Financing SMEs and Entrepreneurs 2026: Belgium
Table of contents
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 historic high of EUR187.3 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 (EUR139.6 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.
Note: due to a change in methodology by the National Bank of Belgium, there is a break in the loan statistics series from 2021 onwards. From 1 January 2022, the National Bank of Belgium replaced the former Corporate Credit Register (CCE) with the Register of Credits to Enterprises (RCE). This implies a change in the underlying reporting/collection framework used to compile the enterprise loan figures, aligned with the legal set‑up of the new register, which can result in a break in series around the transition period. The reform was also intended to harmonise data collection and avoid duplicate reporting needs (national vs. European framework). This change was intended to align with the ECB’s AnaCredit framework (implemented in Belgium via the BECRIS application). As a result, the underlying reporting and compilation approach changed, which can affect coverage and definitions and may therefore create a break in series when comparing figures before and after the change.
In 2024, Belgium’s real GDP grew by 1.0%, reflecting moderate economic momentum in a context of persistent geopolitical and monetary uncertainty.
Inflation in Belgium picked up again in 2024, climbing to 4.3% after having eased to 2.3% the previous year. This increase, based on the Harmonized Index of Consumer Prices (HICP), was largely driven by a rebound in energy prices. Although both core and food inflation moderated during the year, they remained significantly above their historical norms.
The employment rate among individuals aged 20 to 64 in Belgium saw only a marginal increase, rising from 72.1% in 2023 to an average of 72.2% during the first three quarters of 2024. This modest growth in job creation meant that the employment rate remained close to the levels observed following the Covid-19 pandemic. When compared to the European Union average, Belgium continues to trail significantly, by as much as 3.7 percentage points, and this disparity has grown wider over time.
In 2023, small and medium-sized enterprises overwhelmingly shaped the Belgian business landscape, representing 99.9% of all active firms. Among the 1,169,062 VAT registered enterprises, 83.5% were businesses without employees, while micro-enterprises employing between 1 and 9 people made up 14.2%. Small firms (10–49 employees) and medium-sized firms (50–249 employees) accounted for 2.5% and 0.5% of the total, respectively. In contrast, large enterprises with 250 or more employees represented just 0.1% of all firms, highlighting the dominant role of SMEs in the Belgian economy.
Source: Statbel, legal units subject to VAT, 2023
In 2024, lending to SMEs in Belgium reached a record EUR 187.3 billion, continuing a steady upward trend observed since 2007. Although the share of SME loans in total business lending slightly declined from its 2022 peak of 72.77% to 69.6%, SMEs still represented the bulk of outstanding loans, underscoring their central role in the business credit market. The rise in SME lending was driven primarily by an increase in long-term loans, which grew to EUR 139.6 billion, while short-term loans also rose modestly to EUR 42.3 billion.
However, despite the continued growth in volumes, demand for new SME loans appears to be weakening. The loan application rate dropped to 25.3% of SMEs, its lowest level since 2009, suggesting that fewer small businesses sought new external financing, possibly reflecting still‑elevated borrowing costs and tighter credit conditions. At the same time, the rejection rate fell slightly to 5.6%, indicating that access to credit remained relatively stable. The utilization rate of authorized loans also declined, falling to 77.25%, the lowest figure since 2007.
The share of short-term credit in total business lending ticked up to 30.3%, reversing a long-term downward trend. This rebound may partly reflect weaker long‑term borrowing linked to subdued investment, while short‑term credit is typically used for working‑capital needs, however, this aggregate indicator does not by itself imply weaker SME financial stability
Between 2020 and 2021, Belgian SMEs benefited from historically low interest rates, with annual averages of 1.55% in 2020 and 1.57% in 2021, in a context of massive support from the European Central Bank for the post-COVID economy. In 2022, the average rate rose to 2.06%, marking the beginning of a monetary tightening cycle in response to high inflation. This trend accelerated sharply in 2023, with the average annual rate surging to 4.93%, and continued into 2024, reaching 5.08%, a level not seen since the 2008 financial crisis.
