Money is becoming increasingly scarce and expensive for SMEs, says Confartigianato.

Ahead of the decisions the ECB is set to take next Thursday – which are expected to include an increase in interest rates – Confartigianato highlights a critical situation regarding access to credit for small businesses. Between 2019 and March 2026, loans to SMEs fell by 34 billion, a drop of 25.9 per cent, which for craft businesses reached –39.3 per cent. These figures are significantly higher than the 7.3 per cent decline in loans recorded across all Italian companies. As for borrowing costs, small business owners pay significantly more than medium-sized and large companies: while the average annual interest rate stands at 4.97 per cent for businesses in general, SMEs face rates ranging from 6.5 per cent in Bolzano to as high as 10.6 per cent in Sardinia.

According to Confartigianato, the downward trend recorded over the last seven years is set to continue into 2026. Based on the latest figures available in March, loans to small businesses have fallen further, recording a decline of -4.3 per cent – a worsening compared with the -4 per cent recorded at the end of 2025 – whilst for craftspeople the decline has intensified, reaching -8.8 per cent.

At regional level, the sharpest fall in funding for small businesses recorded in March this year was in the Aosta Valley (-9.9 per cent), followed by the Marche (-7.1), Liguria (-6.6), Tuscany (-6.4), Veneto (-5.5), Umbria (-5.5), Friuli-Venezia Giulia (5.2 per cent). More modest falls in loans to small businesses were observed in Lazio (-2.3 per cent), Sicily (-2.4 per cent) and Puglia (-3.2 per cent).

As regards the cost of borrowing, in March 2026 it is the South that is home to the most challenging conditions for small business owners: whilst the average rate for businesses as a whole stands at 4.97 per cent, the highest rates are recorded in Sardinia (10.6 per cent), Calabria (10.5 per cent), Basilicata (9.8 per cent), Sicily (9.8 per cent), Molise (9.8 per cent) and Puglia (9.6 per cent). The least onerous conditions – though still above average – are found in the Autonomous Provinces of Bolzano (6.5 per cent) and Trento (7.3 per cent), together with Emilia-Romagna (7.2 per cent) and Lazio (7.4 per cent).

“Our survey,” emphasises Confartigianato President Marco Granelli, “confirms that the monetary tightening continues to have a particularly severe impact on micro and small businesses. It is a situation that penalises the very heart of our productive system, reducing its capacity to invest, innovate and create jobs. This is why the new Artigiancassa will play a vital role in providing immediate and targeted responses to the credit needs of craftspeople and small businesses, as well as in strengthening guarantee schemes and credit guarantee consortia, so that small businesses can continue to invest, grow and contribute to the country’s competitiveness.”