needed to invest in technology, expand production capacity, innovate, and enhance com petitiveness. It also facilitates formalisation, promotes financial inclusion, and reduces social a nd regional inequalities, particularly in vulnerable areas or among traditionally excluded populations such as women entrepreneurs and rural communities. Nonetheless, according to the 2022–2023 SME Survey by the National Association of Financial Institutions ANIF1 20222023 (2024), gaps in access to the financial system still persist, especial ly in credit. The survey reports that 40% of companies did not apply for a loan. Among micro and s mall enterprises, this figure averages 28%. In 2023, the National Development Plan (PND) 2022 –2026 titled "Colombia: World Power for Life" was approved by the new National Government. The plan includes financial inclusion as a fundamental pillar for the country’s development, within the transformation axis known as “Human Security and Social Colombia2 

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Justice.” One of its main objectives is to ensure access to financial services for ev eryone, with a special focus on productive units within the popular economy 2 and the most vulnerable groups. This plan serves as the main roadmap for legislative initiatives aimed at improving financing c onditions for MSMEs

Justice.” One of its main objectives is to ensure access to financial services for ev eryone, with a special focus on productive units within the popular economy 2 and the most vulnerable groups. This plan serves as the main roadmap for legislative initiatives aimed at improving financing c onditions for MSMEs developed during this period. This includes Instruments for Financial and Credi t Inclusion of the Popular Economy, an Open Data Scheme for Financial Inclusion and Interoperability in Immediate Low-Value Payment Systems. 3

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Table 1. Scoreboard for Colombia Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs COP billion 25.61 28.59 26.58 29.12 39.97 46.76 51.6 55.23 58.17 62.09 64.88 68.50 63.9 68.0 77.6 83.01 83.1 85.5 Outstanding business loans, total COP billion 78.4 94.7 95.9 113.8 134.8 152.8 171.3 197.2 226.3 243.2 251.8 253.6 261.2 272.4 294.8 345.04 353.3 381 Share of SME outstanding loans % of total outstanding business loans 32.67 30.19 27.70 25.58 29.66 30.61 30.11 28.01 25.70 25.53 25.77 27.01 24.48 25 26.3 24.1 23.5 22.5

New business lending, total COP billion 67.7 76.0 77.2 79.0 77.7 95.4 104.0 117.0 117.7 117.3 153.3 160.1 118.6 112.5 138.7 146 142.7 178.5 New business lending, SMEs COP billion 13.2 13.5 15.22 16.91 21.09 23.53 23.57 24.69 25.53 25.3 34.11 35.48 29.68 25.44 29.4 39.07 36.3 40.3 Share of new SME lending % of total new lending 19.50 17.76 19.71 21.39 27.13 24.67 22.65 21.10 21.70 21.57 22.25 22.05 25.03 22.6 21.2 26.8 25.5 22.6 Outstanding short-term loans, SMEs COP billion 4.98 7.52 6.14 6.41 10 11.55 12.36 12.93 13.8 13.59 14.44 12.86 11.39 11.26 13.28 16.2 17.2 17.3 Outstanding long-term loans, SMEs COP billion 20.63 21.07 20.44 22.71 29.97 35.22 39.24 42.3 44.37 48.5 50.44 55.63 52.62 56.77 64.3 66.7 66.0 68.2 Share of short-term SME lending % of total SME lending 19.45 26.30 23.10 22.01 25.02 24.70 23.95 23.41 23.72 21.89 22.26 18.78 17.69 16.6 17.1 19.6 20.7 20.3

