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).
AT Internet - liste domaines
Banque de France
Download the PDF version of the document
EN_Stat_Info_financing_of_nonfinancial_corporations_202606.pdf
Updated on the 11th of August 2026