Business Financing Observatory Annual Report 2026: Companies in a Context of Heightened Uncertainty (Banque de France)

Summary

• Revenue growth of SMEs (excluding microenterprises) was only 1.5% in 2025, after 1.8% in 2024, against a 4.2% average over 1997-2019.p.13
• Bank loans make up 65.4% of corporate financing in May 2026, at €1,429.6 billion at end of May 2026.p.18
• Twelve-month growth of outstanding credit at end of May 2026 stands at 2.5% for SMEs, 0.7% for mid-caps (ETI) and 7.4% for large companies.p.18
• Of the €145 billion of State-guaranteed loans (PGE) initially granted, only €16.1 billion remains to be repaid, or 11.1% of the initial amount.p.21
• 98% of ETI and 96% of SMEs that requested an investment loan obtained it in full or for more than 75%.p.22
• French private equity firms invested €28.8 billion in 2025 (+11% versus 2024) in 2,714 companies.p.26
• Private equity fundraising reached €28.9 billion, up 15%, driven by continuation funds.p.26

Key insights

1. The proportion of ETI recording a lower apparent cost of debt rose to 67% in 2025, from 29% in 2024.p.20
2. The weight of interest charges in ETI value added fell from 13% in 2024 to 10% in 2025.p.20
3. Eligible referrals to credit mediation fell by 8.3% in the first half of 2026 compared with the same period a year earlier.p.24
4. Credit mediation requests led to a solution in nearly 60% of cases in the first half.p.24
5. At end 2024, more than 8,400 French companies were backed by a private equity player, representing about 2.5 million employees.p.26
6. Fewer than 2% of companies report self-censorship, not applying for credit because they expect a refusal.p.23
7. In a Les Entrepreneurs survey, 55% of business leaders who used cash credit consider access difficult and only 7% find it easy.p.23
8. In manufacturing, bank debt fell to an average 43% of debt between 2012 and 2024, from 61% over 1996-2011.p.31