Survey on the Access to Finance of Enterprises in the euro area - Third quarter of 2026

This report presents the main results of the 40th round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, which was conducted between 26 August and 2 October 2026.In this survey round, around half of the firms were asked about changes in the period between July and September 2026. The remainder were asked about changes in the period between April and September 2026.[1]Altogether, the sample comprised 12,822 enterprises in the euro area,of which 11,917 (93%) had fewer than 250 employees.[2]The ongoing substantial change in the sample composition, with first-time respondents accounting for the majority of the sample in this survey round, makes it challenging to interpret the responses to the numerical questions at this stage. An indicator of firms’ overall bank financing conditions points to a further tightening (Chart A in this section).The measure captures firms’ perceptions of price-related terms and conditions of financing, including changes in bank interest rates and other bank-related costs, such as charges, fees and commissions. It is one of the three principal components that summarise how euro area firms assess overall bank financing conditions, alongside non-price terms and conditions and firms’ broader financial position.[3]In this survey round, the tightening was similar for small and medium-sized enterprises (SMEs) and large firms. Firms widely reported a further net tightening in bank loan interest rates.A net 46% of firms reported higher bank interest rates, up from 42% in the previous quarter (Chart 1in Section 2). The increase in interest rates was more often reported by large firms (net 55%, up from 41%), than by SMEs (net 38%, after 43%). Beyond interest rates, firms also faced an increase in non-interest borrowing costs in net terms, although to a smaller extent than in the previous survey round. Change in price terms and conditions as perceived by euro area firms Base: Firms that applied for a bank loan.Notes: Indicator derived from factor analysis. For details of the analysis, see footnote 3. The indicator is based on firm-level survey replies from 2020 to the third quarter of 2026, using the replies on changes in the previous six months up to the third quarter of 2023 and on changes in the previous three months thereafter. The aggregate indicators are the average of firm-level scores, weighted by size, economic activity and country. Positive values indicate a deterioration in firms’ financing conditions. The individual scores have a range of between -100 and 100. Bank loan availability declined by more than needs, resulting in an increase in the financing gap (Table 1, columns 2, 6 and 10 at the end of this section and Chart 2 in Section 2).A net 5% of firms reported a decline in bank loan availability (after -1% in the previous quarter), while a net 2% of firms reported decreasing needs for bank loans (compared with a net 2% increase in the second quarter). Developments in bank loan availability were similar across size classes, with both SMEs (-5%, after -4%) and large firms (-6%, after 4%) reporting a decline. SMEs indicated broadly unchanged needs for bank loans (net 1%, after net 2%), while large firms indicated a decrease (net -6%, compared with 3% in the previous quarter). As a result, the euro area bank loan financing gap indicator – an index capturing the difference between changes in needs and availability – remained positive for a net 2% of firms, compared with a net 3% in the previous quarter. Looking ahead, more firms expect the availability of external financing to decrease over the next three months in this survey round than in the previous round. Firms continued to view the general economic outlook as the main factor constraining the availability of external financing (Chart 7 in Section 2).In the third quarter of 2026, a net 31% of firms reported that the worsening general economic outlook had negatively affected the availability of external financing, up from a net 29% in the second quarter of 2026. Firms used financing from both external and internal sources primarily for inventories, working capital and fixed investment (Chart 5).38% of firms (down from 40% in the previous quarter) reported that they used financing most commonly for inventories and working capital, while fixed investment purpose was indicated also by 38% of firms (after 37%). Firms continued to report a moderate improvement in banks’ willingness to lend as well as in trade credit (Chart 8 in Section 2).On balance, 5% of firms reported an improvement in banks’ willingness to lend, compared with 6% in the previous quarter. This improvement was largely driven by banks’ more favourable attitude towards large firms. Firms also reported a moderate improvement in the willingness of suppliers to offer trade credit, with a net 4% reporting an increase (up from 2% in the previous quarter). SMEs reported an improvement in their perception of the willingness of their trading partners to provide credit, while the responses for large firms signalled broadly no change. The share of firms that reported having applied for bank loans remained broadly unchanged compared with the previous survey round (Chart 9 in Section 2).In the third quarter of 2026, 22% of firms applied for bank loans, compared with 23% in the previous quarter. The main reason firms cited for not applying was sufficient internal funds, reported by 50% of firms. The share of firms reporting obstacles to obtaining a bank loan increased slightly but remained low.Among firms that considered bank loans relevant to their business, 7% faced obstacles when seeking a loan, up from 5% in the previous quarter (Table 1, columns 11 and 12 in this section, andChart 10in Section 2). Firms reported an increase in turnover, with notable differences between SMEs and large firms.On balance, 4% of firms indicated an increase in turnover, compared with 9% in the previous quarter (Chart 11in Section 3). Differences across size classes persisted as large firms continued to report improvements (a net 13%, after 20% in the previous quarter), while SMEs indicated broadly no change (net -1%, compared with a net 3% indicating an increase in the previous quarter). Looking ahead, firms remain optimistic, with a net 27% expecting higher turnover over the next quarter (a net 24% of SMEs and a net 31% of large firms, up from 20% and 30% respectively). Firms continued to signal a deterioration in profits.On balance, 21% of euro area firms reported a decline in profits, up from a net 16% in the second quarter. The decline was similar across firm sizes. In this survey round, the share of financially vulnerable firms remained low and at similar level to that reported in the previous quarter (Chart 12 in Section 3).Only 4% of firms experienced significant difficulties in managing their businesses and servicing their debts during this period. Enterprises continued to report an increase in investment, more widely so than in the previous quarter (Chart 13 in Section 3).A net 8% of firms indicated a rise in investment in fixed assets in the third quarter of 2026 (up from a net 6% in the previous quarter). The net percentage of SMEs reporting an increase in investment was 6%, compared with 4% in the previous quarter. A net 12% of large firms indicated an increase in investment, compared with a net 10% in the previous quarter. Looking ahead, a net 11% of firms expect to increase investment in the fourth quarter of 2026, with 9% of SMEs and 16% of large firms projecting higher spending on fixed assets. Production and labour costs as well as the availability of skilled labour continued to be major concerns limiting production (Chart 14 in Section 3).At the same time, firms also highlighted finding customers and competition to be major concerns. Across size classes, large firms tended to be more concerned than SMEs about production and labour costs. The substantial change in the sample composition, with firs