Bank loan access improves in Spain despite rising interest rates
Access to bank financing for Spanish companies improved in the second quarter of 2026, driven by banks' greater willingness to lend despite rising borrowing costs. The findings come from the latest ECB SAFE survey published by the Bank of Spain.
Sales rise while costs squeeze profits
Spanish companies reported stronger sales growth in the second quarter of 2026, with a net positive balance of 23 percent, up 13 percentage points from the previous quarter.
However, high costs continued to pressure profits downward, though less severely than before.
The net percentage reporting profit increases stood at minus 0.6 percent, a notable improvement from minus 6 percent in the first quarter.
Labor cost pressures moderated slightly to 65 percent, while other costs accelerated to 74 percent.
Deleveraging continued at a slower pace, with the net proportion reporting a lower debt ratio falling to 5 percent from 12 percent, driven primarily by small and medium-sized enterprises.
Cheaper access meets higher rates
Loan demand increased slightly as 28 percent of firms applied for bank financing during the quarter.
Perceptions of credit availability improved, supported by banks' greater willingness to grant loans, cited by 16 percent of companies on a net basis.
Conversely, overall economic outlooks remained an obstacle for 27 percent of firms.
Meanwhile, 41 percent of companies reported higher interest rates on bank loans for the second consecutive quarter, up sharply from 27 percent in the previous period.
Easier access, dearer credit
Credit availability is improving, but borrowing costs are rising fast.
Small and medium enterprises bear the brunt of higher rates and tighter financing obstacles.
Ultimately, looser lending standards cannot fully offset persistent cost pressures for smaller firms.