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Germany to help small business through slump

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Germany to help small business through slump
Photo: DPA
15:04 CET+01:00
The German government is reportedly planning an ambitious aid package for small and medium businesses, the backbone of the German economy, to help them survive the credit crisis.

The plan, first revealed on Saturday by newsmagazine Der Spiegel, would give so-called Mittelstand firms access to a €15-billion line of credit through the state development bank KfW.

The report by Der Spiegel is based on a memo the magazine obtained from the office of Economy Minister Michael Glos.

The government also wants to expand a KfW program to fund energy-saving investments for German cities by a further €3 billion and increase a similar program for companies by another €1 billion.

The move follows a series of initiatives by the German government to support the economy. Last week, the government said it would lift the tax on new cars for two years for low-emission vehicles in an effort to boost the German auto industry.

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