The Finnish corporate finance market saw clear growth in the summer. According to the latest statistics from the Bank of Finland, companies drew down a total of 11.5 billion euros in new loans between June and August 2026. This sum was 33 percent higher than a year earlier.
However, this growth does not mean that borrowing by Finnish SMEs has increased to the same extent. Part of this exceptionally strong growth is linked to the pension reform that came into effect in July and its impact on the real estate investments of earnings-related pension providers.
At the same time, the latest SME Barometer indicates that Finnish SMEs remain quite cautious about external financing.
Corporate finance in Finland in summer 2026
According to the Bank of Finland:
- A total of 11.5 billion euros in new corporate loans were drawn down between June and August.
- Loan drawdowns increased by 33 percent compared to the same period in 2025.
- The stock of corporate loans granted by banks stood at 66.3 billion euros in August.
- The corporate loan stock grew by 7.2 percent year-on-year.
- In August, companies drew down 1.4 billion euros in new loans, 29 percent more than a year earlier.
More detailed figures can be found in the Bank of Finland's corporate loan statistics.
The corporate loan market changed rapidly during 2026
The strong growth seen in the summer is particularly interesting when compared to the beginning of the year.
In January–April, Finnish companies took out 18 percent less in new loans than they did a year earlier. However, the total volume of corporate loans was already growing at that time, and by the end of April, the stock of corporate loans granted by banks stood at 63.5 billion euros.
Statistics from the Bank of Finland indicate a fairly rapid shift: the market moved from the lower loan volumes seen at the start of the year to a clearly more active corporate financing environment in the summer.
At the same time, the risks associated with corporate financing have not disappeared. In the first quarter of 2026, credit losses on corporate loans totaled 160 million euros, which was 55 million euros more than a year earlier. The volume of non-performing corporate loans also increased.
More information can be found in the Bank of Finland's loan statistics for the beginning of the year.
Pension reform explains part of the growth in corporate loans
The 33 percent growth in the summer is significant, but the figure should be viewed in the right context.
According to the Bank of Finland, the pension reform that came into effect in July 2026 is one of the factors explaining the growth in corporate loans.
As a result of the reform, subsidiaries of earnings-related pension providers can use leverage in their real estate investments more extensively than before. This has increased the volume of large corporate loans in bank statistics.
For this reason, the 33 percent growth does not mean that borrowing by ordinary Finnish SMEs has increased by the same amount.
The statistics include companies of very different sizes and with varying financing needs, and part of the summer's growth is linked to large real estate investments.
Nevertheless, the figures show that the Finnish corporate financing market has clearly become more active during 2026.
SMEs remain cautious about financing
The situation for SMEs looks somewhat different from the overall figures for the corporate loan market.
The SME Barometer 2/2026, published in September by Suomen Yrittäjät, Finnvera, and the Ministry of Economic Affairs and Employment, is based on responses from 4,432 Finnish SMEs.
According to the barometer, less than 40 percent of SMEs currently have a loan from a bank or other financial institution. The use of external financing has also decreased since the spring of 2026.
This indicates that while the total volume of corporate loans is growing, SMEs have not participated in this same increase in borrowing.
However, interest in external financing remains stronger among growth-oriented companies than among SMEs on average.
See the detailed results from the SME Barometer 2/2026.
Nearly one in five SMEs has faced payment difficulties
The need for financing is partly explained by the continued challenging operating environment.
According to the SME Barometer, approximately 19 percent of Finnish SMEs have experienced payment difficulties over the past three months.
At the same time, however, companies' future expectations have improved slightly.
About 29 percent of SMEs estimate that the economic climate will improve over the next 12 months, while about 19 percent expect the situation to weaken.
Companies are therefore still under pressure regarding cash flow and liquidity, for example, but at the same time, some are preparing for growth and new investments.
A significant portion of SME financing also comes from outside the banking sector
Another statistic published by the Bank of Finland in September provides further insight into SME financing.
Between January 2025 and June 2026, 63 percent of new corporate loans granted by other financial institutions were issued to SMEs, and 37 percent to large companies.
Meanwhile, slightly less than half of the banks' corporate loan portfolio was granted to SMEs.
More detailed information can be found in the Bank of Finland's SME financing statistics.
The figures show that non-bank financial institutions play a significant role, particularly in financing small and medium-sized enterprises.
For a company, the need for financing can arise from investments, hiring new employees, increasing inventory, purchasing equipment, or the need for working capital.
The right financing solution always depends on the company's situation, funding needs, and repayment capacity.
Interest rates on business loans have also risen.
The increase in the volume of business loans does not mean that financing has become more affordable.
However, you shouldn't use the average interest rate to compare the cost of an individual business loan. The costs of business financing can vary significantly depending on factors such as company size, type of financing, loan term, collateral, and the lender.
When comparing financing options, a company should look beyond the interest rate and consider the total cost of financing, the repayment period, any collateral requirements, and how quickly the funds will be available.
What does the shift in the business loan market mean for Finnish entrepreneurs?
The summer figures do not yet indicate that Finnish SMEs have started a new borrowing boom.
On the contrary, current statistics present a mixed picture.
The total volume of business loans is growing rapidly, but part of this growth is driven by pension reform and large real estate financing arrangements. At the same time, the use of external financing by SMEs has declined, and nearly one in five SMEs reports having faced payment difficulties.
On the other hand, business expectations for the future are gradually improving, which could increase investments and the need for financing if economic growth strengthens.
From an entrepreneur's perspective, the most important thing is to assess financing needs based on your own business operations.
A business loan can be an option when, for example, a company needs funding for investments, working capital, inventory, or business expansion. It is worth comparing different financing options to ensure that the costs and repayment terms fit the company's finances.
