Companies' Access to Credit in France, Q1 2026 (Banque de France)

Summary

• In the first quarter of 2026, conditions remain favorable for French companies' access to investment credit but tighten slightly for cash credit.p.1
• Investment credit requests fell for mid-sized companies (ETI) and were stable for SMEs, while investment credit success rates remain high.p.1
• Cash credit requests were stable for SMEs at 6% and fell slightly for ETIs, from 7% to 5%.p.1
• The proportion of firms reporting a higher overall cost of credit rose by 8 points for ETIs and by 8 points for SMEs.p.1
• Credit line requests are largely satisfied (fully or to more than 75%) in at least 90% of cases for SMEs and ETIs.p.2
• The success rate for equipment credit remains high for SMEs, at 94%.p.2

Key insights

1. Cash credit success rates declined for both ETIs and SMEs.p.1
2. The rise in the proportion of firms reporting a higher overall cost of credit confirms the trend seen since the second quarter of 2025.p.1
3. Credit line requests have been stable for several quarters across all company sizes.p.2
4. Nearly one third of SMEs and nearly half of ETIs requested credit lines over the past 12 months.p.2
5. The analysis considers bank credit only; some firms also have market access.p.1