News from 2021-10-26 / KfW Research
KfW SME Panel 2021
SMEs have shown adaptability in the coronavirus crisis but cracks are appearing in the foundations of small businesses
The KfW SME Panel 2021 shows that small and medium-sized enterprises got through the crisis year 2020 with relatively few bruises. Flexibility and adaptability enabled SMEs to survive the impact of the coronavirus crisis successfully. In particular, the rapid expansion of digital sales channels limited turnover losses to EUR 277 billion. Despite the worsened income situation, the feared massive depletion of the equity base of broad sectors did not materialise. The overall capital structure of SMEs is robust. However, small businesses sustained significant losses and investment also suffered. More plans were put off than ever before, while smaller crisis adaptation projects predominated. Businesses continue to face major challenges as they begin the transition to a climate-neutral economy and scramble to catch up in the digitalisation race.
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