Government loan guarantees, SMEs COP billion 0.56 1.39 1.82 1.94 5.46 6.19 7.14 7.51 7.72 10.52 11.53 9.40 11.48 15.20 18.1 17.2 16.0 18.4 Government guaranteed loans, SMEs COP billion 2.23 2.59 2.98 3.16 7.26 9.12 10.81 11.96 12.69 15.37 16.51 15.22 16.27 23.66 27.1 26.9 26.5 28.0 Non-performing loans, total % of all business loans 0.95 1.27 1.59 1.07 1.00 1.03 1.08 1.33 1.34 1.51 2.36 2.61 2.51 3.1 2.4 1.6 2.2 3.5 Non-performing loans, SMEs % of all SME loans 2.52 3.66 5.05 3.68 1.76 1.81 1.99 2.45 2.25 3.12 3.71 3.84 3.44 3.6 3.3 2.6 3.5 5.0 Interest rate, SMEs % 20.09 23.13 20.43 18.66 14.34 14.68 13.24 13.54 14.69 16.87 15.37 13.03 13.34 12.3 12.4 21.8 23.3 20.3 Interest rate, large firms % 12.61 14.74 9.41 7.16 8.90 8.61 7.54 8.02 8.66 11.02 9.16 6.32 6.05 5.3 5.2 13.9 16.2 11.8

Interest rate spread Percentage points 5.13 5.43 5.45 5.06 5.64 6.24 5.77 6.02 6.92 7.20 6.21 6.71 7.30 7.0 7.1 7.9 7.0 8.6 Collateral, SMEs % of SMEs needing collateral to obtain bank lending 79.25 87.54 86.28 87.31 90.04 90.12 90.02 89.30 91.04 91.71 92.15 91.75 91.92 93.3 93.3 91.7 90.9 91.0 Percentage of SME loan applications SME loan applications/ total number of SMEs 49 53 44.6 49.6 47 44 43.3 39.6 42.6 34 40 40 25 35 27.7 39.7 23.99 Rejection rate 1-(SME loans authorised/ requested) 2 4 9 5 3 4 7 3 7.5 4 8 7 26 30 29.2 26.28 Utilisation rate SME loans used/ authorised 98 96 91 95 97 96 93 97 92.5 96 92 93 88 70 Non-bank finance Venture and growth capital COP billion 5.0 8.8 12.4 16.5 18.7 16.1 8.5 14.6 17.5 18.9 Venture and growth capital (growth rate) %, Year-on-year growth rate 77.14 40.7 32.74 12.9 -13.8 -46.8 70 20.19 8.0 Leasing and hire purchases COP billion 33.34 39.45 41.98 50.17 29.4 31.3 31.0 32.7 73.1 72.0

Leasing and hire purchases COP billion 33.34 39.45 41.98 50.17 29.4 31.3 31.0 32.7 73.1 72.0 Factoring and invoice discounting COP billion

5.77 6.04 7.15 7.01 12.85 10.55 17.56 23.75 31.47 25.77 25.53 26.58 28.2 23.0 22.8 11.0 43.2 41.04 

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Other indicators Payment delays, B2B Number of days 49 50 61 62 59 55 56 65 66 85 95 101 80.01 103.55 112.86 97.24 91.53 161.3 Bankruptcies, SMEs Number 1 12 18 40 59 76 83 85 131 193 443 608 661 691 1 008 1 231 1 201 Bankruptcies, SMEs (growth rate) %, Year-on-year growth rate 1 100 50 122.2 47.50 28.81 9.21 2.41 54.12 47.33 129.5 37.25 8.72 4.54 45.87 22.12 -2.44

Source: See Table 3. 5

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Macroeconomic and financing conditions In 2024, the performance of the Colombian economy was deeply influenced by a complex macroeconomic and financial environment. Factors such as inflation, contractionary monetary pol icy, political instability, and a challenging fiscal context shaped a pattern of moderate economic growth. Despi te some progress towards stabilisation, signs of recovery remain below the country’s long-term potential.

