Credit Database (KRITA), October 2025
Lending rates to businesses are decreasing
Statistical news from Statistics Sweden 2025-12-18 8.00
The lending rate decreased or remained unchanged for all economic activities in October compared to September. The largest drop was recorded for office real estate, where the interest rate fell to 3.50 percent in October from 3.59 percent in September. For housing real estate companies, the interest rate decreased to 3.11 percent in October from 3.15 percent in September. Tenant owners’ associations faced the lowest interest rate of all economic activities at 2.89 percent in October, down from 2.91 percent in September.
“We see that lending rates are decreasing in most economic activities in October. All economic activities had a lower rate in October 2025 compared to October 2024,” says Andreas Rasku, economist at Statistics Sweden (SCB).
Lending to non-financial corporations, October 2025
Lending by economic activity
The largest economic activities in terms of loan volume in October 2025 were Real Estate – housing, accounting for 24.2 percent of total lending, followed by Real Estate – offices at 22.9 percent and Tenant owners’ associations at 19.6 percent.
Lending by economic activity, October 2025
Annual growth rate of lending by economic activity
Lending to Real Estate – offices had a growth rate of 4.8 percent, while Real Estate – housing recorded -1.0 percent and Tenant owners’ associations 0.3 percent.
In October 2025, the annual growth rate of lending was positive in seven out of the eleven economic activities and negative in the remaining four.
Annual growth rate of lending, by economic activity
Interest rates by economic activity
The average interest rates of lending across all economic activities were either lower or unchanged in October 2025 compared to September.
The interest rate for lending to Real Estate – offices was 3.50 percent in October 2025. In September 2025, the rate was 3.59 percent, and in October 2024 it was 4.72 percent. For Real Estate – housing the interest rate was 3.11 percent in October 2025. In September 2025, it was 3.15 percent and in October 2024 it was 4.00 percent. For Tenant owners’ associations the interest rate was 2.89 percent in October 2025. In September 2025, it was 2.91 percent and in October 2024 it was 3.18 percent.
For October 2025, the highest interest rate was recorded for Information and Communication at 4.40 percent.
The lowest interest rate was found in Tenant owners’ associations where it amounted to 2.89 percent.
Interest rates by economic activity
Growth rate of lending by enterprise size
The annual growth rate of lending to large enterprises was 3.1 percent in October, up from 2.9 percent in September.
For small and medium-sized enterprises, the growth rate was 2.4 percent in October compared to 2.5 percent in September.
For micro enterprises, the growth rate was 3.9 percent in October and 3.6 percent in September.
Annual growth rate of lending, by enterprise size
Interest rates by enterprise size
The average interest rate for large companies was 3.32 percent in October 2025. In September 2025, it was 3.39 percent, and in October 2024 it was 4.39 percent. For small and medium-sized enterprises, the interest rate was 3.64 percent in October 2025. In September 2025, it was 3.71 percent, and in October 2024 it was 4.74 percent. For micro enterprises, the interest rate was 3.80 percent in October 2025. In September 2025, it was 3.86 percent, and in October 2024 it was 4.87 percent.
Interest rates by enterprise size
Definitions and explanations
About the statistics
The statistics are based on data on credits provided to Swedish non-financial corporations by monetary financial institutions (MFIs) operating in Sweden. The data covers outstanding loan amounts, interest rates, the number of borrowing companies and the annual growth rate of outstanding loans.
Economic activity
The economic activity classification used in the publication of the Credit Database (KRITA) is based on a method developed by the Riksbank and Statistics Sweden (SCB) to provide more accurate financial market statistics. This method is based on the Swedish Standard Industrial Classification (SNI) but includes adjustments, meaning that a company’s economic activity according to SNI may not necessarily match the estimated classification.
Enterprise size
A common approach when analysing corporate loan financing is to examine how developments differ between large and small enterprises. This is because loan terms—such as loan amounts and interest rates—tend to vary by enterprise size. To classify companies into size categories, various data points are used with the most important being:
- Number of employees, turnover and balance sheet total
- Outstanding loans in KRITA
- Ownership category (e.g., public sector ownership)
- Legal form (specifically for tenant-owner associations)
For more information on economic activity and enterprise size, see Credit Database (KRITA)