A study by the IFC and McKinsey and Company (McKinsey) suggests that there are close to 365–445 million micro, small, and medium enterprises in emerging markets of which 25–30 million are formal SMEs and 55–70 million are formal micro enterprises, while the rest (285–345 million) are informal enterprises.
According to the same study, close to 45 to 55% of the formal SMEs (11–17 million) in the emerging markets do not have access to formal institutional loans or overdrafts despite a need for one. The finance gap is far bigger when considering the micro and informal enterprises; 65–72% of all MSMEs (240–315 million) in emerging markets lack access to credit.