Small Italian businesses face credit gap as large firms drive lending growth

Recent data from the Bank of Italy and reports from Federcepicostruzioni indicate a widening gap in credit accessibility within the Italian business landscape. While overall corporate lending has shown signs of stabilization and growth, this recovery is highly selective and primarily benefits medium to large-sized enterprises.

In the Umbria region, total loans to businesses rose by 0.2% year-on-year in March 2026, reversing a downward trend from late 2025. However, this growth was driven by larger companies, while loans to small businesses fell by 5.5%. Nationally, the disparity is similar: as of May, loans to smaller firms decreased by 5.5% annually, whereas loans to larger companies grew by 4.1%.

The construction sector faces particular pressure. Federcepicostruzioni warns that small firms are struggling not only with reduced bank financing but also with the need to advance significant resources for public works and PNRR-funded projects. Antonio Lombardi, president of Federcepicostruzioni, stated that the current trend is not a true normalization of credit, as healthy small businesses with production capacity risk exclusion due to weaker bargaining power and fewer collateral guarantees.