and financial environment. Factors such as inflation, contractionary monetary pol icy, political instability, and a challenging fiscal context shaped a pattern of moderate economic growth. Despi te some progress towards stabilisation, signs of recovery remain below the country’s long-term potential. Throughout 2024, inflation moderated further to 5.2% continuing the trend of 2023 (9.28% ), nonetheless persistent risks persist could reverse this trend. In parallel, the Central Bank (Banco de la República) maintained a restrictive monetary policy, reflecting caution in the face of both dome stic and international conditions. This adjustment occurred alongside a partial strengthening of some external i ndicators, such as the reduction of the current account deficit in the balance of payments. Economic growth in 2024 stood at 1.7%, below the historical trend, reflecting structural weaknesses. Growth was driven mainly by sectors such as agriculture, entertainment, and certain government services, while key industries such as manufacturing and mining experienced contractions, limiting a more robust expansion. In the labour market, there were improvements in employment and a reduction in the unemployment rate, despite lower labour participation, standing at 9.7% at the end of the year. This result is explained by the fact that new employment was mainly concentrated on the non-salaried 1 and informal segment. This segment grew by 5.1%, reaching 12.5 million employed people, while salaried employme nt2 only grew 1.6%. This imbalance is explained by the fact that the most dynamic sectors (agr iculture and services) have high informality. The behaviour of the labour supply measured through the Global Participation Ra te (TGP), which measures the proportion of the active population in the labour market, remained stab le at 66% in the 23 main cities, while in other capitals and rural areas it fell to about 62%. This moderation in the labour supply, combined with employment growth, helped to reduce the unemployment rate. These labour advances brought some social stability, although quality employment remains a concern. On the fiscal side, the 2025 Financial Plan reported a deterioration in publi c finances: the General

combined with employment growth, helped to reduce the unemployment rate. These labour advances brought some social stability, although quality employment remains a concern. On the fiscal side, the 2025 Financial Plan reported a deterioration in publi c finances: the General Government deficit reached 4.8% of GDP, with notable increases in imbalances within the Central National Government and the social security system. Finally, in terms of foreign direct investment (FDI), the Central Bank reported that in 2024 , the country received a total of USD 14.234 billion. Although this represented a decrease of USD 2.559 billion compared to 2023, the last quarter showed signs of recovery, with an increase of USD 895 million compared to the same period the previous year. The main recipient sectors of this investment were fi nancial and business services, mining, oil, and manufacturing, suggesting a reorientation towards strategi c sectors of the national economy (Banco de la República, 2025). SMEs in the national economy SMEs play an essential role in the country’s economic recovery and sustain able development. Their participation is key to the reindustrialisation strategy, particularly in sectors such as agribusiness, tourism, light manufacturing, and the circular economy. They also serve as drivers of local value chains, promoting productive decentralisation and linking up with regional producers, suppliers, and consumer s, while connecting with the popular economy and community-based entrepreneurship. Strengthe ning their capacity for adaptation and innovation will be crucial for building more equitable and resilient growth. According to the records of the chambers of commerce in 2024 (Confecámaras, 2024), The formal business structure of Colombia is made up of 91.7% microenterprises, 6.3% small enterpri ses, 1.6%6 

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

medium-sized enterprises, and only 0.4% large enterprises. Between January and December, 29 7 475 productive units were created, representing a 2.7% decrease compared to 2023.

medium-sized enterprises, and only 0.4% large enterprises. Between January and December, 29 7 475 productive units were created, representing a 2.7% decrease compared to 2023. Table 2. Distribution of firms in Colombia by firm size, 2024 Enterprise size (%) Manufacturing Industry Service Sector Commerce Sector Micro 91.7% ≤ 23.563 ≤ 32.988 ≤ 44.769 Small 6.3% > 23.563 ≤ 204.995 > 32.988 ≤ 131.951 > 44.769 ≤ 431.196 Medium 1.6% > 204.995 ≤ 1.736.565 > 131.951 ≤ 483.034 > 431.196 ≤ 2.160.692 Big 0.4% > 1.736.565 > 483.034 > 2.160.692

Note: 1: Since the issuance of Decree 957 of 2019, the classification of company size is based on the economic sector and the volume of sales measured in Tax Value Units (TVU). The value of the TVU is determined each year by Colombia’s tax authority – DIAN. 2: TVU 2024 = COP 47.065

SME lending In the analysis of credit access by company size according to the Credit S ituation Report in Colombia at the end of 2024 (Banco de la República, 2025), a general decline in new lending was observed from banks during the period. This affect ed all firms, with a more pronounced drop among small enterprises. In contrast, Commercial Finance Companies (CFCs) reported an increase in credit access for most companies, except for medium-sized ones. Meanwhile, cooperatives showed improved ac cess for microenterprises, while access decreased for the other business sizes. In the microcredit market, by the end of 2024, the perception of willingness to grant microloans showed favourable trends across economic sectors, with the exception of activities related to con struction and communications. Meanwhile, the demand for access to new microloans was predomina ntly rated

