Firms report tighter loan terms and falling credit availability

A net 46 percent of firms reported higher bank loan rates, versus 42 percent previously: 55 percent of large firms, versus 41 percent, and 38 percent of SMEs, versus 43 percent.

Other financing costs increased for a net 27 percent, down from 31 percent; collateral requirements rose for 14 percent, up from 10 percent.

Loan availability balances fell to -5 percent from -1 percent overall, to -5 percent from -4 percent for SMEs and to -6 percent from 4 percent for large firms.

Loan needs fell to a net -2 percent from 2 percent: SMEs reported 1 percent versus 2 percent, and large firms -6 percent versus 3 percent.

The financing gap remained positive at 2 percent, versus 3 percent, indicating a widening.

More firms anticipate lower external financing availability over the next three months.

The general economic outlook constrained external financing for a net 31 percent of firms, versus 29 percent previously: 35 percent of large firms and 29 percent of SMEs.

Sales and profit prospects weighed on access for 9 percent, versus 10 percent; capital and creditworthiness remained supportive.

The sample covered 12,822 firms, including 11,917 with fewer than 250 employees, or 93 percent.

Around half reported changes during July-September 2026; the remainder covered April-September 2026.

First-time respondents accounted for most of the sample.