Financing of entreprises - 2025-10
Published on the 11th of December 2025
Continued growth in corporate financing, at a rate of 2.8% year-on-year
- In October 2025, the growth in the financing granted to non-financial corporations (NFCs) remained virtually stable at 2.8% (after 2.9% in September) due to continued growth in bank loans at 2.7%. The investment component remained dynamic (4.1%, unchanged month-on-month), and cash loans declined again (-3.0%, after -2.7% in September). The growth in debt securities slowed (3.0% in October after 3.5% in September).
- The average cost of new financing to the NFCs fell in October (3.37%, after 3.43% in September) due to a decline in the average interest rate of debt securities (3.23% after 3.37%), while the cost of bank loans remained stable (3.45% after 3.46% in September).
1 - Overview of NFCs : Outstanding amounts and flows in €Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| Oct-25 (p) | Annual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
Oct-24 | Aug-25 | Sep-25 (r) | Oct-25 (p) | Oct-24 | Aug-25 | Sep-25 (r) | Oct-25 (p) | |
| NFC's global financing | 2,137.1 | 57.7 | 707.7 | 2.0 | 2.2 | 2.9 | 2.8 | 4.05 | 3.35 | 3.43 | 3.37 |
| Loans | 1,402.8 | 36.6 | 343.3 | 2.1 | 2.4 | 2.7 | 2.7 | 4.34 | 3.39 | 3.46 | 3.45 |
| Investment | 1,021.3 | 3.2 | 3.9 | 4.1 | 4.1 | ||||||
| equipment | 638.6 | 3.3 | 4.0 | 4.1 | 3.9 | ||||||
| real-estate | 382.7 | 3.2 | 3.7 | 4.1 | 4.5 | ||||||
| Cash | 301.6 | -2.9 | -3.2 | -2.7 | -3.0 | ||||||
| Other lending | 79.9 | 9.2 | 5.1 | 6.1 | 7.6 | ||||||
| Loans up to €1 million | 121.3 | 4.38 | 3.65 | 3.67 | 3.68 | ||||||
| Loans over €1 million | 222.0 | 4.33 | 3.21 | 3.36 | 3.30 | ||||||
| Securities other than shares | 734.3 | 21.1 | 364.4 | 1.8 | 1.9 | 3.5 | 3.0 | 3.49 | 3.29 | 3.37 | 3.23 |
(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 October 2025, the 12-month growth in outstanding loans varied depending on company size. It decreased slightly to 1.0% for small and medium-sized enterprises (SMEs) and companies of unspecified size, and to 0.1% for intermediate-sized companies (ISEs). For large companies, it increased to 5.8%.
- The cost of new financing remained stable at an average of 3.65% for intermediate-sized companies and 3.43% for SMEs and companies of unspecified size. It decreased in October to 3.13% for large companies.
| Outstanding
amounts (in €Bn) |
Outstanding year-on-year growth in % | Cost in %
(annual interest rate) |
|||||||
| Oct-25 (p) | Oct-24 | Aug-25 | Sep-25 (r) | Oct-25 (p) | Oct-24 | Aug-25 | Sep-25 (r) | Oct-25 (p) | |
| - SME and unspecified size | 538.9 | 0.9 | 1.3 | 1.3 | 1.0 | 4.31 | 3.39 | 3.43 | 3.43 |
| - ISE | 387.8 | 2.5 | 1.1 | 0.5 | 0.1 | 4.45 | 3.59 | 3.65 | 3.65 |
| - Large firms | 227.3 | 2.0 | 4.9 | 5.5 | 5.8 | 4.25 | 3.02 | 3.21 | 3.13 |
(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 - Bank loans by sector (outstanding amounts in €bn, annual growth rate in %) ![]()
- Growth in drawn credits remained uneven across business sectors. It stayed positive for the advisory and business consulting support activities (+7.8%), real estate activities (+4.0%), transportation and storage (+3.4%), agriculture (+2.0%), and industry (+0.5%). Growth in outstanding loans became positive in the information and communication (+4.2%).
- However, drawn credits continued to decline in the education, human health, and social work services (-5.3%), wholesale and retail trade (-3.7%), construction (-3.0%), and accommodation and food services (-1.0%).
Outstanding amounts by sector (€bn)
October 2025
October 2025
Year on year growth of drawn credits by sector (in %)
Year on year change of drawn and undrawn credits by sector (in %)
4 - Quarterly additional information : financing of VSE (1)![]()
Loans to VSEs: breakdown by type of loans (1)![]()
| Outstanding amounts (Billions euros) | Annual growth rate in % | ||
| Q3 2025 | Q2 2025 | Q3 2025 | |
| Loans | 366.5 | 1.5 | 1.9 |
| Cash | 21.5 | -20.7 | -16.8 |
| Equipment | 169.6 | 2.3 | 2.8 |
| Real-estate | 175.4 | 4.3 | 4.0 |
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_202510.pdf
Updated on the 10th of December 2025