Survey on the Access to Finance of Enterprises: lending conditions tightened marginally, while financing needs and availability remained broadly unchanged

In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE), covering the third quarter of 2025, euro area firms reported a slight net increase in interest rates on bank loans (a net 2%, compared with -14% in the previous quarter). This increase was primarily reported by small and medium-sized enterprises, while a net 3% of large firms reported a decline in interest rates. At the same time, a net 23% of firms (up from 16% in the previous quarter) observed increases both in other financing costs (i.e. charges, fees and commissions) and in collateral requirements (a net 16%, up from 11% in the second quarter of 2025) (Chart 1).

In this survey round, firms’ needs for bank loans stood at a net 0% (up from -1% in the second quarter of 2025) (Chart 2) and availability of bank loans at a net -1% (down from 1% in the second quarter). This brought the bank loan financing gap – an index capturing the difference between the need for and the availability of bank loans – to a net 1% (up from -1% in the previous quarter). Looking ahead, firms expect the availability of external financing to remain broadly unchanged over the next three months, indicating a less optimistic outlook than in the previous survey round.

Firms continued to perceive the general economic outlook to be the main factor constraining the availability of external financing (a net 19%, compared with a net 17% in the previous survey round) and indicated an improvement in banks’ willingness to lend (a net 2%, down from 6%). In this survey round, firms reported a somewhat more negative impact of their firm-specific outlook on financial availability, in terms of sales and profits.

Firms indicated no change in turnover, while, in net terms, profits declined and investment increased. A net 0% of firms reported changes in turnover over the last three months, down from 8% reporting an increase in the previous survey round. A net 25% of firms remained optimistic about developments in the next quarter – more than in the previous quarter. At the same time, firms continued to see a deterioration in their profits. A net 8% of firms (up from 3%) reported increased investments over the past three months, close to their earlier expectations. Looking ahead, firms are slightly less optimistic about obtaining future investment than they were in the preceding quarter.

On average, firms’ expected selling price growth increased to 2.9%, from 2.5% in the previous survey round, while the corresponding figure for wages was 3% (up from 2.8% in the previous round) (Chart 3). At the same time, firms signalled a higher increase in non-labour input costs (3.8%, up from 3.4% in the previous round).

Firms’ inflation expectations remained stable over all horizons (Chart 4). Median expectations for annual inflation one year ahead stayed at 2.5%, while expectations for three and five years ahead remained at 3.0%. For the five-year horizon, most firms continue to indicate that risks to the inflation outlook are tilted to the upside (broadly unchanged at 53%, from 52% in the previous round).

The report published today presents the main results of the 36th round of the SAFE survey for the euro area. The survey was conducted between 27 August and 3 October 2025. In this survey round, firms were asked about economic and financing developments over the period between July and September 2025 and over the period between April and September 2025. Additionally, firms reported their expectations for euro area inflation, selling prices and other costs. Altogether, the sample comprised 10,225 firms in the euro area, of which 9,527 (93%) had fewer than 250 employees.

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Notes

• The report on this SAFE survey round, together with the questionnaire and methodological information, is available on the ECB’s website.
   
• Detailed data series for the individual euro area countries and aggregate euro area results are available on the ECB Data Portal.