The question wording is somewhat vague, so I am interpreting it as follows: assuming an entity wants to borrow at some fixed interest rate, is it more likely to be able to do so in a recession or in a high inflation period?
The following factors matter.
- The willingness of lenders to lend depends up on the state of the cycle. As noted by Henry in a comment, lenders were largely unwilling to extend new loans during the Financial Crisis of 2008. Since defaults generally rise in recessions, lending generally tightens up even under less extreme conditions.
- The risk-free curve generally falls in a recession (for countries that control their currency, like the United States). This would make it easier to get a loan versus a fixed rate. However, credit spreads tend to widen (due to greater default risk), so depending on the credit quality of the borrower, the borrowing rate might go up.
- Risk-free rates tend to rise in an inflationary period, which might partially be offset by tighter credit spreads.
These factors pull in different directions, so there is not enough information to answer the question as stated.