Financing of entreprises - 2024-10
Published on the 12th of December 2024
Growth and cost of financing for NFCs stabilize in October
- In October 2024, financing granted to non-financial corporations (NFCs) grew by +1.8% over one year as in the previous month. The slower increase in financing by debt securities (+1.2% after +1.9% in September) was offset by the acceleration in financing by bank loans (+2.1% after +1.7%). The latter was still supported by investment (+3.2% after +3.0%) while the outstanding amount of cash loans contracted again over one year ( 2.9% after -3.7%).
- The cost of new financing to NFCs was stable in October (4.06%), with the continued decline in the average rate of new bank loans (4.34%, after 4.43% in September) offsetting the increase in the cost of new debt securities issues (3.52%, after 3.33%).
1 - Overview of NFCs : Outstanding amounts and flows in € Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| Oct-2024 | Annual growth rate | Cost (annual Interest rate) | |||||||
| Outstanding amounts |
Transactions (cumulative over 12 month) |
New business (cumulative over 12 month) |
Aug- 2024 | SEP- 2024 | Oct- 2024 | Aug- 2024 | SEP- 2024 | Oct- 2024 | |
| NFC's global financing | 2,078.4 | 36.3 | 678.4 | 2.3 | 1.8 | 1.8 | 4.16 | 4.06 | 4.06 |
| Loans | 1,369.7 | 27.8 | 318.4 | 2.0 | 1.7 | 2.1 | 4.51 | 4.43 | 4.34 |
| Investment | 981.5 | 3.1 | 3.0 | 3.2 | |||||
| equipment | 617.7 | 2.8 | 2.9 | 3.3 | |||||
| real-estate | 363.8 | 3.6 | 3.3 | 3.2 | |||||
| Treasury | 311.4 | -2.8 | -3.7 | -2.9 | |||||
| Other lending | 76.9 | 8.6 | 8.5 | 8.5 | |||||
| Loans up to €1 million | 114.2 | 4.28 | 4.38 | 4.38 | |||||
| Loans over €1 million | 204.2 | 4.67 | 4.46 | 4.32 | |||||
| Securities other than shares | 708.7 | 8.4 | 360.0 | 2.9 | 1.9 | 1.2 | 3.49 | 3.33 | 3.52 |
Monthly changes in outstanding loans by purpose (seasonally adjusted data in € Bn)![]()
Cost (all maturities combined) by financing sources (in %) ![]()
2- Loans to firms by size ![]()
- In October 2024, the growth rate of outstanding loans remained stable for SMEs (+1.1%). On the other hand, it slowed down for ISEs (+1.2% after +1.4%) and increased for large firms (+0.7% after +0.3%).
- The average cost of loans continued to fall for ISEs and large firms, it remained stable for SMEs.
| Outstanding amounts (in Bn €) |
Annual growth rate in % | Cost in % (annual interest rate) |
|||||
| Oct- 2024 | Aug- 2024 | Sep- 2024 | Oct- 2024 | Aug- 2024 | Sep- 2024 | Oct- 2024 | |
| All firms | 1,369.7 | 2.0 | 1.7 | 2.1 | 4.51 | 4.43 | 4.34 |
| Of which: | |||||||
| - SME and unspecified size | 564.9 | 1.0 | 1.1 | 1.1 | 4.64 | 4.67 | 4.63 |
| - ISE | 389.3 | 2.2 | 1.4 | 1.2 | 4.45 | 4.36 | 4.27 |
| - Large firms | 204.5 | 0.6 | 0.3 | 0.7 | 4.27 | 3.91 | 3.69 |
Note on methodology:
The scope of SME credit outstandings includes companies of indeterminate size (e.g., companies created during the year, etc.), which may be reclassified in another category as and when available information on sales, workforce, balance sheet size or financial links is updated.
