Survey on Access to Finance of Enterprises: Tightening Lending Conditions

On April 27, 2026, a report detailing the latest findings from the Survey on the Access to Finance of Enterprises (SAFE) revealed that firms within the euro area observed a further net tightening in bank loan interest rates, alongside various loan conditions influenced by both price and non-price factors. Although the overall demand for financing remained stable, firms reported a slight decline in the availability of bank loans.

The survey, conducted during the first quarter of 2026, indicated that a net 26% of firms experienced an increase in interest rates on bank loans, a significant rise from 12% observed in the preceding quarter. This trend was consistent across both small and medium-sized enterprises (SMEs) and larger corporate entities. Additionally, 37% of firms noted a rise in other financing costs, including fees and commissions, while collateral requirements remained unchanged at a net 14%.

Firms reported stable financing needs for bank loans, with a net balance of 0% indicating a rising demand, down from 3% in the fourth quarter of 2025. However, there was a perceived slight decline in loan availability, which resulted in a small decrease in the bank loan financing gap, which stood at 2%, down from 3% in the previous quarter. Looking forward, firms expressed a cautious outlook, anticipating a minimal decrease in the availability of external financing over the next three months.

Economic outlook remained a critical factor constraining external financing, as reported by 26% of firms. However, a modest improvement in banks’ willingness to lend was noted, with a net 5% of firms acknowledging this change. At the same time, firms indicated expectations of a slightly more adverse impact due to their specific operational challenges on the availability of external financing.

When examining turnover over the past three months, results indicated only marginal growth; a net 1% of firms reported an increase, significantly down from 7% in the last quarter of 2025. Conversely, optimism for future turnover increased, with a net 29% of firms expecting improvement, up from 18%. Despite this optimism, profitability faced challenges, as 16% of firms reported decreased profits, up from 10% previously.

Inflation expectations for the coming year saw a substantial increase, with firms anticipating prices to rise by 3.5%, a marked increase from 2.9%. Similarly, non-labour input costs, including energy, were projected to increase by 5.8%, up from 3.6%. Conversely, wage growth expectations dampened slightly to 2.8%, down from the previous estimate of 3.1%.

The report highlighted the influence of geopolitical tensions, particularly the ongoing conflict in the Middle East, which has led to heightened expectations regarding prices and costs. Firms participating in the survey expressed growing concerns about their inflation expectations, especially those engaged later in the data collection process.

Short-term inflation expectations escalated markedly, with the median expectation rising to 3.0%, up from 2.6%. However, firms remained steadfast in their long-term expectations, with three- and five-year projections steady at 3.0%. Nevertheless, an increased percentage of firms reported potential upward risks to long-term inflation, climbing to 65%, an increase from 56% in the earlier survey round.

This survey was executed from February 19 to April 1, 2026, capturing firms’ responses related to economic conditions, financing developments, and outlooks for inflation and costs. A total of 10,544 firms across the euro area participated, with 92% comprising entities with fewer than 250 employees.

For further media inquiries, please reach out to Benoit Deeg at Benoit.Deeg@ecb.europa.eu or call +49 172 1683704.

The comprehensive report and additional data can be accessed through the ECB’s official site, offering a deeper dive into the findings from this significant survey round.