- At the end of June 2026, outstanding loans to non-financial businesses reached €1,434 billion, up +3.8% year-on-year.
- The credit approval rate for SMEs remains excellent, standing at 96% for investment requests in the second quarter of 2026.
- Business insolvencies are accelerating with 70,803 cases recorded over one year, a level significantly higher than the pre-Covid average.
Credit Momentum Remains Robust
At the close of the first half of 2026, financing activity for French businesses shows remarkable resilience in what is otherwise a complex macroeconomic environment. The total outstanding financing granted to non-financial companies has now reached €1,434 billion, representing a 3.8% increase year-on-year. This rise is primarily driven by long-term investment loans, which climbed by 4.5% to stand at €1,050 billion. Conversely, short-term credit lines dedicated to treasury management saw a slight dip of 0.3%, totalling €301 billion. The strong demand for investment loans demonstrates the persistent willingness of national economic players to develop their long-term projects.
Preserved Access to Credit and Competitive Rates
Despite the general tightening of monetary policy, French businesses continue to benefit from comparatively more advantageous financing conditions than their Eurozone neighbours. The average cost of credit for small and medium-sized enterprises (SMEs) stood at 3.64% in France at the end of June 2026, compared to a European average of 3.96%. Furthermore, the structure of French debt, predominantly contracted at fixed rates and over long maturities, helps to cushion the impact of rising interest rates. Access to bank counters remains fluid: during the second quarter of 2026, 96% of SMEs obtained all or most of the funds requested for their investments. For current treasury needs, the satisfaction rate for financing requests stands at a robust 83%.
Growing Vulnerability in the Economic Fabric
This apparent financial solidity does not preclude the emergence of difficulties for many businesses. Statistics from summer 2026 reveal a gradual weakening of resilience among some economic players. Thus, the number of business insolvencies reached 70,803 units over one year at the end of June, a volume significantly exceeding the historical average from before the health crisis (59,342 annual insolvencies over the 2010-2019 period). Counterbalancing these difficulties, entrepreneurial dynamism remains undiminished, as business creation continues at a particularly high level, amounting to 1.21 million registrations over the twelve months leading up to the end of the first quarter of the year. These contrasting trajectories paint an economic landscape marked by rapid renewal but also by increased selection of the most fragile structures.