In the microcredit market, by the end of 2024, the perception of willingness to grant microloans showed favourable trends across economic sectors, with the exception of activities related to con struction and communications. Meanwhile, the demand for access to new microloans was predomina ntly rated negatively across all economic sectors. On the other hand, according to the 2024 Financial Inclusion Report (Banca de las Oportunidades; Superintendencia Financiera de Colombia, 2025), the current credit access rate for businesses stood at 26.7% in 2024, representing an increase compared to 2023. However, this figure stil l falls short of the levels observed before the pandemic, when it stood at 30.1%. When disaggregated by company size, there is clear evidence of significant inequality in access to credit. In 2024, 74.8% of medium-sized enterprises obtained financing, reflecting a sl ight decrease of 0.2 percentage points compared to 2023. For small enterprises, access in 2024 stood at 59.5%, representing a drop of 1.3 percentage points compared to 2023. In the case of microenterprises, althou gh there was a slight increase of 0.5 points, the indicator only reached 15.3%. This distribut ion reveals a gap of 66.8 percentage points between medium-sized and microenterprises, confirming that acces s to credit tends to decrease as the size of the enterprise decreases. The analysis by business age confirms the trend that access to credit incr eases with enterprise age. In 2024, consolidated companies (more than 15 years of operation) reached a credit access rate of 54%, an increase of 0.8 percentage points compared to the previous year, while mature com panies (between 10 and 14 years) maintained a rate of 29.8%. In contrast, young companies (between 5 and 9 years in operation) reported an access rate of 14.8%, a decrease of 0.5 points, and nascent companies (less 4

and 14 years) maintained a rate of 29.8%. In contrast, young companies (between 5 and 9 years in operation) reported an access rate of 14.8%, a decrease of 0.5 points, and nascent companies (less 4 years in operation) reported an access rate of 3,2% showed a decline of 0.7 percen tage points. These results highlight the greater barriers faced by early-stage firms in accessing formal financing. 7

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Regarding the requirement of collateral or guarantees for credit, the National Gu arantee Fund reported that in 2024, COP 15.46 trillion in loans were supported by a total of 458 838 guaran tees, representing a 30.5% increase compared to the previous year. Additionally, 1.2 million guaranteed lo ans were recorded, approximately 90% of which were concentrated in microenterprises (Fondo Nacional de Garantías, 2025). Access to credit is restricted by various factors that especially affect microent erprises. One of the most significant is high interest rates, which substantially increase the cost of financing and reduce repayment capacity. In addition, in many cases, the approved loan amounts are insufficient or l ower than requested, limiting the effectiveness of credit as a tool for growth. High costs relate d to commissions and other financial charges also increase the economic burden on applicants. Lengthy processes and the complexity of disbursement procedures constitute another ma jor barrier, particularly for smaller productive units that require timely liquidity. Moreover, s trict credit approval requirements, such as the need for collateral or a strong credit history , exclude a wide range of potential beneficiaries. In this context, many individuals turn to informal financing mechanisms, which can perpetuate cycles of debt and vulnerability. Collectively, these factors c reate an unfavorable environment that hinders access to formal financial resources and limits the consolidation, expansion, and sustainability of emerging businesses and enterprises. In an effort to address these unfavorable factors and contribute to boosting the country’s ec onomic

