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Firms in Hamburg express satisfaction with credit supply

No signs of credit crunch in Hamburg, says Chamber of Commerce. Nearly every second company in media and IT sector operates without debt financing

Satisfaction in Hamburg’s economy with access to debt financing reached a new high in the first quarter of 2016, according to the credit barometer. Nearly every second company said access was “good” (47.3 per cent) while 18.4 per cent of firms rated credit supply as “satisfactory”. However, 4.2 per cent said it was “bad” and 0.9 per cent lacked access to loan capital, according to the Chamber of Commerce Thursday. Another 29.1 per cent of companies does not require any external financing.

No need for loan capital in many companies

Commenting on the first quarter results for 2016, Prof. Hans-Jörg Schmidt-Trenz, Managing Director of the Chamber of Commerce, said: “After the excellent rates of satisfaction last year, the current record figures show the excellent debt financing offers in Hamburg.” Remarkably, nearly every second company in the media and IT sector does not need any external financing. This contrasts with the trade sector where every sixth company does not need loan capital.”

However, of the companies who had applied for loans, most spoke positively of access to loan capital and across all sectors. The manufacturing industries were particularly satisfied. The survey of credit institutes also indicated stable lending for both equipment and investments.
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Sources and further information:
www.hk24.de

The credit barometer can be found on: www.hk24.de No. 549

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