Financing of entreprises - 2025-06
Published on the 8th of August 2025
Financing to non-financial corporations continued to increase in June, at a rate of 1.5% over one year
- Year-on-year growth in financing granted to non-financial corporations (NFCs) stood at 1.5% in June, as in the previous month, with the increase in the growth rate of debt securities (+0.7% year-on-year, after +0.3% in May) offsetting the slight decline in bank loans (+1.9% in June compared to +2.1%). Within the latter, growth in investment loans remained strong (+3.8%, unchanged from May), while outstanding cash loans continued to decline (-4.3% year-on-year, after -4.0% in May).
- The cost of new financing averaged 3.50% in June, virtually unchanged from the previous month, both overall (3.48% in May) and for bank loans (3.58%, after 3.56%) and debt securities (3.34%, after 3.31%).
1 - Overview of NFCs : Outstanding amounts and flows in € Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| June-25 (p) | Annual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
June-24 | Apr-25 | May-25 (r) | June-25 (p) | June-24 | Apr-25 | May-25 (r) | June-25 (p) | |
| NFC's global financing | 2,096.3 | 30.8 | 683.8 | 2.6 | 1.4 | 1.5 | 1.5 | 4.37 | 3.59 | 3.48 | 3.50 |
| Loans | 1,383.3 | 26.3 | 333.6 | 2.0 | 2.3 | 2.1 | 1.9 | 4.65 | 3.68 | 3.56 | 3.58 |
| Investment | 1,005.9 | 3.1 | 3.8 | 3.8 | 3.8 | ||||||
| equipment | 628.8 | 2.9 | 3.8 | 3.9 | 3.8 | ||||||
| real-estate | 377.1 | 3.5 | 3.7 | 3.6 | 3.8 | ||||||
| Treasury | 300.5 | -3.3 | -3.0 | -4.0 | -4.3 | ||||||
| Other lending | 76.9 | 10.8 | 4.4 | 5.8 | 4.2 | ||||||
| Loans up to €1 million | 118.8 | 4.44 | 3.85 | 3.79 | 3.75 | ||||||
| Loans over €1 million | 214.8 | 4.75 | 3.58 | 3.42 | 3.49 | ||||||
| Securities other than shares | 713.0 | 4.5 | 350.1 | 3.6 | -0.4 | 0.3 | 0.7 | 3.82 | 3.40 | 3.31 | 3.34 |
(r) : revised data ; (p) : provisional data
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 June 2025, outstanding loans remained virtually stable at 1.0% year-on-year for small and medium-sized enterprises (SMEs) and companies of unspecified size, and at 0.7% for mid-sized enterprises (ISEs). Outstanding loans increased by 5.2% for large firms (LEs).
- The average cost of new loans remained stable for SMEs and undetermined-sized enterprises and for mid-sized enterprises (ISEs), and increased by 10 basis points for lage firms.
| Outstanding
amounts (in Bn €) |
Annual growth rate in % | Cost in % (annual interest rate) |
|||||||
| June-25 (p) | June-24 | Apr- 25 | May-25 (r) | June-25 (p) | June-24 | Apr-25 | May-25 (r) | June-25 (p) | |
| All firms | 1,383.3 | 1.8 | 2.0 | 1.9 | 1.7 | 4.65 | 3.68 | 3.56 | 3.58 |
| Of which: | |||||||||
| - SME and unspecified size | 539.1 | 1.0 | 1.1 | 0.9 | 1.0 | 4.84 | 3.66 | 3.55 | 3.54 |
| - ISE | 384.3 | 4.2 | 1.7 | 0.7 | 0.7 | 4.38 | 3.86 | 3.76 | 3.76 |
| - Large firms | 222.9 | 1.0 | 5.3 | 3.9 | 5.2 | 4.64 | 3.43 | 3.24 | 3.34 |
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 %) ![]()
- Growth in outstanding loans remained mixed across business sectors. It remained positive for advisory & business support activites (+7.3%), transportation and storage (+5%), real estate activities, and agriculture, forestry and fishing (+3.3%). It became positive for industry (+1.1%) and accommodation and food service activities (+0.1%).
