Small and medium-sized enterprises (SMEs) need financing for their activities and operational growth through investments in fixed assets. Developing countries, like most Latin American countries cannot have sufficient banking penetration to meet the demand for financing for SMEs. The difficulties of obtaining access to financing for this type of company can be diverse, among them the need to guarantee, informality, various legal rules, and lack of access to financial institutions. Small businesses that have fixed assets can find easier to obtain loans because they can use these assets as guarantee, Land investment is one of the main forms of guarantee accepted by banks, as well as equipment. The objective was to examine the impact of fixed assets on the likelihood of SMEs accessing bank loans. We then separate the effects of fixed assets into land, including buildings and equipment, such as vehicles, machinery and other equipment. In addition, we investigate the impact of banking penetration on access to capital for SMEs that lack fixed assets investments. The results showed that the increase in banking penetration practically does not reflect more access to financing for SMEs that have fixed assets, different than expected and this can be explained by the fact that SMEs do not use new accesses to financing and use the credit history already obtained to obtain new loans.