Survey on the Access to Finance of Enterprises: lending conditions tightened

The Survey on the Access to Finance of Enterprises in the euro area, conducted in the third quarter of 2026, revealed that firms widely reported an increase in interest rates on bank loans. Large enterprises experienced a greater rise in loan rates (55%) compared to small and medium-sized enterprises (38%). Additionally, both types of firms reported an increase in other financing costs and collateral requirements.

However, a majority of firms also noted a decrease in the availability of bank loans, with SMEs reporting a more significant drop (-5%) than large firms (-6%). As a result, the gap between the rising need for and decreasing availability of bank loans remained positive. Firms' expectations for external financing availability were also anticipated to decline over the next three months.

The primary factor constraining financing availability was the general economic outlook, with large firms expressing a more pessimistic view than SMEs. While the impact of firms' sales and profits on financing availability decreased, their capital position and creditworthiness remained positive. The survey, which included 12,822 enterprises, highlighted that the sample composition in this round, with many first-time respondents, could complicate the interpretation of numerical responses.