We use data from the Austrian Credit Register as well as bank and firm balance sheet data to analyze the effects of the 2008-09 financial crisis on access to credit and the performance of Austrian firms in 2007-2009. We distinguish two important and distinct channels through which the crisis affected bank lending and the real economy: exposure to the interbank market as well as exposure of a bank to the United States via the assets it holds. Controlling for credit demand, we find that firms borrowing from banks that relied more on interbank financing or had more U.S. assets on their balance sheet before the crisis received less bank credit and invested less during the crisis, but did not cut employment by more. Additional results suggest that firms with only one bank relationship before the crisis were more adversely affected by lender health during the crisis in terms of access to credit than firms with multiple banks.