Financing of microentreprises 2021Q4

Published on 7 March 2022

Credit to small business continues increasing, by 8.1% over one year
At the end of December 2021, the outstanding amount of loans to micro-enterprises reaches 371.4 billion euros, up by 8.1% year-on-year and 25.5% compared to 2019. Credit to micro-enterprise continue to increase in the fourth quarter, at a faster pace than the previous quarter (+6.8 billion euros after +3.4 billion euros in the first quarter). The outstanding amount of treasury loans stabilizes at around 49.2 billion euros after 50.5 billion euros in the second quarter. Equipment loans and real estate loans remains buoyant, at respectively +8.8% and +9.0%, after + 7.4% and + 7.7% in the previous quarter.
The average interest rate for credits of less than 250.000 euros in France slightly increases at 1.53%. It remains 0.4pp lower than the rate in the Eurozone.

Loans to micro-enterprises : credit type breakdown
(Outstanding amounts, EUR billions)
Outstanding amounts Yearly growth rate Two-year growth rate
Q4 2021 Q3 2021 Q4 2021 Q4 2021
Total loans 371.4 7.5% 8.1% 25.5%
Treasury loans, including factoring 49.2 7.2% 3.0% 149.8%
Equipment loans 149.8 7.4% 8.8% 15.2%
Real estate loans 172.5 7.7% 9.0% 17.9%
Micro-enterprises loans outstanding changes
(EUR billions)
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 - December 2021
Micro-entreprise financing
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