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Access to bank financing for companies 2019Q2

Published on 07/16/2019
Access to credit continued to rise for VSEs
  • For SMEs as for VSEs, demand for new cash credits slightly decreased while demand for new investment loans was stable. Anticipating a bank refusal was marginal: only 1% of entrepreneurs declared censorship behavior.

  • Cash credit supply for SMEs increased by 3 points compared to Q1 2019 and reached its historical high: 92% of SMEs' requests of cash credits were fully or almost fully granted. Access to investment loans, remained high at 96%. For equipment loans more specifically, access also stayed at a high level (91%).

  • Access to cash credits for VSEs further grew for the third consecutive quarter to reach 74% of granted requests, the highest level recorded in the survey. Simultaneously, access to investment loans also improved by 2 points compared to Q1 2019: 90% of VSEs' requests were fully or almost fully satisfied. Regarding equipment loans, access was almost stable at 86% (against 87% in the previous quarter).

Financing requests and grants for SMEs and VSEs*
*in %; except for the use of credit lines earlier granted
Cash credits
Investment loans
Source: Banque de France (Directorate General of Statistics) and FCGA
Scope: Enterprises with real decisional autonomy regarding requests for credit; SMEs: 10 - 249 employees; VSEs: 0 - 9 employees


The Banque de France carries out a quarterly survey on the access to bank financing of companies. 4,000 small and medium-sized companies (SMEs) and 400 mid-tier companies (MTEs) have answered; as well as 2,500 very small companies (VSEs) thanks to a partnership with the
Fédération des Centres de Gestion Agréés (small firms authorised management centers federation).
Additional information
1- Small and medium-sized enterprises (SME: 10 - 249 employees)
provided by Banque de France
  • SMEs can apply for credit lines that remain available over the year, most of the time at the beginning of the year, and/or for various types of cash facilities during the year.

  • The proportion of SMEs applying for credit lines remained stable at 37%. These requests were widely granted (91%).
  • 60% of SMEs mobilized credit lines this quarter, 3 points less than in Q1 2019.

  • Regarding new loans - excluding the use of available credit lines - :

  • Demand for new cash credits changed little (6% after 7% in the previous quarter).
  • Cash credit supply for SMEs grew by 3 points compared to the first quarter 2019 and reached its highest point since 2012: 92% of SMEs' requests of cash credits were fully or almost fully granted.
  • Demand for new investment loans remained unchanged compared to the previous quarter at 24%.
  • Access to investment loans remained very large. 96% of SMEs' requests were fully or very substantially granted, about the same than in the previous quarter (95%). About equipment loans specifically, access also stayed at a high level (91%).

  • Only 3% of SMEs reported a rise in the total cost of financing, which is slightly less than in previous quarters (4%).

2 - Very small enterprises (VSE: 0 - 9 employees)
provided by FCGA and Banque de France
  • Demand for new financing from VSEs slightly decreased for cash credits (6% after 7% in last quarter) and was unchanged for investment loans (10%).

  • Access to cash credit continued to expand for the third consecutive quarter and reached a record high: 74% of VSEs were fully or very substantially granted their requests, after 72% and 70% in the previous quarter.

  • Access to investment loans also improved by 2 points compared to Q1 2019 and peaked at the highest level ever observed since 2014 with 90% of VSEs that were granted their request (fully or over 75% of the requested loans). Concerning equipment loans specifically, the supply was almost stable at 86% (against 87% in the previous quarter).

3 - Mid-tier enterprises (MTE: 250 - 4 999 employees)
provided by Banque de France
  • 47% of MTEs submitted requests for credit lines, after 45% in the previous quarter. 74% of those MTEs drew down available credit lines, as many as in the first quarter.

  • Demand for new cash credits slightly decreased: 8% of MTEs requested cash credits this quarter, against 9% in the previous quarter. The credit supply rate (fully or over 75% of the requested loans) was almost stable at 90% this quarter, after 89% in the first quarter 2019.

  • Demand for investment loans rose by 4 points with 32% of MTEs that requested financing this quarter. Access stayed high but reduced however: 95% of MTEs were fully or almost fully granted, against 99% in the previous quarter. Concerning equipment loans specifically, the supply rate also reduced to 88% (91% in Q1 2019).

  • Only bank financing is considered here. MTEs also access to financing through private debt issuance, which is not covered by this survey.


  • Next publication: October 2019

More information on time series, calendar, methodology

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

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STAT INFO - 2nd quarter 2019.

Quarterly survey on the access to bank financing of companies


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Access to bank financing for companies
  • Published on 07/16/2019
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Published on Tuesday, July 16, 2019