But even companies that depend to some extent on
external financing, principally small and medium-sized
businesses, have little difficulty finding funding.
Firstly,interest rates are at historic lows. The yield on corporate
bonds reached a historic low of 2.8 percent in July 2014
. Secondly, in the first quarter of 2014 fewer
than 5 percent of industrial companies complained of
financing problems. At the height of the
2009 financial crisis it was still 9 percent.
The German credit constraint indicator prepared by the ifo-Institut also
shows only little in the way of obstacles to borrowing.
In July 2014 only 18 percent of surveyed businesses said
that their bank was restrictive about lending, down from
63 percent in 2003 and 44 percent in the 2009 financial
crisis. So businesses suffer no lack of options
for financing investment.