Rising demand for credit drives growth in business lending
2 July 2026 - 4 min Reading time
Compared with the same quarter last year, more business loans were applied for in the first quarter of 2026. The number of loan applications increased by 0.6%, while the total amount of credit requested rose by 7.6%.
The higher demand for credit was reflected in a greater number of newly granted loans. In the first quarter of 2026, 2.6% more business loans were granted than in the same period of 2025. The value of loans granted increased by 4.6%.
At the end of March 2026, the outstanding volume of business credit stood at almost €202 billion, representing an increase of 3.0% compared with a year earlier.
The rejection rate declined very slightly in the first quarter of 2026 compared with the same period last year.
Rising demand for credit leads to more new lending for businesses
In the first quarter of 2026, businesses applied for 0.6% more loans than in the same period last year and requested higher amounts. The total value of loan applications increased by 7.6%. Despite numerous uncertainties, there are indications that companies continue to invest, which is having a positive impact on demand for credit.
The increase in demand also resulted in a higher number of new loans being granted. The number of loans approved in the first quarter of 2026 was 2.6% higher than in the same quarter last year. The value of approved lending was 4.6% higher than in the corresponding quarter of the previous year.
Outstanding business lending remains at a high level
At the end of March 2026, nearly €202 billion in business loans, including commitment-based credit facilities, was outstanding, representing a 3.0% increase compared with a year earlier.
Eind maart 2026 stonden voor bijna 202 miljard euro ondernemingskredieten, inclusief verbinteniskredieten1 uit, wat 3,0% meer was dan een jaar eerder.
Interest rates rise slightly
The weighted average interest rate on new business loans peaked at 4.66% in November 2023. By July 2025, this average rate had fallen by more than one percentage point to 3.49%. During the second half of 2025, interest rates remained relatively stable, standing at 3.51% at the end of December 2025.
From January 2026 onwards, interest rates began to rise again. The weighted average interest rate on new business loans stood at 3.75% in April 2026.
Banks’ lending policies remain largely unchanged
The rejection rate in the first quarter of 2026 was slightly lower than in the same quarter of 2025.
In the European Central Bank’s Bank Lending Survey (BLS), banks indicated that they had not changed their lending criteria during the first quarter of 2026.
According to the results of the quarterly survey conducted by the National Bank of Belgium (NBB) on businesses’ perceptions of credit constraints, companies reported experiencing greater difficulties in accessing credit, most likely due to the modest rise in interest rates during the first quarter of 2026. The proportion of businesses considering credit conditions to be unfavourable was 13.4% in January 2026. By April 2026, this figure had increased to 26.9%.
