One negative record in the KfW-ifo Credit Constraint Indicator follows another: In the second quarter of 2026, four out of ten small and medium-sized enterprises (SMEs) with an interest in borrowing reported difficulties in obtaining credit – a new peak value. Access to credit also became more strained for large-scale enterprises (LSEs). The prolonged phase of economic weakness is increasingly weighing on corporate balance sheets, which is heightening banks’ perception of risk. Triggered by the war in Iran and the resulting energy price shock, loan interest declined across all enterprise size classes. By contrast, there are no signs of increased liquidity needs due to inflation-related additional costs.

KfW-ifo Credit Constraint Indicator Q2 2026(PDF, 160 KB, accessible)

Press release