Financing of microentreprises 2020Q2

Published on 28 August 2020

Sharp growths of treasury loans under the effect of State-guaranteed loans

At the end of June 2020, the outstanding amount of loans to micro-enterprises reaches EUR 337.5 billion, up by 15.5% year-on-year, driven by treasury loans in particular, whose outstanding amount has more than doubled compared to the previous quarter (41.7 billion euros, after 20.9 billion euros). Equipment loans and real estate loans continue to grow at a sustained pace (respectively + 9.6% and + 7.7% after + 10.2% and + 7.9% in the previous quarter).
The effects of the State-guaranteed loans facility have been strongly perceptible since mid-March 2020. The flows of loans to micro-enterprises are at a very high level (35.2 billion euros, after 18.3 billion in March), mainly driven by treasury loans (23.2 billion).
The average interest rate for credits of less than 250,000 euros in France rises to 1.09%, after a sharp decrease at the beginning of the quarter (0.84% in April and 0.69% in May down from 1.70 % in March). However, it remains at a level that is significantly lower than in the other major euro area countries.

Loans to micro-enterprises : credit type breakdown
(Outstanding amounts, EUR billions)
Outstanding Yearly growth
Q2 2020 Q1 2020 Q2 2020
Total loans 337.5 8.8% 15.5%
Treasury loans, including factoring 41.7 5.2% 109.4%
Equipment loans 147.8 10.2% 9.6%
Real estate loans 148.0 7.9% 7.7%
Micro-enterprises loans outstanding changes
(EUR billions)
Note : seasonally adjustment data for cash loans
Loans to micro-enterprises issuance
(Quarterly gross issuance, EUR billions)
Eurozone: Loans below €250,000 new issuances rate (%)
Source and design : Direction générale des statistiques, des études et de l'international

Additional information
In this data collection micro-enterprises are characterized by the criteria of the 2008 LME law - legal units excluding self-employed entrepreneurs with less than 10 employees, and which have an annual turnover or balance sheet total not exceeding 2 million euros - or by default, by a turnover not exceeding 2 million euros.

Micro-enterprises are part of small and medium-sized enterprises (SMEs).
More information on: long time series, calendar, methodology
All statistical series released by Banque de France are available at Webstat Banque de France
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STAT INFO - June 2020
Micro-entreprise financing
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