Microcredit has positioned itself as a relevant instrument in the financial inclusion and social development agendas, although its effects are still the subject of debate. This study analyzes the impact of microcredit in the intermediate municipality of Sogamoso (Boyacá, Colombia) during the period 2019–2023, considering three dimensions: financial inclusion, productive sustainability, and social empowerment.

The research adopted a descriptive-analytical design of a qualitative nature, based on a systematic bibliographic review and a case study with semi-structured interviews, documentary analysis and participatory observation. The findings show that microcredit expanded access to formal financing and generated social capital, in addition to strengthening women's economic autonomy. However, most of the beneficiaries allocated the resources to immediate subsistence, which limited processes of accumulation and productive scaling. Structural barriers, low financial education and the absence of complementary policies reduced its transformative potential.

This work provides empirical evidence from an intermediate municipality, a context little explored in Colombia. The results underscore the need for comprehensive policies that articulate financing with technical training, institutional strengthening, financial education, and gender equity strategies, in order to enhance the impact of microcredit as a tool for inclusive development.