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France Épargne Corporate

Committed revolving credit facility (RCF)

France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. In the second quarter of 2026, 93% of mid-sized companies obtained all or more than 75% of the short-term credit they requested.

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The cost of a committed facility in 2026

30 to 35%
of the credit margin: usual cost of the non-utilisation fee on the undrawn amount (April 2022 benchmark)
3.54%
average cost of new bank loans above €1m to non-financial corporations in August 2026
2.50%
ECB deposit facility rate since 16 September 2026 (2.25% previously)

Forms

Forms of a committed facility

  1. Bilateral RCF

    A bank commits the facility for a set period. The company draws funds as it needs them and repays them.

    Calculate the cost of an RCF

  2. Syndicated RCF

    A facility shared among several banks in a syndicated loan or a club deal.

    Syndicated loans and club deals

  3. Credit framework agreement

    Committed credit from several banks to a group and its subsidiaries: overdrafts, spot drawings, foreign currency advances, backing for a commercial paper programme.

  4. Backstop facility

    A committed and undrawn facility that covers an unforeseen liquidity need or a refinancing maturity.

    Refinancing

Market

Short-term credit to companies in 2026

Demand for and approval of short-term cash loans in 2026
IndicatorMid-caps, second quarterMid-caps, first quarterSMEs, second quarterSMEs, first quarter
Short-term cash loan applications9%5%6%6%
Obtained in full or above 75%93%80%83%82%

Share of companies surveyed. SMEs: 10 to 249 employees. Mid-caps: 250 to 4,999 employees.

Bank loans to non-financial corporations by purpose at end August 2026
Loan purposeOutstandingAnnual growth
Investment€1,061.5bn+4.5%
Of which equipment€659.4bn+3.9%
Of which real estate€402.2bn+5.5%
Short-term cash€292.4bn−0.2%
Other purposes€83.2bn+10.6%
Total€1,437.1bn+3.8%

Provisional data for August 2026.

Questions

Frequently asked questions

What is a committed revolving credit facility?
A committed credit facility guarantees the company access to funds for a set period. The bank that commits the facility is obliged to make the funds available. The company draws all or part of the committed amount and can draw the repaid amounts again until maturity.
What does the undrawn part of an RCF cost?
On the undrawn amount, the company pays a commitment fee or a non-utilisation fee. Its cost is set as a percentage of the credit margin, within a range of 30 to 35%. The fee on a framework agreement applies to all of the credit authorisations.
Can a bank reduce an existing short-term credit line?
An open-ended credit line that is more than occasional can be reduced or terminated only after written notice and a notice period of at least sixty days, failing which the termination is void. A committed facility obliges the bank to make the funds available for its whole term.
What share of mid-sized companies obtain the short-term credit they request?
In the second quarter of 2026, 93% of the mid-sized companies that requested short-term credit obtained all of it or more than 75%. The rate was 80% in the first quarter. 9% of mid-sized companies requested short-term credit in the second quarter.
From what amount can a company request an introduction?
France Épargne Corporate introduces to private debt funds the companies whose financing need reaches €20m or more.

Contact

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Sources