Business investment accounted for 33.8% of the €163 million in financing formalized by Elkargi during the first four months of 2026, representing a decline of nearly five percentage points compared with 2025.
According to Elkargi, the figures reflect the challenging economic environment facing businesses amid a climate of uncertainty and transformation driven by geopolitical instability, which is leading to shrinking order books and tighter profit margins.
Beyond industrial investment, Elkargi’s activity during the first four months of the year continued the trend observed throughout 2025. Working capital financing reached €61.7 million, accounting for 38.3% of total financing activity. Technical guarantees represented the remaining 27.9%, totaling €45 million, and continue to play a key role in enabling SMEs to participate in public tenders and commercial contracts.
Bizkaia led financing activity with €60 million, representing 37.4% of total formalizations, followed by Gipuzkoa with €48.2 million (29.9%), Araba with €20.6 million (12.8%), and Navarra with €19.5 million (12.1%). Elkargi’s Madrid office contributed €12.6 million, accounting for 7.8% of the total and reinforcing the organization’s strategy of supporting businesses beyond its historical territories.
From a sector perspective, industry remained one of the most significant segments, with €50 million formalized, representing 31% of total financing activity and building on the 24.7% growth recorded in 2025. Services and retail continued to represent a substantial share of activity, while construction accounted for €14.1 million (8.8%) and hospitality for €5.8 million (3.6%). During 2025, Elkargi worked with a total of 1,620 companies.
SMEs Face a New Transformation Cycle
During Elkargi’s General Shareholders’ Meeting, held in San Sebastián, the organization presented an analysis of the major challenges facing SMEs as they pursue international expansion in a radically changed protectionist environment. Innovation and the adoption of artificial intelligence as drivers of competitiveness were also identified as key medium- and long-term priorities, particularly for industrial companies.
Chairman Lander Arteche highlighted the progress achieved under Elkargi’s current strategic plan, which runs through 2027 and is built around three pillars: Growth and Sustainability, Culture, and Brand.
Chief Executive Officer Zenón Vázquez Irizar reviewed the organization’s 2025 results, including the addition of more than 1,000 students to Elkargi’s Finance School and continued growth in its consulting activities, extending a seven-year streak of expansion.
Internationalization: Supporting Companies Amid Tariff Uncertainty
Internationalization remains one of Elkargi’s primary concerns given the strong international exposure of many of the companies it supports. The need for financing to operate abroad has become increasingly important in a context marked by growing uncertainty.
To address these challenges, Elkargi has strengthened its international financing and business support services through an agreement with Spain’s Official Credit Institute (ICO) to launch a €750 million financing facility aimed at supporting companies operating in international markets.
Innovation: Financing Intangible Assets and Uncertainty
Innovation continues to be another strategic priority. According to the 2025 Regional Innovation Scoreboard of the European Commission, analyzed by the Cotec Foundation, the Basque Country ranks as Spain’s second most innovative region, ahead of Madrid and behind only Catalonia.
While innovation investment levels remain above the EU-27 average, much of this performance has been driven by public-sector initiatives. However, investment by SMEs is also gaining momentum. During the first four months of 2026, Elkargi provided €3.63 million in innovation-related financing, a trend that could significantly exceed the €9.46 million recorded throughout 2025.
Among the financial solutions available to support innovation projects is Elkargi’s Innovation Loan, developed in collaboration with the Provincial Council of Bizkaia and Solventis, which offers highly competitive financing conditions for SMEs.
Artificial Intelligence: A Financial Challenge as Well as a Technological One
Artificial intelligence has evolved from a future technology into a tangible reality within business operations and organizational structures. However, Elkargi notes that the gap between large corporations and SMEs is not only technological but also financial and organizational.
Implementing AI requires investment in software, hardware, workforce training, and process adaptation, while companies must simultaneously maintain day-to-day operations. In this context, Elkargi plays a dual role by financing both the technological investments required for AI adoption and the working capital necessary to support the transition process.
Through a broad and diversified financial network, Elkargi continues to provide member companies with access to financing, training, and applied financial consulting services, offering a comprehensive support model designed to strengthen SME competitiveness and long-term growth.
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