Total loans to all firms is measured on the basis of data from bank balance sheets, which provide "macro" information, i.e., exhaustive information (all companies based on loans to the first euro), with certain breakdowns according to the nature of the loan. At the same time, on a regulatory basis, credit institutions and investment firms must declare by borrower ("micro" information) to the Central Risk Service of the Banque de France (SCR) the loans granted when they exceed €25,000. This collection is gradually being abandoned in favor of the AnaCredit collection, except for small banks which will not be subject to this declaration, in order to respect the "proportionality" between the economic importance of the bank and the constraints of its declaration obligations. This "micro" collection, which is fairly broad but not exhaustive, offers the advantage of being able to adopt the concepts of enterprise and category of enterprise defined by decree no. 2008-1354 on the criteria for determining the category of enterprise for the purposes of statistical and economic analysis (decree implementing article 51 of the law on the modernization of the economy - LME). The residual difference between the total by firm size and the total firm is essentially explained by these differences in scope and by legal units that cannot be assigned to a size category according to the criteria of the LME ("SCI and miscellaneous").
Interest rates (all maturities combined) by enterprise size (in %)![]()
Outstanding amounts of loans to resident enterprises by size (in € Bn) ![]()
3 - Outstanding amounts by sector ** (stocks in € Bn, annual growth rate in %)![]()
- The growth in outstanding loans mobilized was still very differentiated according to the economic sectors. It remained strong for the advisory and business support activites (+10.4%), for real estate activities (+3.7%), agriculture, forestry and fishing (+3.1%), for information and communication (+1.2%) and for transportation and storage (+1.2%). On the other hand, the outstanding loans mobilized continued to contract for wholesale and retail trade (-4.0%), industry (-3.3%) and the accommodation and food service activities (-2.6%).
- Compared to its October 2023 level, the outstanding construction loan was contracting (-1.6%), but it was growing for the real estate development sub-sector (+5.5%).
| Drawn credits | Drawn and undrawn credits | |||||
| Outstanding amounts | Annual growth rate in % | Outstanding amounts | Annual growth rate in % | |||
| Oct- 2024 | Sep- 2024 | Oct- 2024 | Oct- 2024 | Sep- 2024 | Oct- 2024 | |
| Agriculture, forestry and fishing (AZ) | 67.3 | 3.1 | 3.1 | 75.5 | 1.4 | 1.4 |
| Industry (BE) | 166.5 | -3.3 | -3.3 | 267.3 | 0.0 | 0.7 |
| - inc. Manufacturing (C) | 116.6 | -1.4 | -2.7 | 186.5 | 1.4 | 1.4 |
| Construction (FZ) | 70.8 | -2.3 | -1.6 | 106.2 | -2.3 | -1.0 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 182.8 | -3.8 | -4.0 | 254.2 | -3.5 | -2.5 |
| Transportation and storage (H) | 64.0 | 2.2 | 1.2 | 81.6 | 2.4 | 1.9 |
| Accommodation and food service activities (I) | 52.0 | -2.6 | -2.6 | 57.5 | -1.8 | -2.7 |
| Information and communication (JZ) | 34.1 | 6.1 | 1.2 | 55.4 | 2.3 | -1.1 |
| Real estate activities (LZ) (*) | 549.4 | 3.6 | 3.7 | 603.3 | 3.1 | 3.6 |
| Advisory and Business support activities (MN) | 103.9 | 10.0 | 10.4 | 131.6 | 10.9 | 11.0 |
Education, human health and social work services, Arts, entertainment and recreation, Other service activities (PS) |
63.7 | -2.3 | -0.7 | 71.5 | -1.7 | -1.5 |
| Holdings | 18.3 | 13.8 | 15.7 | 22.9 | 14.2 | 20.7 |
(*) including non-trading real estate companies
(**)For the difference between total firms and total, see the method note
(**)For the difference between total firms and total, see the method note
4 - Quarterly additional information : financing of VSE (1)![]()
Loans to VSEs: breakdown by type of loans![]()
| Outstanding amounts (Billions euros) | Annual growth rate in % | ||
| Q3 2024 | Q2 2024 | Q3 2024 | |
| Loans | 359.8 | 0.8 | 0.5 |
| Treasury | 25.9 | -22.0 | -21.0 |
| Equipment | 165.1 | 2.0 | 1.3 |
| Real-estate | 168.8 | 4.4 | 4.0 |
Change in outstanding loans to VSEs ![]()
(in EUR Bn)
Quarterly new loans to VSEs ![]()
(in EUR Bn)
Download the PDF version of the document
EN_Stat_Info_financing_of_firms_202410.pdf
Updated on the 11th of December 2024