It is important to note that these figures represent annual averages. The ECB’s first rate cut in June 2024 marked the start of monetary easing, but financing conditions remained restrictive and lending rates only began to decline gradually, so annual averages for 2024 may still look high, with effects more visible in later data.
In its quarterly Bank Lending Survey, the European Central Bank summarizes changes in loan requirements from the main financial institutions. The survey highlights a general tightening of lending conditions in 2008-09, as well as in 2012. Credit conditions eased throughout the Euro area, and especially in Belgium from 2013 to 2018. However, a gradual deterioration in credit conditions for SMEs has been reported since the fourth quarter of 2018.
Source: (National Bank of Belgium, 2025[1]), ECB – Bank Lending Survey
Leasing and factoring are two substantial sources of funding for Belgian ventures. In 2019, total leasing production amounted to EUR 6 382.4 million, representing 8.2% of gross fixed capital formation. In 2020, total leasing production decreased to EUR 5 863 million. Since then, leasing has experienced steady growth, reaching EUR 7 549.4 million in 2022, a 13.9% increase from the previous year, supported by high inflation pushing up asset prices and tax changes for vehicles.
In 2023, total leasing production continued to expand, reaching EUR 8 634.8 million (14.4% year-on-year), while in 2024, production reached EUR 8 787.3 million, representing a more moderate growth of 1.8% compared to 2023. The penetration rate of leasing relative to gross fixed capital formation stood at 8.7% in 2023 and 8.5% in 2024.
Factoring turnover has continued its strong upward trajectory over the past decade. Between 2012 and 2024, total factoring turnover increased almost threefold, reaching EUR 138.6 billion in 2024.
Growth moderated to 2.1% in 2024 (after 9.3% in 2023 and 25% in 2022), suggesting a normalisation following the post‑pandemic surge.
This moderation is consistent with a softer macroeconomic backdrop in 2024 and with the EU Federation for Factoring and Commercial Finance’s assessment that the European slowdown reflected slower GDP growth, alongside factors such as higher base rates in some countries and weaker demand. Factoring's penetration relative to GDP remained stable at historically high levels, accounting for 22.6% of GDP in 2022, 22.8% in 2023, and 22.6% in 2024.
Source: EUF Factoring & Commercial Finance, Febelfin
* Following the takeover of the Belgian Leasing Association (BLV-ABL) by Febelfin, detailed data on leasing is not yet available
In Belgium, venture capital and its various sub-segments exhibit significant yearly fluctuations, largely due to the limited number of registered transactions in this market segment. This feature makes venture capital data particularly sensitive to one-off deals and outliers.
In 2024, total investment in venture capital and growth capital amounted to EUR 516.85 million, continuing the decline observed since the 2021 peak of EUR 1 210.48 million. This represents a 45% drop compared to 2023, and a 57% fall from 2022, reflecting both tightening financial conditions and a cautious investor environment. This decline is mainly driven by the sharp contraction in growth capital in 2024, despite a rebound in venture capital investment
Seed capital investments reached EUR 22.44 million in 2024, a slight decline of 2.6% from 2023 but an increase of 11.5% compared to 2022. The 2024 figure remains below the highs seen in 2017 and 2018 but suggests relative stability in early-stage deal flow.
Start-up capital experienced a sharp rebound, jumping to EUR 289.82 million in 2024, more than doubling from EUR 132.09 million in 2023. This makes it the highest value recorded for this segment over the entire 2014–2024 period.
Later-stage venture capital declined slightly to EUR 178.86 million in 2024, a decrease of 2.3% from the previous year. Despite this dip, investment levels remain significantly higher than those seen prior to 2020.
Growth capital fell sharply again in 2024, reaching EUR 337.99 million, down 47.5% from 2023 and less than a third of the 2021 peak. However, the figure is still close to the historical average for the 2014–2024 period, which hovers around EUR 451 million.