perpetuate cycles of debt and vulnerability. Collectively, these factors c reate an unfavorable environment that hinders access to formal financial resources and limits the consolidation, expansion, and sustainability of emerging businesses and enterprises. In an effort to address these unfavorable factors and contribute to boosting the country’s ec onomic recovery, the National Planning Department 3 together with representatives of the Bicentenario Group 4 (Bancóldex, Findeter, Finagro, National Guarantee Fund 5, National Savings Fund 6, the Ministries of Finance, Trade, Agriculture, and Housing, the Bogotá Chamber of Commerce, companies, and associations from the solidarity sector, signed the “Pact for the Democratisation of Solidarity Credit” in October 2024. The objective of the Pact is to promote access to associative and productive credit to underserved population segments and in regions of the country where funds, microfinance institutions, and cooperatives are present, so that it can contribute more actively to economic recovery by strongly supporting the productive units of the popular economy. Additionally, this pact removes barriers for the solidarity sector in order to continue combating harmful practices such as “gota a gota” (loan sharking ) (Departamento Nacional de Planeación, 2024). This initiative has recorded credit disbursements of COP 101.7 trillion as of A pril 2025, equivalent to 15.1 million approved and disbursed loans, primarily concentrated in the sector s of manufacturing and energy transformation, housing and infrastructure, agriculture, and tourism (Superintendencia F inanciera de Colombia, 2025). Alternative sources of SME financing Currently, the financial inclusion ecosystem offers instruments and financing mechanisms that respond to different stages and needs of businesses. In the discovery phase, the government provi des subsidies, awards, and seed capital funds through the Fondo Emprender. For businesses in the growth s tage, the public offering of financing instruments includes resources from Bancóldex–Capital Fund (FoF), Innpulsa’s Capital Lab, the Fondo Mujer Libre y Productiva, and the Fondo Emprender. Additionally , for companies

public offering of financing instruments includes resources from Bancóldex–Capital Fund (FoF), Innpulsa’s Capital Lab, the Fondo Mujer Libre y Productiva, and the Fondo Emprender. Additionally , for companies at all stages of growth, Bancóldex offers rediscount credit lines, and the Nation al Guarantee Fund (FNG) provides credit guarantees to support them. Moreover, there are alternative instruments from both traditional and non-traditional financial intermediaries that are offering business liquidity solutions through technologies that are revolutionising and reshaping SME financing such as factoring and confirming (reverse factoring) 7,which have gained significant traction in recent years in response to the implementation of the El ectronic Invoice System by the National Tax and Customs Directorate8.8 

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

Fondo Emprender The Fondo Emprender of the National Learning Service 9 promotes business creation and job generation in Colombia through forgivable and repayable seed capital. It aims to finance innovative, sustainable, and high-impact ideas through national and regional public calls open to all populations across the country. Through this initiative, nearly 33 000 businesses have been strengthened and more tha n 11 000 enterprises have been financed since 2011 to date (SENA, 2024). Fondo de Fondos Bancóldex10: Bancóldex Capital Fondo de Fondos I includes various compartments, each focusing on investing in a specific type of fund, including but not limited to: Private Equity Funds, Venture Capital Funds, and Private Credit Funds. The capital-raising process carried out in 2018 led to the laun ch of the Fund of Funds in 2019, initially with the Capital para Emprender compartment. This compartment focuses on investing in Colombian and regional venture capital funds that support high-impact, scalab le ventures across the commerce, industry, tourism, services, and creative industries sectors. As of the end of 2024, this

2019, initially with the Capital para Emprender compartment. This compartment focuses on investing in Colombian and regional venture capital funds that support high-impact, scalab le ventures across the commerce, industry, tourism, services, and creative industries sectors. As of the end of 2024, this compartment had anchor investments from Bancóldex totaling COP 185.447 billion. (Bancóldex, 2 025). Bancóldex Capital Fondo de Fondos II is currently under structuring, with the objective of investi ng in: (i) Seed Capital Funds: Investment funds that provide financing (through debt or eq uity) to companies or projects in the early stage of validating a product, service, or business plan. (ii) Venture Capital Funds: Investment funds that finance companies that have alrea dy gone through the initial pre-operational and/or operational phases; they have a developed and tested product and have achieved initial revenues. (iii) Private Equity Funds: Investment funds that invest (through debt or equity) in established companies requiring resources primarily for consolidation and/or expansion. (iv) Private Credit Funds: Investment funds that will carry out credit operation s (senior, subordinated, principal, mezzanine, secured or unsecured, among others) in favour of established companies. The Fund will seek to invest in capital funds that target companies or projects in the commerce, industry, and tourism sectors.

Venture Capital: Venture capital plays a strategic role in Colombia’s financing ecosystem, as it provides not only financial resources but also technical support, networking opportunities, and strategic g uidance, enhancing the scalability of startups and high-potential projects. In a context like Colombia’s, venture capital serves as a key alternative to diversify sources of investment, stimulate innovation, and promote the development of dynamic sectors such as technology, biotechnology, fintech, and the creative economy.

