Financing of entreprises - 2025-07
Published on the 10th of September 2025
statistics
Growth in financing for NFCs is strengthening, driven by large companies
- In July 2025, year-on-year growth in financing granted to non-financial corporations (NFCs) reached +2.4%, up from June (+1.6%). This growth was dynamic, both for debt securities (+2.0% year-on-year after +0.7% in June) and for bank loans (+2.5%, after +2.1%). Within the latter, annual growth reached +4.0% for equipment loans (after +3.8% in June), while cash loans declined again (-2.2% after -3.8% in June).
- The average interest rate on new financing remained stable in July at 3.47% (after 3.49% in June and 3.48% in May), with a slight decrease in the cost of debt securities (3.28% after 3.34% in June) and an interest rate on new loans unchanged at 3.57%.
1 - Overview of NFCs : Outstanding amounts and flows in €Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| July-2025 (p) | Annual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
July-2024 | May-2025 | June-2025 (r) | July-2025 (p) | July-2024 | May-2025 | June-2025 (r) | July-2025 (p) | |
| NFC's global financing | 2,116.7 | 48.6 | 686.5 | 2.2 | 1.5 | 1.6 | 2.4 | 4.27 | 3.48 | 3.49 | 3.47 |
| Loans | 1,397.3 | 34.7 | 336.3 | 1.8 | 2.1 | 2.1 | 2.5 | 4.65 | 3.56 | 3.57 | 3.57 |
| Investment | 1,013.1 | 3.2 | 3.8 | 3.9 | 3.9 | ||||||
| equipment | 634.8 | 3.0 | 3.9 | 3.8 | 4.0 | ||||||
| real-estate | 378.3 | 3.5 | 3.6 | 3.9 | 3.7 | ||||||
| Cash | 306.8 | -4.4 | -4.0 | -3.8 | -2.2 | ||||||
| Other lending | 77.4 | 11.6 | 5.8 | 4.5 | 4.8 | ||||||
| Loans up to €1 million | 119.0 | 4.39 | 3.79 | 3.75 | 3.73 | ||||||
| Loans over €1 million | 217.3 | 4.77 | 3.42 | 3.47 | 3.50 | ||||||
| Securities other than shares | 719.4 | 13.9 | 350.2 | 3.0 | 0.3 | 0.7 | 2.0 | 3.52 | 3.31 | 3.34 | 3.28 |
(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 July 2025, growth in outstanding loans reached +1.1% year-on-year for intermediate-sized enterprises (ISEs), up from +0.4% in June. It remained virtually stable for small and medium-sized enterprises (SMEs) and unspecified-sized enterprises (USEs), at +1.2%, and for large firms (LEs), at +5.5%.
- The cost of new financing remained broadly stable for all company size categories: it was 3.52% for SMEs and undetermined-sized enterprises, 3.75% for mid-sized enterprises, and 3.37% for large firms.
| Outstanding
amounts (in €Bn) |
Annual growth rate in % | Cost in %
(annual interest rate) |
|||||||
| July-2025 (p) | July-2024 | May-2025 | Mar2025 (r) | July-2025 (p) | July-2024 | May-2025 | June-2025 (r) | July-2025 (p) | |
| All firms | 1,397.3 | 1.6 | 1.9 | 1.8 | 2.2 | 4.65 | 3.56 | 3.57 | 3.57 |
| Of which: | |||||||||
| - SME and unspecified size | 541.4 | 0.8 | 1.0 | 1.1 | 1.2 | 4.81 | 3.55 | 3.53 | 3.52 |
| - ISE | 387.8 | 3.5 | 0.4 | 0.4 | 1.1 | 4.57 | 3.76 | 3.75 | 3.75 |
| - Large firms | 224.4 | 0.1 | 4.4 | 5.8 | 5.5 | 4.37 | 3.24 | 3.33 | 3.37 |
(r): revised data ; (p): provisional data
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 the advisory and business support activities (+11.0%), real estate activities (+3.6%), transportation and storage (+2.9%), agriculture, forestry and fishing (+2.4%), and industry (+0.3%).
