Business and sustainability

SMEs: here’s how a company’s creditworthiness is assessed today

The stability of a business depends not only on its financial performance but also on its ability to adapt to unforeseen events

by Daniela Russo

1 June 2026

5' min read

Translated by AI

Versione italiana

Key points

The ESG ecosystem
The checklist

5' min read

Translated by AI

Versione italiana

In recent years, the concept of corporate resilience has been undergoing a profound transformation. Whereas in the past economic and financial analysis was the primary assessment criterion for the banking sector and investors, today the scope has expanded significantly. The increasing frequency of extreme weather events, supply chain disruptions, geopolitical tensions and regulatory developments have made it clear that operational resilience – that is, the ability to adapt to and recover from unforeseen events – has become a central component of a company’s creditworthiness.

“ESG factors, alongside operational and insurance risks, are gradually being incorporated into the credit assessment framework,” says Lidia Menduti, Director at PwC. “The new European guidelines are in fact pushing banks and intermediaries to consider not only companies’ financial performance, but also their ability to prevent and manage potentially critical events: operational disruptions, catastrophic events, cyber vulnerabilities, governance and business continuity.” For micro and small businesses, this shift represents a cultural change even before it is a regulatory one.

LA RESILIENZA AZIENDALE INIZIA AD AVERE UN PREZZO

Analisi condotta su 816 operazioni intermediate dal gruppo Nsa nel 2025 su canali bancari digitali specializzati nel credito alle Pmi

Risk management

The natural disasters recorded in recent years have caused economic damage amounting to tens of billions of euros across Europe, with a particularly significant impact on small and medium-sized enterprises. Direct damage, however, represents only part of the problem: the real issue is often the disruption to business operations and the resulting financial strain.

Risk management can no longer be regarded as a peripheral issue or one confined solely to insurance. Instead, it has become a strategic factor that affects the cost of capital, access to credit, participation in public tenders and the company’s overall credibility. Business valuation is therefore taking on an increasingly multidisciplinary dimension.

As shown by the analysis carried out by the Nsa Group’s STI department, the presence of factors relating to risk management, insurance cover and ESG structuring enables companies to secure more favourable credit terms, particularly in terms of the spread applied, as illustrated by the data in the charts opposite.

Access to credit

“Banks are gradually integrating assessments of financial statements and business plans with evidence of a company’s ability to manage sustainability, climate risk, governance and cyber security,” continues Lidia Menduti. “Compliance with regulatory requirements is a further factor to be considered when accessing credit and the market, influencing, in some cases, a company’s level of competitiveness.”

At the same time, ESG (Environmental, Social and Governance) criteria are playing an increasingly significant role in risk assessment models. Banks are gradually incorporating environmental and governance indicators into their internal rating systems, whilst investors and stakeholders are demanding greater transparency and measurability of non-financial performance.

The ESG ecosystem

ESG issues can no longer be viewed solely as a matter of reputation or as a formal compliance requirement reserved for large companies. Increasingly, they are becoming a tool through which the financial system assesses a company’s transparency, the quality of its governance and its ability to manage risk in the medium to long term. ‘The key point is not, in fact, to produce ESG documents,’ argues Luca Cappuccio, commercial director of ALA Finanza Agevolata, ‘but to make the company more understandable and transparent to banks, stakeholders and the market. For SMEs, the issue is no longer just about sustainability in an ethical sense. It concerns the ability to demonstrate solidity, organisation and continuity over time. In other words: the company’s creditworthiness.” Banks no longer look solely at balance sheet figures. “The balance sheet describes past results,” explains Cappuccio; “ESG issues, on the other hand, help to understand whether a company will be able to withstand future risks: rising energy costs, supply chain instability, regulatory changes, organisational difficulties or reputational issues. This is why sustainability is increasingly becoming a financial issue.” ESG data enables a more comprehensive assessment of a company’s future viability.

Data collection and use

One of the main challenges for businesses is the collection and use of data, which has the potential to strengthen dialogue with the market and integration into decision-making processes. “We need to move away from a fragmented approach to data collection,” emphasises Lidia Menduti, “towards structured governance, in which ESG information becomes an increasingly integral part of the company’s information infrastructure.” A risk management capability that can only improve over time through the use of ESG factors. “Analysis of the ESG ratings issued by ALA,” adds Cappuccio, – there is a high rate of rating renewal, at 87%, which indicates that companies have derived a direct and tangible benefit from this, particularly in their dealings with banks and other stakeholders along the value chain. Of these, around 44% have taken steps to improve their rating over the years. Finally, I would point out that 66.7% of companies that produced a Sustainability Report in 2025 have nevertheless continued to maintain their ESG rating.”

Companies must therefore be supported in implementing a phased approach to risk management, ESG data organisation and insurance protection, with the aim of strengthening their financial soundness, credibility and ability to access the financial system over time.

The checklist

What specific steps do SMEs need to take to remain eligible for finance? The most common mistake is to think that addressing ESG issues means producing complex documents or making substantial investments straight away. In reality, for a small or medium-sized enterprise, the first step is much more practical: becoming a well-organised, transparent and measurable business. Banks and investors are primarily looking for businesses capable of producing reliable data and demonstrating control over their processes. This is why SMEs should start with a few fundamental activities.

1) Organising company data

Many companies possess important information but do not collect it in a structured manner. Energy consumption, operating costs, waste management, personnel data, suppliers, security and business continuity are factors increasingly demanded by the financial sector and supply chains. The first step is therefore to create simple yet reliable systems for data collection and monitoring.

2) Strengthening governance and processes

One of the most frequently cited factors relates to a company’s organisational capacity. SMEs must begin to establish internal procedures, clear lines of responsibility and management control tools. This is not merely a matter of compliance, but of risk management capability. A company that plans, monitors and documents its operations is perceived as more stable and less vulnerable.

3) Assessing supply chain risks

Supply chains are increasingly passing on ESG obligations to their suppliers as well. This is why SMEs need to start identifying where operational vulnerabilities lie: dependence on a small number of customers, critical suppliers, energy exposure, environmental issues or difficulties in maintaining production continuity. In this sense, sustainability is increasingly synonymous with business resilience.

4) Integrating sustainability and strategy

For many businesses, ESG is still treated as a separate issue from the core business. In reality, the market is rewarding companies that manage to turn sustainability and organisational practices into a competitive advantage. Waste reduction, energy efficiency, cost control, staff training and process quality do not merely enhance a company’s image: they also improve profit margins, reliability and access to credit.