Financing of entreprises - 2026-06
Published on 10th of August 2026
Year-over-year growth in lending to non-financial corporations remains above 4%
- In June 2026, year-on-year growth in financing to nonfinancial corporations (NFCs) reached 4.1%, down slightly from the previous month (4.3% in May). Growth in bank loans remained virtually stable (3.8%, after 3.9% in May); it continues to be driven by strong growth in the investment component (4.5%, up from 4.4% in May), while the cash loan component was negative (-0.3%, down from 0.5% in May). Meanwhile, growth in debt securities issuance declined again (4.8%, down from 5.1% in May).
- The average interest rate on new lending rose to 3.64% in June (up from 3.56% in May) due to higher costs for bank loans (3.69%, up from 3.54% in May), while the average interest rate on debt securities fell (3.54%, down from 3.61% in May).
1 - Overview of NFCs : Outstanding amounts and flows in €bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| June 2026(p) | Annnual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
June 2025 | apr- 2026 | May 2026(r) | June 2026(p) | June 2025 | apr- 2026 | May 2026(r) | June 2026(p) | |
| NFC's global financing | 2,192.7 | 87.1 | 769.4 | 1.7 | 4.4 | 4.3 | 4.1 | 3.49 | 3.64 | 3.56 | 3.64 |
| Loans | 1,434.1 | 52.1 | 370.4 | 2.1 | 3.4 | 3.9 | 3.8 | 3.57 | 3.58 | 3.54 | 3.69 |
| Investment | 1,050.4 | 3.9 | 4.6 | 4.4 | 4.5 | ||||||
| equipment | 651.7 | 3.8 | 4.2 | 4.1 | 4.1 | ||||||
| real-estate | 398.7 | 3.9 | 5.2 | 5.0 | 5.1 | ||||||
| Treasury | 301.1 | -3.8 | -2.3 | 0.5 | -0.3 | ||||||
| Other lending | 82.5 | 4.5 | 9.9 | 9.8 | 10.5 | ||||||
| Loans up to €1 million | 127.8 | 3.75 | 3.76 | 3.78 | 3.84 | ||||||
| Loans over €1 million | 242.6 | 3.47 | 3.48 | 3.40 | 3.61 | ||||||
| Securities other than shares | 758.6 | 35.0 | 399.0 | 0.8 | 6.4 | 5.1 | 4.8 | 3.34 | 3.76 | 3.61 | 3.54 |
(r) : revised data ; (p) : provisional data
Monthly changes in outstanding loans by purpose (seasonally adjusted data in €bn) and outstanding annual growth rate (in %)![]()
Cost (all maturities combined) by financing sources (in %) ![]()
2- Bank loans by size of NFC![]()
- As of the end of June 2026, the 12-month growth rate of outstanding loans declined for businesses of all sizes. It stands at 2.5% for small and medium-sized enterprises (SMEs) and enterprises of undetermined size, at 0.8% for mid-sized enterprises (ISEs), and at 6.8% for large enterprises (LEs).
- The cost of new bank financing rose for businesses of all sizes in June. It stood at 3.64% (up from 3.53% in May) for SMEs and companies of undetermined size, at 3.87% (up from 3.74% in May) for mid-sized companies, and at 3.51% (up from 3.23% in May) for large firms.
| Outstanding
amounts (in Bn €) |
Outstanding year-on-year growth in % | Cost in %
(annual interest rate) |
|||||||
| June 2026(p) | June 2025 | Jan- 2026 | May 2026(r) | June 2026(p) | June 2025 | Jan- 2026 | May 2026(r) | June 2026(p) | |
| - SME and unspecified size | 550.3 | 1.5 | 2.4 | 2.7 | 2.5 | 3.53 | 3.55 | 3.53 | 3.64 |
| - ISE | 398.2 | 1.6 | 1.2 | 1.7 | 0.8 | 3.75 | 3.75 | 3.74 | 3.87 |
| - Large firms | 239.5 | 4.9 | 3.5 | 7.1 | 6.8 | 3.33 | 3.34 | 3.23 | 3.51 |
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 varies across different business sectors. It remains positive for business consulting and services (+7.5%), information and communication (+6.6%), real estate activities (+4.7%), agriculture (+3.3%), transportation and warehousing (+2.7%), construction (+1.7%), and trade (+0.5%). It is negative in manufacturing (-0.9%, including -3.1% in the manufacturing sector), lodging and food services (-0.5%), and education and social services (-1.7%).
Outstanding amounts by sector (€bn)
June 2026
June 2026
Drawn credits year-on-year growth (in %)
Drawn and undrawn credits year-on-year growth (in %)
(r): revised data ; (p): provisional data
(*) including non-trading real estate companies
On the difference in calculation method between year-on-year change and annual growth rate, see methodology note.
(*) including non-trading real estate companies
On the difference in calculation method between year-on-year change and annual growth rate, see methodology note.
4 - Quarterly additional information about loans to NFCs rates
Cost of new loans by purpose ![]()
(en %)
Breakdown on new loans by purpose ![]()
(in % of new business credits excluding overdrafts)
Characteristics of new loans to NFC![]()
| Average Effective Rate in the Narrow Sense (in %) | Average maturity
(in month) |
Share of loans
fixed rate (in %) |
||
| Jan-2026 | apr- 2026 | apr- 2026 | apr- 2026 | |
| Overdrats | 4.71 | 4.64 | ||
| Treasury excluding overdrafts | 3.62 | 3.68 | 33 | 22 |
| Equipment | 3.46 | 3.57 | 113 | 78 |
| Real-estate | 3.49 | 3.52 | 191 | 80 |
| Other investment loans | 4.33 | 4.42 | 62 | 96 |
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_nonfinancial_corporations_202606.pdf
Updated on the 11th of August 2026