Majority of corporate loans granted by other financial institutions went to SMEs

Finnish non-financial corporations ¹ drew down EUR 1.0 billion of new loans ² from other financial institutions in the second quarter of 2026 , which is 29% less than in the corresponding period a year earlier. Of the loans drawn down by non-financial corporations in the second quarter of 2026, EUR 224 million consisted of factoring ³, EUR 168 million of finance leasing and the majority (EUR 593 million) of conventional corporate loans. The average interest rate on new corporate loan drawdowns was 5.65%, compared with 4.98% in the corresponding period a year earlier. In the same period, a large volume of new loans to non-financial corporations ⁴ was drawn down from banks ⁵ (almost EUR 8 billion), 13% more than a year earlier. Slightly more than half of the quarter’s drawdowns took place in June 2026.

Other financial institutions have granted most of their new loans to SMEs ⁶. In January 2025 to June 2026, 63% ⁷ of new loans to non-financial corporations were granted to SMEs and 37% to large enterprises. Slightly less than half of banks’ stock of loans to non-financial corporations has been granted to SMEs.

In June, the stock of loans granted by OFIs to NFCs contracted, while the stock granted by banks increased

At the end of June, the stock of loans granted to non-financial corporations by other financial institutions stood at EUR 5.0 billion, with an annual change of −5.6%. The stock of loans to non-financial corporations has contracted since September 2025. At the end of June, the stock of corporate loans granted by banks stood at EUR 64.3 billion, with an annual growth rate of 3.3%.

The share of finance leasing in OFIs' corporate loan stock has almost reached 70%. By comparison, only 6% of the stock of corporate loans granted by banks consisted of finance leasing, and the majority (85%) of the loans were conventional corporate loans.

Average interest rates on the stock of loans to non-financial corporations have risen during 2026

At the end of June 2026, the average interest rate on the stock of loans granted by other financial institutions to non-financial corporations was 4.50%, compared with 4.11% in the corresponding period a year earlier. There are differences in average interest rates on loans granted by other financial institutions by type of entity. For example, in June the average interest rate on the stock of loans granted by corporate finance companies was 24.51% as opposed to 17.53% on those granted by factoring companies. By comparison, the average interest rate on loans to NFCs granted by export credit companies, state-owned companies and banks’ finance companies was 3.72%. In June 2026, the average interest rate on the stock of loans to NFCs granted by banks was 3.75%, compared with 3.67% in the corresponding period a year earlier.

Developments in Euribor rates affect interest rates on loans to non-financial corporations in Finland. At the end of June 2026, 79% of the stock of loans granted by other financial institutions to NFCs was tied to Euribor rates and 19% was at fixed rates, while 84% of the stock of loans to non-financial corporations granted by banks were tied to Euribor rates and 12% had fixed rates.

Further information

• Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)bof.fi,
• Pauli Korhonen, tel. +358 9 183 2280, email: pauli.korhonen(at)bof.fi

The next news release on other financial institutions will be published on 3 December 2026 at 10 am.

¹ Excluding housing corporations.

² New drawdowns and the information reported on them do not include overdrafts, card credits or non-recourse factoring.

³ Factoring is short-term financing of trade receivables in which a company pledges its trade receivables (invoices) in return for credit.

⁴ Excluding housing corporations.

⁵ Credit institutions operating in Finland.

⁶ Definition of small and medium-sized enterprises (SMEs) (link)

⁷ Loans for which no information on enterprise size has been reported have been excluded from the calculations.