Financing of entreprises - 2025-09
Published on 10th of November 2025
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).
AT Internet - liste domaines
Banque de France
Download the PDF version of the document
EN_Stat_Info_financing_of_firms_202509.pdf
Updated on the 7th of November 2025