Financing of entreprises - 2025-09
Published on the 10th of November 2025
statistics
New financings grew at a dynamic pace in September
- In September 2025, year-on-year growth in financing granted to non-financial corporations (NFCs) increased to 2.9% (after 2.2% in August). Debt securities financing accounted for most of the increase (3.5% year-on-year after 1.9% in August), while bank loans growth increased to a lesser extent (2.6% after 2.4% in August). The investment component remained high, both for real estate (4.1% year-on-year after 3.7% in August) and for equipment (4.0% in both September and August). The decline in cash loans was less pronounced than the previous month (-2.7%, after -3.2% in August).
- The average interest rate on new financing to NFCs rose slightly in September (3.42%, after 3.35% in August). The increase resulted from both a rise in the cost of debt securities (3.37% after 3.29%) and that of bank loans (3.45% after 3.39% in August), in particular those of an amount up to 1 million euros (3.34%, after 3.21% in August).
1 - Overview of NFCs : Outstanding amounts and flows in € Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| Sep-25 (p) | Annnual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
Sep- 2024 | Jul- 2025 | Aug- 2025 (r) | Sep- 2025 (p) | Sep- 2024 | Jul- 2025 | Aug- 2025 (r) | Sep- 2025 (p) | |
| NFC's global financing | 2,126.7 | 60.3 | 696.7 | 2.0 | 2.3 | 2.2 | 2.9 | 4.05 | 3.47 | 3.35 | 3.42 |
| Loans | 1,389.7 | 35.7 | 341.9 | 1.7 | 2.6 | 2.4 | 2.6 | 4.43 | 3.57 | 3.39 | 3.45 |
| Investment | 1,015.1 | 3.0 | 3.9 | 3.9 | 4.0 | ||||||
| equipment | 634.8 | 2.9 | 4.0 | 4.0 | 4.0 | ||||||
| real-estate | 380.2 | 3.3 | 3.8 | 3.7 | 4.1 | ||||||
| Treasury | 296.2 | -3.7 | -2.2 | -3.2 | -2.7 | ||||||
| Other lending | 78.4 | 8.5 | 4.8 | 5.1 | 6.0 | ||||||
| Loans up to €1 million | 120.4 | 4.38 | 3.73 | 3.65 | 3.66 | ||||||
| Loans over €1 million | 221.5 | 4.46 | 3.50 | 3.21 | 3.34 | ||||||
| Securities other than shares | 737.1 | 24.6 | 354.8 | 2.5 | 1.9 | 1.9 | 3.5 | 3.32 | 3.28 | 3.29 | 3.37 |
(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- Bank loans by size of NFC![]()
- At the end of September 2025, year-on-year growth in outstanding loans varied depending on company size. While it remained stable at 1.2% for small and medium-sized enterprises and unspecified size, it fell to 0.6% for mid-sized companies. For large enterprises (LEs), it increased to 5.5%.
- The cost of new financing increased for all sizes of enterprise: it averaged 3.42% for SMEs and enterprises of unspecified size, 3.64% for ISEs, and 3.18% for LEs.
| Outstanding
amounts (in Bn €) |
Outstanding year-on-year growth in % | Cost in % (annual interest rate) |
|||||||
| Sep- 2025 (p) | Sep- 2024 | Jul- 2025 | Aug- 2025 (r) | Sep- 2025 (p) | Sep- 2024 | Jul- 2025 | Aug- 2025 (r) | Sep- 2025 (p) | |
| - SME and unspecified size | 538.6 | 0.9 | 1.2 | 1.2 | 1.2 | 4.47 | 3.52 | 3.39 | 3.42 |
| - ISE | 385.6 | 2.6 | 1.1 | 1.1 | 0.6 | 4.48 | 3.75 | 3.59 | 3.64 |
| - Large firms | 223.6 | 1.1 | 5.9 | 4.8 | 5.5 | 4.27 | 3.37 | 3.02 | 3.18 |
Interest rates (all maturities combined) by enterprise size (in %) ![]()
Outstanding amounts of loans to resident enterprises by size (in € Bn) ![]()
3 - Bank loans by sector** (outstanding amounts in € Bn, annual growth rate in %) ![]()
- Growth in outstanding loans remained mixed across different business sectors. It remained positive for advisory & business support activites (+8.3%), transportation and storage (+4.0%), real estate (+3.9%), agriculture, forestry and fishing (+2.5%) and industry (+0.7%).
- However, outstanding loans continued to decline in the wholesale and retail trade (-4.1%), construction (-3.0%), education, human health and social work services (-1.8%), information and communication (-1.3%) and accommodation and food services (-0.5%) activities.
| Drawn credits | Drawn and undrawn credits | |||||||
| Outstanding amounts | Outstanding year-on-year growth in % | Outstanding amounts | Outstanding year-on-year growth in % | |||||
| Sep- 2025 (p) | Sep- 2024 | Aug- 2025 (r) | Sep- 2025 (p) | Sep- 2025 (p) | Sep- 2024 | Aug- 2025 (r) | Sep- 2025 (p) | |
| Agriculture, forestry and fishing (AZ) | 69.1 | 3.2 | 2.6 | 2.5 | 77.9 | 1.4 | 3.5 | 3.4 |
| Industry (BE) | 165.0 | -2.6 | 0.2 | 0.7 | 256.6 | 0.1 | -0.2 | -1.3 |
| - inc. Manufacturing (C) | 112.9 | -0.5 | -1.1 | -1.1 | 174.6 | 1.7 | -0.9 | -2.4 |
| Construction (FZ) | 70.1 | -0.9 | -3.0 | -3.0 | 105.3 | -1.4 | -2.0 | -2.0 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 179.3 | -1.9 | -3.4 | -4.1 | 255.2 | -1.9 | -1.1 | -1.6 |
| Transportation and storage (H) | 67.3 | 2.8 | 3.3 | 4.0 | 87.6 | 3.7 | 5.4 | 5.0 |
| Accommodation and food service activities (I) | 53.6 | -0.4 | -0.4 | -0.5 | 59.3 | 0.1 | 0.5 | -0.1 |
| Information and communication (JZ) | 34.4 | 6.1 | -2.0 | -1.3 | 55.2 | 3.8 | 1.3 | -5.0 |
| Real estate activities (LZ) (*) | 564.2 | 3.1 | 3.7 | 3.9 | 621.8 | 2.8 | 3.7 | 4.1 |
| Advisory and Business support activities (MN) | 109.1 | 8.4 | 10.4 | 8.3 | 136.2 | 9.8 | 8.1 | 6.0 |
|
Education, human health and social work services, Arts, entertainment and recreation, Other service activities (PS) |
61.1 | -2.3 | -1.4 | -1.8 | 68.0 | -1.9 | -4.1 | -4.0 |
| Holdings | 16.8 | 4.8 | 14.2 | 13.9 | 19.6 | 1.9 | 15.4 | 14.6 |
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 %) |
||
| Apr-2025 | July-2025 | July-2025 | July-2025 | |
| Overdrats | 4.87 | 4.67 | ||
| Treasury excluding overdrafts | 3.90 | 3.62 | 35 | 18 |
| Equipment | 3.58 | 3.50 | 113 | 74 |
| Real-estate | 3.44 | 3.35 | 195 | 91 |
| Other investment loans | 4.59 | 4.43 | 55 | 99 |
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).
Download the PDF version of the document
EN_Stat_Info_financing_of_firms_202509.pdf
Updated on the 7th of November 2025