pte20221024022 Company / economy, trade / services
24.3 percent of companies report to the Ifo Institute that banks are reluctant to lend
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Money: Many small businesses report reluctant banks (Photo: pixabay.com, moerschy) |
Munich (pte022 / 24.10.2022 / 11: 30) –
Due to the overlapping crises, German companies are finding it increasingly difficult to obtain new loans, according to a new study from ifo institutes indicate. Currently, 24.3 percent of companies currently conducting negotiations report reluctance on the part of banks. This is the highest since 2017, according to Munich economic researchers.
Often it is about survival
“The current unfavorable economic development is making banks more cautious. For some companies, economic survival could become difficult without new loans,” says Klaus Wohlrabe, head of ifo surveys.
In the case of service providers, there are as many as 28.8 percent of loan companies who report reluctance on the part of banks. In industry, 8.4% of the chemical industry and 22.5% of car manufacturers said they no longer borrow so easily. In retail, it was just under 15% of these companies.
SMEs are particularly affected
According to the ifo survey, the most affected are micro-enterprises and self-employed workers in Germany. About every second loan research firm reports that it is difficult to obtain loans. “Other forms of financing such as bonds are difficult to use for micro-enterprises. Therefore they often depend on bank loans,” sums up Wohlrabe.
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