Entrepreneurs Lead Job Creation in Spain and Latin America

The BBVA Microfinance Foundation’s (BBVAMF) 2024 Impact Report shows that vulnerable entrepreneurs supported by its microfinance institutions (MFIs) employed more than 158,000 people in Colombia, Peru, the Dominican Republic, Chile and Panama in the same year.

These figures are part of a regional context where micro, small, and medium-sized enterprises (MSMEs) account for 99% of all businesses and generate approximately 60% of formal employment in Latin America and the Caribbean, according to the Organization for Economic Cooperation and Development (OECD). In Spain, the importance of SMEs is very similar: they also represent 99 percent of all companies and employ 62 percent of the population, according to the Ministry of Industry, Trade and Tourism.