During the 2008/2009 crisis French businesses were hit by a slump in domestic and world demand, while French banks encountered difficulties that encouraged them to tighten their credit conditions. This crisis strongly affected the number of business start-ups as well as the initial size of these start-ups; their growth was also slashed, in particular that of the most promising among them. In 2008 and 2009 subsidiaries of groups experienced a sharper drop in activity than independent enterprises, particularly in the manufacturing industry. The companies that were least likely to be affected by financial constraints were those that most adjusted their short-term output, as well as their employment and investment levels. These elements suggest that in France, unlike in the United States, enterprises suffered more from a demand shock than a credit shock.