According to data from the Latin American Private Equity and Venture Capital Association (2025), venture capital mobilised in the country reached USD 513 million in 2024, represent ing a 36.44% increase

dynamic sectors such as technology, biotechnology, fintech, and the creative economy. According to data from the Latin American Private Equity and Venture Capital Association (2025), venture capital mobilised in the country reached USD 513 million in 2024, represent ing a 36.44% increase compared to USD 376 million in 2023. The fintech sector remains the driving force of Colombia’s entrepreneurial ecosystem, attracting 73.9% of total investments.

Factoring and confirming: Factoring and confirming are financial tools that allow credit-issued invoices to be converted into immediate liquidity, improving cash flow and strengthening the financial sustainability of businesses. A key component 9

FINANCING SMES AND ENTREPRENEURS 2026: COLOMBIA © OECD 2026

in advancing these mechanisms has been the mandatory implementation of electronic invoicing throughout the country. Once recognised as negotiable instruments, these invoices represent ei ther a collection right or a payment obligation that can be transferred to third parties. In this context, the RADIAN platform, administered by DIAN, has played a fundamental role by enabling the registration, tr aceability, and consultation of these invoices, thus facilitating negotiation operations and access to financing. Between 2023 and 2024, there was a 51% increase in the number of paying compani es using these services, and a 9% increase in the number of suppliers that obtained financing through these mechanisms (Colombia Fintech, 2025). As of April 2025, 41 608 electronic invoicers had bee n enabled within the RADIAN system. Between 2021 and 2024, a total of 4.3 million invoices were end orsed, representing a total value of COP 92.68 trillion, which reflects the growing and sustained ad option of this model (Banca de las Oportunidades; Superintendencia Financiera de Colombia, 2025). According to Factors Chain International (FCI), Colombia ranks fourth in Latin Americ a in factoring

total value of COP 92.68 trillion, which reflects the growing and sustained ad option of this model (Banca de las Oportunidades; Superintendencia Financiera de Colombia, 2025). According to Factors Chain International (FCI), Colombia ranks fourth in Latin Americ a in factoring transaction volume, after Chile, Peru, and Mexico. Activity in this sector has grow n 44% since 2022 and currently accounts for around 3% of the national GDP, with projections to reach 7% by 202 7 (La Nota Económica, 2025). Government policy response In 2023, the National Development Plan (PND) 2022 –2026 titled "Colombia: World Power for Life" was approved by the new National Government. The plan includes financial inclusion as a fundamental pillar for the country’s development, within the transformation axis known as “Human Security and Social Justice.” One of its main objectives is to ensure access to financial services for ev eryone, with a special focus on productive units within the popular economy 11 and the most vulnerable groups. This plan serves as the main roadmap under which legislative initiatives aimed at improving financing conditions for MSMEs have been developed during this period. Law 2294 of 2023: National Development Plan 2022–2026 Within the law that establishes the current Government's National Development Plan (F unción Pública, 2025), various articles were introduced to enable, in a flexible and open manner, the subs equent implementation of decisive actions to update, transform, and improve financial inclusion frameworks in the country. Notable among these are:

1. Article 88. Instruments for Financial and Credit Inclusion of the Popular Economy. The Ministry of Finance and Public Credit, in co-ordination with other State entities, shall promote the development of instruments and programmes to foster the financial and credit inclusion of the

Popular Economy.

2. Article 89. Open Data Scheme for Financial Inclusion. State entities that are part of the branches of public power, as well as all legal entities of a private nature, must provide access to

development of instruments and programmes to foster the financial and credit inclusion of the Popular Economy.

2. Article 89. Open Data Scheme for Financial Inclusion. State entities that are part of the branches of public power, as well as all legal entities of a private nature, must provide access to and supply all information that may facilitate access to financial products and services.

3. Article 94. Right to Financial Portability. Financial consumers shall have the right to request the transfer of their financial products from one institution supervised by the Financial Superintendence of Colombia to another, along with all general and transactional information associated with tho se products.

4. Article 104. Interoperability in Immediate Low-Value Payment Systems. Low-value payment systems that provi