Mittelstandsfinanzierung: Rahmenbedingungen, Status Quo und Entwicklung

Small and midcap companies are the backbone of the German economy with respect to employment, contribution to GDP, tax payments, share at world market, innovation – to mention just a few. Hence, it is important that economic and political conditions are favorable for small and midsize enterprises. The article takes a closer look at the funding conditions for companies of the non-financial sector using data starting 2002 analyzing the usage of bank loans and turnover. The statistical outcome suggests that there is often a strong correlation between bank loans and turnover. However, it also suggests the traditional funding from banks is becoming less important and direct funding instruments using capital markets becoming more important.