In 2024, Belgium’s real GDP grew by 1.0%, reflecting moderate economic momentum in a context of persistent geopolitical and monetary uncertainty. Credit conditions for SMEs in Belgium exhibited tentative signs of improvement relative to the previous year. The average interest rate on SME loans stood at 5.08%, marginally higher than the 4.93% recorded in 2023. However, this annual figure masks a gradual easing of borrowing costs observed during the second half of the year, in line with broader euro area monetary developments.
In this context, the total outstanding volume of SME loans reached a high of EUR 187.3 billion, representing 69.6% of all business loans. While this constitutes a modest annual increase of 1.6%, it reflects a continued expansion trend, albeit at a slower pace than in 2021–2022. Long-term loans now account for nearly three‑quarters of outstanding SME credit (EUR 139.6 billion), with short-term credit rising slightly to 30.3% of total business loans in 2024.
Credit access conditions remain broadly stable, with a loan rejection rate of 5.6% and a utilization rate of 77.25%.
On the non-bank financing side, venture and growth capital investments declined sharply to EUR 516.9 million in 2024, down by 37.5% year-on-year.
Payment delays in business-to-business transactions increased further, reaching 18 days on average in 2024, the highest level since 2012. Finally, the number of registered bankruptcies rose again in 2024 to 11 067, a year-on-year increase of 8%, returning to levels close to those observed before 2020. SMEs account for the overwhelming majority of cases.
From a policy perspective, the Walloon Region introduced two complementary financial instruments in February 2024, Garantie Online and Prêt Online, to enhance access to finance for SMEs and self-employed individuals.
Garantie Online offers partial guarantees covering up to 75% of eligible bank loans (max EUR 75 000), targeting projects related to business creation, growth, innovation, transfer, or energy transition. It is backed by the regional budget and the European Investment Fund under InvestEU, with guarantees issued via SOCAMUT through an automated online platform.
Prêt Online, on the other hand, provides subordinated loans of up to EUR 75 000 at favorable rates (bank rate minus 2%, with a 2.5% minimum), repayable over up to 15 years and requiring no personal guarantees. It supports similar business objectives and is co-financed by Wallonie Entreprendre and the EU’s ERDF program. Both programs are accessible to financially sound SMEs and self-employed individuals in eligible sectors.
In 2024, nearly 850 guarantees (EUR 33.5 million) and 700 loans (EUR 36 million) were granted. The two instruments can be combined to enhance financing conditions and risk coverage. Their fully digital application process ensures rapid approval and disbursement. Together, they represent a significant step toward easing credit access and fostering entrepreneurship in Wallonia.