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The financial health of VSEs-SMEs: an essential determinant of their credit access
[La santé financière des TPE-PME, un déterminant essentiel de leur accès au crédit]

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  • Gerardin Mathilde
  • Nicolas Théo

Abstract

Since 2012, the Banque de France has carried out a quarterly survey of very small enterprises (VSEs) and small and medium-sized enterprises (SMEs) to assess their access to bank credit. The vast majority of demand for investment loans is met, with an average of 91% of VSEs and SMEs having their loan application approved in the period 2012-20. For cash loans excluding lines of credit, the success rate for loan applications is lower at 76% over the same period, but has followed an upward trajectory since 2012. In addition, the introduction of the state-guaranteed loan (SGL) scheme led to a marked rise in the success rate for applications in 2020, especially for VSEs. The main criteria used to determine access to credit are financial (solvency, self-financing and liquidity ratios). These factors outweigh all non-financial considerations (size, sector and age of the firm). Depuis 2012, la Banque de France interroge trimestriellement les très petites entreprises (TPE) ainsi que les petites et moyennes entreprises (PME) sur leurs conditions d’accès au crédit bancaire. Les demandes de crédit d’investissement sont très largement satisfaites puisque en moyenne sur la période 2012 2020, 91 % des TPE PME obtiennent le crédit souhaité. Pour les crédits de trésorerie hors ligne de crédit, le taux d’obtention est moins élevé (76 % sur la même période) mais sur une tendance haussière depuis 2012. En outre, en raison de la mise en oeuvre des prêts garantis par l’État (PGE), le taux d’obtention de ces crédits a nettement progressé en 2020, notamment pour les TPE. Les critères les plus déterminants pour accéder au crédit sont financiers (solvabilité, autofinancement, liquidité). Ces derniers l’emportent sur les autres caractéristiques non financières (taille, secteur et ancienneté).

Suggested Citation

  • Gerardin Mathilde & Nicolas Théo, 2021. "The financial health of VSEs-SMEs: an essential determinant of their credit access [La santé financière des TPE-PME, un déterminant essentiel de leur accès au crédit]," Bulletin de la Banque de France, Banque de France, issue 233.
    • Handle: RePEc:bfr:bullbf:2021:233:01
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    References listed on IDEAS

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    1. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
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