Access to bank financing for companies - 2025-Q3
Published on the 4th of November 2025
statistics
Stabilisation of credit costs for SMEs and MSCs
- In the third quarter of 2025, access to credit for French firms remains overall favorable. Loan approval rates continue to be very high for investment loans (98% for Small and Medium-sized Entreprises (SMEs) and 96% for Medium-Sized Companies (MSCs)), while demand for such loans is in line with long-term averages.
- Financing needs are stable for SMEs but show a slight increase for MSCs, from 4% to 9%.
- In parallel, perceptions of easing in credit costs have gradually declined amid a majority of firms continuing to report a stable credit environment.
NB: This survey covers bank loans only; some companies also have access to market financing options, which offer funding solutions not included in this survey.
Data not seasonally adjusted, in %; excluding use of previously granted credit lines
Scope: companies with autonomy to decide on credit applications: SMEs = 10 - 249 employees; MSCs = 250 - 4999 employees
Scope: companies with autonomy to decide on credit applications: SMEs = 10 - 249 employees; MSCs = 250 - 4999 employees
New investment loans
- The proportion of companies requesting new investment loans remains stable at 19% for SMEs and it increases to 28% for MSCs in Q3 2025 (see Chart 1). In both cases, these proportions are consistent with the average observed over the past ten years).
- Approval rates for these loan applications are very high for both SMEs and MSCs: 98% of SMEs and 96% of MSCs obtained the requested amount in full or for more than 75% of the amount requested (see Chart 2).
New cash flow loans
- The proportion of companies applying for new cash flow loans remains stable at 6% for SMEs, while it rises to 9% for MSCs (see Chart 3). These levels point to an overall normal situation in terms of short-term financing needs.
- Obtaining rates for this type of credit (whether granted in full or for more than 75% of the loan) declines over the last quarter. For SMEs, it fell from 85% to 83%, while for MSCs it dropped from 95% to 83% (see Chart 4).
Complements
1 - Credit lines
For operational needs, SMEs and MSCs can apply (usually at the beginning of the year) for credit lines granting them drawing rights throughout the year.
- Loan applications have remained stable for several quarters across all firm sizes: around one-third of SMEs and nearly half of MSCs requested new credit lines over the past twelve months (see Chart 5).
- These requests continue to be largely granted (in full or for more than 75%) in over 95% of cases for both SMEs and MSCs.
- 55% of SMEs and 56% of MSCs drew on their credit lines, representing a slight increase of one percentage point compared with the previous quarter.
2- Supply rate for new equipment loan
Among investment loans, equipment loans are intended to finance intangible or tangible assets, excluding real estate.
- Approval rates for equipment loans (granted in full or for more than 75% of the requested amount) remain high for SMEs, at 94%, but decline for MSCs since the beginning of the year, falling from 92% in the first quarter of 2025 to 86% in the third quarter (see Chart 6).
3- Evolution of the cost of credit
- In Q3 2025, the proportion of firms reporting a decrease in the cost of credit falls from 24% to 14% for SMEs and from 36% to 24% for MSCs compared with the previous quarter (see Chart 7).
- Although still a minority, the proportion of firms indicating an increase in the overall cost of credit rises from 12% to 14% for SMEs and from 10% to 12% for MSCs).
- The majority of firms (72% of SMEs and 64% of MSCs) reports that the overall cost of credit remains stable in Q3 2025, a proportion higher than in the previous quarter.
4. Self-censorship
Self-censorship refers to a situation in which a company does not apply for new bank credit because it anticipates that the banks will refuse. This phenomenon remained marginal in Q2 2025: fewer than 2% of businesses reported self-censorship as a reason for not applying for cash credit lines or investment credit.
Lack of need is the main reason given by businesses for not applying for cash credit: 89% of SME and 91% of MSC cited this reason. Similarly, in the case of investment credit, 86% of SME and 90% of MSC stated that they had not applied for credit due to a lack of need. Refusal to take on additional debt and the company's unfavourable situation were also mentioned as reasons for not applying for credit.
Lack of need is the main reason given by businesses for not applying for cash credit: 89% of SME and 91% of MSC cited this reason. Similarly, in the case of investment credit, 86% of SME and 90% of MSC stated that they had not applied for credit due to a lack of need. Refusal to take on additional debt and the company's unfavourable situation were also mentioned as reasons for not applying for credit.
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Updated on the 4th of November 2025