- Total outstanding loans to non-financial corporations reached €1,434 billion at the end of June 2026.
- Investment financing remains dynamic, with a year-on-year increase of +4.5%.
- Corporate vulnerability is rising, with 70,803 insolvencies recorded, a level higher than the pre-Covid period.
- SMEs maintain excellent access to credit, with 96% of them obtaining their investment financing.
Investment-driven financing momentum
At the end of the first half of 2026, the financial landscape for French companies shows notable resilience. Despite an international environment marked by persistent economic and geopolitical uncertainties, the total outstanding credit granted to non-financial corporations stands at €1,434 billion. This 3.8% annual growth reflects a continued commitment by economic players to support their development projects. The main driver of this growth remains investment credit, which rose by 4.5% to reach €1,050 billion. Conversely, cash-flow loans saw a slight decline of 0.3%, stabilising at €301 billion, which may reflect more cautious short-term liquidity management by business leaders.
Borrowing costs contained compared to the European average
In a context of global monetary tightening, the financing structures of French companies offer protective characteristics. As the majority of loans were contracted at fixed rates and over long maturities, the impact of rising interest rates is spreading more slowly than elsewhere. In June 2026, the average rate for SME loans in France stood at 3.64%, an advantageous performance compared to the 3.96% average observed in the eurozone. This relative competitiveness of the cost of capital ensures fluid access to financing. Second-quarter data confirms this trend: 96% of small and medium-sized enterprises obtained all or nearly all of the investment credit they requested, while the satisfaction rate for cash-flow loans reached 83%.
A paradoxical weakening of the productive fabric
Behind these generally positive volume indicators, signs of strain are appearing regarding the operational stability of companies. The number of insolvencies over a rolling twelve-month period reached 70,803 units at the end of June 2026. This figure significantly exceeds the average recorded between 2010 and 2019, which stood at 59,342 annual insolvencies. This increase in business failures contrasts with the vitality of business creation, which remains at a record level. Indeed, 1.21 million new entities were created during the year ending in the first quarter of 2026. This dualism between sustained entrepreneurial dynamism and a rise in bankruptcies highlights a period of profound restructuring in the French economy, as new structures sometimes struggle to stabilise their models against eroding margins and energy costs.