In terms of broader private equity, total investments declined further in 2024 to EUR 2 132.28 million, following a decrease from EUR 2 407.92 million in 2023. This remains above the long-term average of EUR 1 899.9 million but marks a continued normalization after the 2021 record year.
In EUR million
Source: Invest Europe, Investments: market statistics.
Percent
Source: Invest Europe, Investments: market statistics.
The chart above presents the sectoral distribution of venture capital and total private equity investments in Belgium in 2024. As in previous years, venture capital activity remains highly concentrated, with two sectors accounting for the vast majority of investments.
In 2024, biotech and healthcare attracted 46.5% of venture capital investments, surpassing ICT, which captured 31.5%. Together, these two sectors represented more than three-quarters of all venture capital funding.
Other sectors benefiting from venture capital, although to a much lesser extent, include Business products and services (12.1%), Energy and environment (5.2%) and Agriculture (2.1%)
Sectors such as chemicals and materials, consumer goods and services, and transportation received only marginal shares (each below 1.2%), while no venture capital investments were recorded in construction, financial and insurance activities, or real estate.
In contrast, the sectoral distribution of total private equity, which includes growth capital and buyouts, is more balanced. In 2024, ICT emerged as the leading sector, attracting 37.5% of all private equity investments, followed by Business products and services (24.9%), Consumer goods and services (9.1%) and Biotech and healthcare (17.2%).
Other notable sectors include energy and environment (6.0%) and agriculture (4.4%).
Sectors such as construction, real estate, and financial activities remained marginal or entirely absent from the 2024 private equity landscape.
Intrum Justitia publishes an annual survey tracking payment delays across Europe. In Belgium, the average B2B payment delay increased again in 2024, reaching 18 days, the highest level since 2014. This follows a notable deterioration in 2023, when average delays already rose to 16 days, up from 11 days in 2022.
The recent rise reverses the positive trend observed between 2016 and 2020, when payment delays had steadily declined, reaching a low of just 3 days in 2020. Between 2017 and 2020, delays consistently remained under 10 days.
In 2024, the total number of bankruptcies in Belgium reached 11 067, marking the highest level observed over the past decade. This represents a continued upward trend following 9 265 bankruptcies in 2022 and 10 243 in 2023, highlighting a sustained increase in business closures since the phasing out of COVID-19 support measures.
This surge follows a temporary decline during the pandemic years (2020–2021), when emergency public support helped many firms avoid bankruptcy.
SMEs (enterprises with fewer than 250 workers) remain at the heart of this trend. In 2024, 11 063 SME bankruptcies were recorded, compared to 10 242 in 2023 and 9 265 in 2022. Similarly, micro and small enterprises (0–49 workers) accounted for 11 030 bankruptcies in 2024, continuing their upward trajectory after 10 218 in 2023 and 9 246 in 2022.
Although the number of bankruptcies in 2022 was still below the pre-COVID levels recorded from 2017 to 2019, the data for 2023 and 2024 clearly show a return, and even surpassing, of pre-pandemic figures.
Public initiatives to support SME financing in Belgium are implemented through a combination of federal and regional programmes. One of the key instruments used by public authorities is the guarantee scheme, which serves to protect the collateral provided by entrepreneurs and SMEs. These guarantees reduce the risk borne by financial institutions, encouraging them to extend credit to borrowers who may lack sufficient collateral, a common reason for loan refusals in the traditional banking system.
Since the regionalisation of the Fonds de Participation on 1 July 2014, the management of public loans and guarantees has been entrusted to the regional authorities. As a result, the conditions for granting such financial support may vary, reflecting each region’s specific economic priorities and policy objectives.
In EUR Million
Source: PMV, Finance & Invest.Brussels, Wallonie Entreprendre
2024 was marked by a significant electoral calendar in Belgium, which had a direct impact on the pace and scope of new policy initiatives. No new policy initiatives have been recorded at the federal, Flemish, or Brussels regional levels during this period.
