Access to bank financing for companies - 2026-Q3
Published on 20th of October 2026
Perceptions of higher borrowing costs are strengthening
- The share of firms requesting new investment loans declined slightly in Q3 2026, to 19% for SMEs and 26% for mid-sized firms. However, access to investment finance remained highly favourable, with 96% of SMEs and 99% of mid-sized firms obtaining all or at least three quarters of the amount requested.
- Short-term financing needs remained limited, with 7% of SMEs and mid-sized firms requesting new working capital loans. The share of firms that obtained their loan also remained high, despite a slight decline for SMEs.
- Perceptions of higher borrowing costs strengthened markedly in Q3 2026. The share of firms reporting higher borrowing costs rose sharply, to 41% of SMEs and 58% of mid-sized firms.
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 share of firms requesting new investment loans declined slightly in Q3 2026, to 26% for mid-sized firms and 19% for SMEs (see Chart 1).
- The approval rates for loan applications were very high, with 99% of mid-sized firms and 96% of SMEs obtaining all or at least 75% of the amount requested (see Chart 2).
New working capital loans
- Demand for short-term financing remained limited, with 7% of SMEs and mid-sized firms requesting new working capital loans (see Chart 3).
- The share of firms that obtained all or at least 75% of the amount requested remained broadly stable over the quarter. It declined from 83% to 81% for SMEs and edged up from 93% to 94% for mid-sized firms (see Chart 4).
Complements
1 - Credit lines
To meet their short-term financing needs, SMEs and MSCs may arrange committed credit lines, which allow them to draw funds as needed throughout the year.
- Demand for credit lines has remained relatively stable over recent quarters. More than a third of SMEs and nearly half of mid-sized firms have requested them over the past 12 months (see Chart 5).
- This demand continued to be largely met, with at least 90% of SMEs and mid-sized firms obtaining all or at least 75% of the amount requested.
- Among firms with an existing credit line, 56% of SMEs reported using it during the quarter, broadly in line with the share in Q2 2026. For mid-sized firms, the figure was 64%, up 3 percentage points from Q2 2026.
2- Approval rate for new equipment loans
Equipment loans are a subset of investment loans used to finance tangible and intangible assets, excluding real estate.
- The share of firms that obtained an equipment loan (all or at least 75% of the amount requested, see Chart 6) remained high at 94% for SMEs. For mid-sized firms, it declined to 90%, after reaching 93% in Q2 2026.
3- Evolution in the cost of credit
- Perceptions of higher borrowing costs strengthened considerably in Q3 2026. Some 41% of SMEs and 58% of mid-sized firms reported a rise, up 16 and 31 percentage points respectively compared with Q2 2026 (see Chart 7).
- Conversely, 58% of SMEs and 42% of mid-sized firms said that borrowing costs had remained stable or declined.
- Only 1% of SMEs said they had observed a fall in borrowing costs in Q3 2026. The share of mid-sized firms reporting a decline was almost zero.
AT Internet - liste domaines
Banque de France
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Updated on the 19th of October 2026