Unsure of background.  The sewn on letters and smaller tassels lead me to believe this is 1920s-1930s.  It is also 3 separate sections sewn together - black/white/red.  It is missing one of the bottom two tassels.  I had no luck with basic online searches.  The AI search showed that Germany used these colors in the 1930s, but also that it was highly likely related to a shipping company.  It has the "nautical" look to it in my opinion so at this point in time that would be my best guess - related to a 1930s era German (Bremen port) shipping company.  Shows some normal light dirtiness, mainly in the white background areas, but overall good condition.

I ship felt pennants in a bubble envelope.  Smaller ones are shipped flat.  Longer ones with one or two folds - lightly folded with tissue paper placed at the point of the fold.  I have shipped thousands of felt pennants this way with minimal issues.  If you want it shipped another way, I will gladly work with you, but please ask what it will cost before buying.  My shipping cost as quoted is via a bubble envelope.  Thanks!