Walloon region
Online Guarantee ("Garantie Online")
The "Garantie Online" program, launched in February 2024 by the Walloon Region, is an ongoing initiative aimed at improving access to finance for small and medium-sized enterprises and self-employed individuals. It provides partial guarantees, covering up to 75% of eligible bank loans, with a maximum commitment of EUR 75,000, to support projects involving business creation, growth, innovation, transfer, or energy transition.
The program is financed through the Walloon regional budget and benefits from a 50% counter-guarantee provided by the European Investment Fund (EIF) under the InvestEU programme, specifically the SME competitiveness window, with a cap rate. Guarantees are issued to banks under a full delegation principle through SOCAMUT, a subsidiary of the regional administration. After verifying the applicant’s eligibility, the bank submits a request via an online platform that instantly generates the guarantee agreement.
Eligible beneficiaries include SMEs and self-employed individuals based in the Walloon Region, operating in eligible sectors and not in financial difficulty. The guarantee applies to amortizing loans or fixed-term credit lines with a duration of 12 months to 10 years. A 1% annual commission on the guaranteed outstanding balance is paid upfront by the bank. The guarantee can be combined with the complementary “Online Loan” program.
In 2024, nearly 850 guarantees were granted, amounting to EUR 33.5 million.
Online Loan ("Prêt Online")
Launched in February 2024, the “Prêt Online” (Online Loan) program is a financial support measure developed by the Walloon Region to facilitate access to subordinated loans for SMEs and self-employed individuals. Aimed at supporting business creation, growth, and transfer projects, the program helps finance investments in real estate, equipment, working capital, and business takeovers.
Co-financed by Wallonie Entreprendre and the European Union under the ERDF 2021–2027 Operational Programme, the initiative is delivered through banks under a full delegation model via SOCAMUT, a subsidiary of the regional administration. Once a company’s eligibility is confirmed, the bank submits the loan request through an online platform, which immediately generates the loan agreement, streamlining the process.
Eligible beneficiaries are SMEs and self-employed individuals based in the Walloon Region, operating in eligible sectors and not in financial difficulty. The financing consists of subordinated loans of up to €75 000, without exceeding the associated bank loan amount, granted at a rate of the bank’s interest minus 2%, with a minimum floor of 2.5%. The loan is repaid quarterly through constant principal instalments and is aligned with the bank loan’s duration, up to 15 years, with a possible grace period of up to 2 years. Notably, the loan does not require personal guarantees or a minimum personal contribution.
The “Prêt Online” can be combined with the complementary “Garantie Online” program to enhance risk coverage on the bank loan. In 2024, nearly 700 loans were granted under this program, amounting to €36 million.
Source: See Table 6
References
Febelfin (Leasing)
ECB, ECB Statistical Data Warehouse, Safe Survey
EU Federation – Factoring and Commercial Finance, EUF Statistics, 25 june 2025
https://euf.eu.com/data-statistics/annual-factoring-data.html
FPS Economy, Statistics Belgium, BeStat
https://bestat.statbel.fgov.be/bestat/index.xhtml
SPW, Wallonie Entreprendre, indicators and policy measures for the Walloon region
https://www.wallonie-entreprendre.be/
SPRB, Finance&Invest.brussels, indicators and policy measures for the Brussels-Capital Region
EWI Vlaanderen, indicators and policy measures for the Flemish region
https://www.ewi-vlaanderen.be/
Intrum Justicia, European Payment Report 2024, p.5
https://www.intrum.com/publications/european-payment-report/
Invest Europe, European Private Equity Activity Data 2024
National Bank of Belgium, National Bank of Belgium Online Statistics, Central Corporate Credit Register
National Bank of Belgium, National Bank of Belgium Online Statistics, Monthly Business Survey
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https://www.nbb.be/en/publications-and-research/economic-and-financial-publications/annual-reports
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https://economie.fgov.be/fr/themes/entreprises/pme-et-independants-en
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