The impact of Bpifrance’s actions in 2022

Despite an unstable geopolitical and economic context (war in Ukraine, energy crisis), Bpifrance confirms its catalytic role in business development by helping over 83,000 companies to grow and perform in 2022.

International Afrique Resonance

Bpifrance systematically measures its impact on the French economy.

Every year, the French bank dedicated to entrepreneurs, intervenes at every stage of business development. Its actions cover a wide range of needs, including:

  • providing training, information, support, and financing for business creation
  • Accelerator programs, entrepreneurship universities, and professional communities for support.
  • dedicated funding, guarantees, and cash flow assistance to support Innovation.
  • Investments to foster business growth.
  • International services including financing, insurance, and export support.

In addition to these financial supports, Bpifrance offers a comprehensive range of non-financial support services, such as advice, training, and networking, to best support entrepreneurs in their development

Assessing for Better Support

To understand the extent to which Bpifrance’s actions effectively benefit small and medium-sized enterprises (SMEs), and intermediate-sized enterprises (ETIs), various mechanisms are evaluated through two types of studies:

  • An annual regular study conducted across all its areas of activity
  • Occasional, more in-depth studies conducted on specific programs.

These assessments rely on practices from academic research. They are based on counterfactual analyses, which involve comparing Bpifrance-supported companies with initially similar unsupported companies (find out more on the methodological note on impact indicators).

More than 83,000 French SMEs and ETIs supported 

The French investment bank operates with all businesses across its territory. In 2022, there were a total of 83,810 such enterprises. This action is largely directed towards very small businesses (72% of supported enterprises in 2022) and covers all territories (84% of support recipients are located outside of the Île-de-France region, 76% outside of urban metropolitan areas, and 17% in rural municipalities).

Bpifrance plays an essential role in promoting growth, employment, and innovation, as well as stimulating private investment towards high-potential and riskier projects.

The turnover of companies supported by Bpifrance increases by an average of nearly +8% each year and grows faster compared to unsupported enterprises. Additional annual workforce growth is +8.4%, total turnover growth is +7.9%, and export turnover growth is +17%. In total, this would represent an additional gain of €138 billion in turnover and 404,130 jobs maintained or created over the period 2012-2018.

By consistently associating its actions with those of its banking partners, Bpifrance encourages private banks to support riskier projects. Overall, across all supported companies with a Banque de France credit rating, 43% of the beneficiaries of support in 2022 are associated with a low rating, whereas the proportion of low ratings is 35% for all companies rated by the Banque de France

Bpifrance’s actions have a dual positive effect: they amplify the impact of public funding and also encourage private investments. Indeed, each euro invested by the State in a Bpifrance credit guarantee fund covers an average of €15.1 in risk from private loans, resulting in a total of €27.7 in private loans granted to SMEs by partner banks. Similarly, each euro invested in Bpifrance’s unsecured loans facilitates the granting of €13.8 in loans for financing intangible investments with low collateral value, supplemented by an additional €56.8 in bank financing. For every euro of investment credit guaranteed by Bpifrance, other banks provide an average of €5.7 in loans. Furthermore, each euro of Bpifrance’s innovation aid results in €3.4 in third-party financing and self-financing. Lastly, each euro invested by Bpifrance in private venture capital funds translates to an average of €5.6 in additional investments made by private actors in these same funds.


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