Skip to main content

IfM-Materialien | 2023 Corporate financing of small and medium-sized enterprises during the COVID-19 pandemic

This study examines the possible impact of the COVID-19 pandemic on the financing of small and medium-sized enterprises (SMEs). At the beginning of the COVID-19 pandemic, we observe an increase in the number of SMEs with financing problems. This is true for SMEs in Germany as well as in other euro area countries. However, SMEs in Germany are affected somewhat more frequently. One main reason for this increase in SMEs with financing problems is declining profits in the first year of the COVID-19 pandemic reducing the possibilities of equity financing. In addition, access to debt financing has also become more difficult for affected SMEs. In the further course of the COVID-19 pandemic, however, these financing problems have become less again quite quickly, which is partly due to government aid measures that are – especially in Germany – perceived as being very significant.

Pahnke, A.; Nielen, S.; Dienes, C.; Schröder, C. (2023): Finanzierung von kleinen und mittleren Unternehmen in der Corona-Pandemie, in: IfM Bonn, IfM-Materialien Nr. 300, Bonn.


André Pahnke
Tel. +49 228 7299721

Profile of André Pahnke

Dr. Sebastian Nielen
Tel. +49 228 7299763

Profile of Dr. Sebastian Nielen

Dr. Christian Dienes
Tel. +49 228 7299748

Profile of Dr. Christian Dienes

Christian Schröder
Tel. +49 228 7299743

Profile of Christian Schröder