European solo entrepreneurs cut salaries rather than take loans, study shows

A spring 2026 Qonto study surveyed roughly 1,700 solo self‑employed owners and micro‑businesses across Germany, France, Italy and Spain. 46 % of respondents said they had reduced or stopped drawing a personal salary in the past twelve months to keep their operations running. The effect is strongest among firms in their first six to twelve months, where 71 % reported cutting pay.

Nearly half (45 %) of the European firms have never used external financing; the “abstinence” rate is highest in Germany and Spain at 50 % each. Cultural attitudes play a major role: 27 % of German respondents view taking a loan as a sign of poor management, while the figure rises to 41 % in France. One‑third fear that external lenders would restrict their decision‑making autonomy. At the same time, 77 % express pride in operating without outside help.

The findings highlight a deep stigma around debt in the small‑business community and suggest that banks and fintech providers may need to redesign credit products to address psychological barriers as well as speed and transparency.