- However, outstanding loans continued to contract in information and communications (-6.5%), wholesale and retail trade (-3.2%), education, human health and social work (-2.4%) and construction (-2.2%) sectors.
| Drawn credits | Drawn and undrawn credits | |||||||
| Outstanding amounts | Annual growth rate in % | Outstanding amounts | Annual growth rate in % | |||||
| June-25 (p) | June-24 | May-25 (r) | June-25 (p) | June-25 (p) | June-24 | May-25 (r) | June-25(p) | |
| Agriculture, forestry and fishing (AZ) | 66.7 | 2.8 | 3.1 | 3.3 | 75.3 | 0.8 | 3.9 | 4.2 |
| Industry (BE) | 167.2 | -1.9 | 0.0 | 1.1 | 258.5 | 1.6 | -2.3 | -1.6 |
| - inc. Manufacturing (C) | 116.2 | 0.0 | -0.7 | -0.2 | 178.3 | 2.5 | -2.8 | -2.0 |
| Construction (FZ) | 70.0 | -1.8 | -3.0 | -2.2 | 105.2 | -3.5 | -2.1 | -2.0 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 181.9 | -1.8 | -3.8 | -3.2 | 259.3 | -1.4 | -2.0 | -1.3 |
| Transportation and storage (H) | 68.0 | 7.8 | 4.0 | 5.0 | 87.6 | 5.6 | 6.1 | 5.8 |
| Accommodation and food service activities (I) | 53.9 | -0.5 | -0.5 | 0.1 | 59.4 | -0.8 | -0.1 | 1.0 |
| Information and communication (JZ) | 33.7 | 9.8 | -3.9 | -6.5 | 53.5 | 3.4 | -7.6 | -6.1 |
| Real estate activities (LZ) (*) | 558.7 | 3.4 | 3.2 | 3.3 | 613.3 | 2.7 | 3.1 | 3.2 |
| Advisory and Business support activities (MN) | 108.7 | 8.4 | 8.1 | 7.3 | 137.5 | 9.3 | 7.4 | 6.5 |
|
Education, human health and social work services, Arts, entertainment and recreation, Other service activities (PS) |
62.3 | 1.1 | -1.9 | -2.4 | 69.3 | 1.3 | -4.7 | -5.6 |
| Holdings | 16.7 | -2.7 | 13.6 | 17.9 | 20.5 | -0.9 | 18.6 | 21.4 |
4 - Quarterly additional information about loans to NFCs rates (1)
Cost of new loans by purpose ![]()
(en %)
Breakdown of new loans by purpose ![]()
(in % of new business credits excluding overdrafts)
Characteristics of new loans to NFC![]()
| Average rate (en %) | Average maturity (in month) |
Share of loans fixed rate (in %) |
||
| Jan-25 | Apr-25 | Apr-25 | Apr-25 | |
| Overdrats | 5.45 | 4.87 | ||
| Treasury excluding overdrafts | 4.29 | 3.90 | 25 | 18 |
| Equipment | 3.73 | 3.58 | 119 | 80 |
| Real-estate | 3.67 | 3.44 | 200 | 94 |
| Other investment loans | 4.74 | 4.59 | 60 | 100 |
The survey is conducted among a sample of branches and headquarters of banking institutions operating in metropolitan France. It takes into account new loans granted in the first month of each quarter to non-financial corporations. It is based on the effective rate in the narrow sense (TESE), i.e. the interest component of the overall effective rate (TEG).
(1) Following a change in the editorial line of some Stat Info (see the press release available here https://www.banque-france.fr/fr/espace-presse/communiques-bdf/la-banque-de-france-presente-la-refonte-de-ses-stat-info), the quarterly publication on business credit rates is now integrated quarterly into Stat Info Financing of firms.
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Updated on the 8th of August 2025