The cost of commercial debt that small and medium-sized companies must face doubled in the second quarter of 2023 compared to the previous year, reaching 2,366 million euros, the highest level since 2009, according to the latest edition of the Observatory of Cepyme’s Delinquency.
Of this amount, a relevant part, 1,075 million, consists of delinquent debt. The other, corresponding to the cost of conventional debt, amounted to 1,291 million in the quarter, three times more than a year earlier, due to the rate hikes applied by the ECB since the middle of last year.
This cost is derived from the 180,000 million euros of debt assumed by the SMEs as a whole, of which close to 70,000 million come from medium-sized companies, 12% more than a year earlier, and 110,000 million from micro-enterprises, 5 .5% more.
The worst part of the increase in financial effort, indicates Cepyme, was taken by medium-sized companies, with year-on-year increases of 258%, compared to the 175% increase for small and micro-enterprises.
The direct cause is in the sudden increase in the interest rates of the loans that are granted to companies. If a year ago a loan of 250,000 euros had a cost of 1.8%, in the second quarter of 2023 it amounted to 4.6%.
In the delinquent part of the commercial debt, the financial effort increased by 40% in the quarter and, despite being lower than that of the conventional debt, placed the total cost, of just over 1,000 million, at the highest level since September from 2010.
In the second quarter, the trend of reduction in the Average Payment Period (PMP) continued, which fell to 81.3 days, 0.5 less than a year earlier. It was shortened especially in the service sector and in small and medium-sized companies.
However, the rate of delinquency in term sales invoices (IMFVP) registered its fifth consecutive year-on-year increase, standing at its highest level since December 2020. Of the 19 branches of activity considered, 16 registered a year-on-year increase in the IMFVP.
The PMP of 81.3 days continues to be well above the 60 days established by law. In large companies, it is increasing and now amounts to 87.4 days, while in small companies it drops to 79.4 days.