- However, outstanding loans continued to decline in the wholesale and retail trade (-3.4%), construction (-3.3%), information and communications (-2.5%) and art, entertainment and recreation activities (-1.3%). It contracted by 0.2% in accommodation and food services activities.
| Drawn credits | Drawn and undrawn credits | |||||||
| Outstanding amounts | Outstanding year-on-
year growth in % |
Outstanding amounts | Outstanding year-on-
year growth in % |
|||||
| July-2025 (p) | Avr- 2024 | June-2025 (r) | July-2025 (p) | July-2025 (p) | July-2024 | June-2025 (r) | July-2025 (p) | |
| Agriculture, forestry and fishing (AZ) | 68.9 | 3.4 | 2.9 | 2.4 | 78.0 | 2.0 | 4.2 | 3.4 |
| Industry (BE) | 167.9 | -2.8 | 1.1 | 0.3 | 259.2 | 0.7 | -1.6 | -2.2 |
| - inc. Manufacturing (C) | 116.0 | -2.0 | -0.1 | -0.6 | 177.2 | 1.9 | -1.9 | -3.2 |
| Construction (FZ) | 70.4 | -1.3 | -2.3 | -3.3 | 105.8 | -2.7 | -2.1 | -2.2 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 180.6 | -2.1 | -2.9 | -3.4 | 257.3 | -1.9 | -0.9 | -1.5 |
| Transportation and storage (H) | 67.0 | 7.7 | 5.3 | 2.9 | 88.1 | 6.1 | 6.0 | 5.5 |
| Accommodation and food service activities (I) | 54.0 | 0.1 | 0.3 | -0.2 | 59.7 | -1.0 | 1.2 | 0.0 |
| Information and communication (JZ) | 34.4 | 6.6 | -5.6 | -2.5 | 57.2 | 0.9 | -5.2 | 1.5 |
| Real estate activities (LZ) (*) | 560.9 | 3.2 | 3.2 | 3.6 | 615.9 | 2.7 | 3.2 | 3.4 |
| Advisory and Business support activities (MN) | 111.2 | 7.8 | 7.4 | 11.0 | 138.7 | 8.0 | 6.3 | 8.1 |
|
Education, human health and social work services, Arts, entertainment and recreation, Other service activities (PS) |
62.6 | -1.3 | -2.4 | -1.3 | 69.9 | -0.7 | -5.6 | -4.3 |
| Holdings | 17.6 | -1.5 | 15.0 | 22.2 | 21.3 | 3.1 | 17.2 | 21.3 |
4 - Quarterly additional information : financing of VSE (1)![]()
Loans to VSEs: breakdown by type of loans (1)![]()
| Outstanding amounts (Billions euros) | Outstanding year-on-year growth in % | ||
| Q2 2025 | Q1 2025 | Q2 2025 | |
| Loans | 361.7 | 0.8 | 1.0 |
| Cash | 21.4 | -20.9 | -20.7 |
| Equipment | 166.6 | 1.6 | 1.6 |
| Real-estate | 173.7 | 3.8 | 3.8 |
Change in outstanding loans to VSEs ![]()
(in €bn)
Quarterly new loans to VSEs ![]()
(in €bn)
Additional information
In this quarterly additional information, very small enterprises (VSEs) are characterized by the criteria of the 2008 LME Act - companies employing fewer than 20 people and with annual sales or balance sheet total not exceeding 10 million euros - or failing that, by sales not exceeding 10 million euros.
Very small businesses, which include microenterprises, form part of small and medium-sized enterprises (SMEs).
-1 Following a change in the editorial line of some Stat Info (see the press release available here https://www.banque-france.fr/communique-de-presse/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.
Very small businesses, which include microenterprises, form part of small and medium-sized enterprises (SMEs).
-1 Following a change in the editorial line of some Stat Info (see the press release available here https://www.banque-france.fr/communique-de-presse/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.
Download the PDF version of the document
EN_Stat_Info_NFC_financing_202507.pdf
Updated on the 10th of September 2025