Access to bank financing continued to improve in the third quarter of 2026, albeit slightly and less than in the previous three months

Results for Spain of the ECB's SAFE survey on firms' access to finance (third quarter of 2026). Access to bank credit continued to improve, but only very slightly, while corporate profits fall and lending rates rise for the third consecutive quarter.

Key points

• Turnover: net percentage of firms reporting an increase of 6%, 18 pp less than the previous quarter; profits at a net -12.7%, the worst reading in the quarterly series (since 2024), and negative for the first time among large firms.
• Labour costs rising for a net 55% (65% previously); other costs 65% (74% previously).
• Deleveraging: a net 13% reduced their debt ratio (5% previously). 18% applied for bank loans, 10 pp less.
• Availability of loans: net improvement of 2%, 8 pp less than in the previous survey; among large firms it falls from 24% to 1%.
• Interest rates rising for a net 46% (41% previously); collateral requirements and, above all, other costs (net 30%) also rise.
• Obstacles to obtaining financing at a record low (2.5%); rejected applications fall from 1.3% to 0.2%.
• Caution: the change of survey provider in the third quarter may explain part of the differences.

Who is affected

Non-financial corporations (SMEs and large firms) and banks; a gauge of credit conditions in Spain.

Deadlines

Only a net 1% of firms expect further improvement in access to finance in the fourth quarter of 2026.

Plain-language version

Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.