# Italian business credit and liquidity disparities

> Live situation record from CLSTR: https://clstr.news/situations/italian-business-credit-and-liquidity-disparities
> Updated: 2026-09-22T06:27:00.000Z. Sources: 16. Developments: 3.

The Italian business landscape is experiencing significant liquidity and credit challenges, particularly for small and micro-enterprises. Data indicates a widening credit gap where overall corporate lending growth is primarily driven by medium to large-sized firms, while loans to smaller businesses have seen annual decreases of approximately 5.5%. Between September 2021 and September 2025, loans to businesses with fewer than 20 employees reportedly decreased by 23.8%.

In addition to restricted bank financing, small firms face severe pressure from payment delays. While the Italian Public Administration has reduced average payment times, its total commercial debt reached 64.2 billion euros, the highest in the European Union. Within the private sector, large corporations are reportedly using payment delays as a “zero-cost financing tool.” This practice improves the working capital of large firms but forces smaller suppliers to rely on expensive bank advances or factoring to maintain liquidity. Statistics show that large companies have a payment punctuality rate of only 21%, compared to approximately 42% for micro and small enterprises.

The situation is particularly acute in Southern Italy. In Campania, while overall business loans grew by 2.1% in 2025, loans to small businesses dropped by 3.7%. The construction sector is also struggling due to credit contractions and delays in public works payments, which complicates the implementation of the National Recovery and Resilience Plan (PNRR). Despite these hurdles, some SMEs in the South report increased turnover, citing energy costs, raw material prices, and labor recruitment as primary operational obstacles rather than a lack of market demand.

## Timeline

### 2026-09-22: Italian SMEs face credit gap as small business loans decline

Italian SMEs face a widening credit gap, with small business loans falling while larger firms see growth. Southern Italian firms report rising turnover but struggle with energy costs and labor shortages.

5 sources. https://clstr.news/cluster/italian-smes-face-credit-gap-as-small-business-loans-decline

### 2026-09-12: Italy faces 64 billion euro public debt and private sector payment delays

Italy faces a 64.2 billion euro public sector commercial debt crisis, while large private companies are accused of using payment delays as zero-cost financing, harming small business liquidity.

7 sources. https://clstr.news/cluster/italy-faces-64-billion-euro-public-debt-and-private-sector-payment-delays

### 2026-09-06: Small Italian businesses face credit gap as large firms drive lending growth

Italian small businesses face a credit crunch as lending growth remains concentrated among medium and large enterprises, disproportionately affecting the construction sector.

4 sources. https://clstr.news/cluster/small-italian-businesses-face-credit-gap-as-large-firms-drive-lending-growth

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Cite as: Italian business credit and liquidity disparities. CLSTR, https://clstr.news/situations/italian-business-credit-and-liquidity-disparities