Spanish firms report record-low barriers to bank loans
Bank of Spain survey results show Spanish firms' access to bank loans improved for a net 2 percent in Q3 2026, down from 10 percent in Q2. A net 46 percent reported higher loan rates, up from 41 percent, the third consecutive quarterly increase.
Fewer rejections, higher borrowing costs
Loan obstacles fell to 2.5 percent in Q3 2026, a survey low; rejections dropped from 1.3 to 0.2 percent.
The share deterred from applying rose 0.2 percentage points and partial approvals rose 0.5 points; costly approvals fell 0.2 points.
Applications fell 10 points to 18 percent as financing needs eased.
Net 15 percent cited greater bank willingness and 14 percent better credit histories; 34 percent cited adverse economic prospects, up 7 points, and 10 percent their own situation.
Availability improved for net 2 percent of small and medium-sized firms and 1 percent of large firms, down from 24 percent for the latter.
Collateral requirements rose, as did non-interest costs for net 30 percent; loan amounts and maturities increased slightly.
Sales fail to protect profits
The European Central Bank (ECB) survey put the net share of Spanish firms reporting higher Q3 2026 sales at 6 percent, down 18 percentage points.
Labor cost increases fell from 65 to 55 percent net and other cost increases from 74 to 65 percent.
The profit balance was -12.7 percent, its third negative quarter and lowest since quarterly data began in Q1 2024.
Large firms recorded their first negative profit balance.
Net 13 percent reduced debt-to-asset ratios, versus 5 percent previously: 12 percent of smaller firms and 14 percent of large firms.
Comparisons need care
Only a net 1 percent of firms anticipated better bank financing access in Q4 2026.
A change of survey provider increased the share of new respondents, whose numerical answers were unusually high.
Quarter-on-quarter comparisons therefore require care, as the Bank of Spain warned.