Abstract

Small and medium-sized enterprises (SMEs) represent a significant part of the Italian economic fabric, playing a crucial role in job creation, innovation, and maintaining traditional know-how. However, their growth and ability to compete globally have historically been hampered by structural barriers, particularly the difficulty of accessing credit. The COVID-19 pandemic exacerbated these challenges, revealing SMEs’ dependency on traditional financing channels. At the same time, alternative finance and fintech innovations have emerged as potential solutions, providing SMEs with faster, more flexible access to capital. This paper explores the evolving landscape of credit access for Italian SMEs, emphasizing the rise of fintech and alternative finance as key drivers of change. The study analyzes the impact of technological innovations in the financial sector, such as peer-to-peer lending, crowdfunding, and invoice trading, on SMEs’ ability to secure funding. Additionally, the role of public policy in supporting SME financing through guarantee funds and regulatory frameworks is discussed. By comparing traditional banking with fintech solutions, this research sheds light on the increasing collaboration between banks and fintech companies, showing how these partnerships benefit SMEs by improving access to capital and reducing transaction costs. Moreover, the paper addresses the challenges SMEs face in adopting new technologies, such as digitalization and sustainability, and how these innovations can strengthen their resilience in the face of future crises. Finally, the study suggests that the integration of fintech with traditional banking models and the adoption of digital technologies can create a more inclusive and sustainable financial ecosystem. Such developments would ensure that SMEs not only survive but thrive in the rapidly evolving global economy.