State-backed Relance equity loans extended to 2023

Due to expire on June 30, 2022, the state-supported equity loan scheme designed to stimulate the economy has been extended for a further year and a half. This measure should give SMEs and ETIs more time to define and finance their long-term development projects.

Reinforcing the financial strength of companies with equity loans Relance

Launched in 2021, Relance Participative Loans (PPR) are aimed at companies with sales of over €2 million, whose balance sheet structure has been weakened by the health crisis and who wish to expand. These players may be seeking financing for an external growth operation, a new facility, a digital transformation or environmental change. Excluded from the scheme, however, are non-trading property companies (SCIs), credit institutions and finance companies.

More concretely, PPRs reinforce the financial strength of companies by providing long-term financing. Unlike state-guaranteed loans (PGE), state-backed equity loans are not a means of providing liquidity, but rather a means of strengthening the balance sheet. They represent an alternative for companies with no access to market instruments.

Simplified terms and conditions

Distributed by banks, finance companies or funds under an agreement with the French government, PPRs were not as successful as expected. In fact, only a few hundred million euros were distributed out of the 11 billion euros mobilized by insurers and Caisse des Dépôts. Bercy therefore worked on facilitating and distributing these loans.


As of November 16, 2021, the eligibility criteria for companies belonging to a group have been simplified, as have the credit quality criteria. External credit ratings are no longer required. Finally, in certain cases, beneficiaries can obtain a 6-year grace period, compared with 4 years initially.

PPR, a system extended to December 31, 2023

The government-backed equity loan scheme, which was due to expire on June 30, 2022, has been extended to December 31, 2023.

Companies wishing to benefit from a PPR should contact their bank. A dozen banks have signed up to distribute this type of financing, including La Banque Postale, Société Générale, BNP Paribas, Groupe Caisse d'Épargne, Crédit Agricole and Crédit Mutuel. They then transfer the receivables to an investment fund, which acts as a link with institutional investors.


It's important to remember that the Relance equity loan can be combined with a government-backed loan. However, companies that have already taken out a PGE are entitled to a slightly lower PPR than others. It's important to remember that the two schemes have different objectives, and few companies pursue them simultaneously.