Tip: Activate javascript to be able to use all functions of our website

KfW ifo Credit Constraint Indicator October 2020

News from 2020-10-15 / KfW Research

Small and medium-sized enterprises face growing barriers in accessing credit

Banks’ reluctance to give loans to small and medium-sized enterprises continues to grow in the coronavirus crisis. But considering the exceptional economic situation, the criteria are still being tightened with moderation.

The KfW ifo Credit Constraint Indicator for SMEs rose slightly in the third quarter. 21.7% of enterprises reported that banks were being restrictive in loan negotiations. As a result, the gap to large enterprises has widened again slightly. In this size class, credit access improved after criteria were significantly tightened in the previous quarter.

SME service providers encounter particularly adverse conditions for accessing loans. More than one in four currently have difficulties in obtaining loans. At the same time, the situation has eased in other sectors of the economy. Credit constraint decreased across both size classes in the construction and manufacturing sectors.

KfW ifo Credit Constraint Indicator October 2020  (PDF, 108 KB, non-accessible)


KfW Research

KfW Group

Palmengartenstrasse 5-9

60325 Frankfurt




Economic Research

Economic Research

Economic development in Germany and around the world, studies on topics relevant to society such as environmental and climate protection, demography, globalisation, innovation and sustainability, impact of KfW promotional programmes.

Read more