In 2024, Greek businesses experienced a marked increase in access to bank financing, according to the Bank of Greece’s latest Monetary Policy Report. Drawing on data from AnaCredit—the EU-wide analytical credit database—the report examined loans above €5,000 granted to non-financial corporations, offering a window into how credit was distributed across the real economy.
The overall rise in corporate lending reflected improving liquidity conditions and the enhanced credit standing of Greek banks. Businesses across the country once again turned to financial institutions to secure capital, with the majority of new funding directed toward three primary loan types: term loans, credit lines, and revolving credit facilities. These accounted for nearly all new business lending in 2024, while products like credit cards and factoring played only a marginal role.
However, despite the broader recovery in financing, the data reveals a stark concentration of credit among large enterprises. Of the total funds disbursed, €8.5 billion went to large-scale companies, highlighting a clear preference among banks for borrowers seen as lower risk and more creditworthy. Smaller firms—though essential to job creation and local economic resilience—continued to face restricted access to credit.
The cost of borrowing also varied significantly depending on the type of loan. Revolving and open-ended credit came with higher interest rates, reflecting the greater credit risk and administrative burden they pose for banks. In contrast, term loans were generally priced more favorably.
It’s important to note that the AnaCredit data excludes loans co-financed through public programs, such as those supported by the Hellenic Development Bank or the EU’s Recovery and Resilience Facility (RRF). As a result, the report may understate the full extent of business financing activity in Greece during 2024.
