Banks are setting increasingly higher standards in loan negotiations with small and medium-sized enterprises. In the second quarter, more than one third of surveyed SMEs reported restrictive lending policies from banks. That was the third record level in a row. At the same time, as large enterprises are finding it somewhat easier to obtain loans again, the difference in credit access between enterprise size classes is widening.

KfW-ifo Credit Constraint Indicator Q2 2025(PDF, 161 KB, accessible)