Swiss emergency loans held up as example to Europe
The Swiss system for providing emergency loans to small and medium sized businesses during the crisis is being admired across Europe - and held up as an example for other countries to follow.
It apparently takes just a minute or two to complete the single-page form for an emergency loan of up to CHF 500,000, interest-free and guaranteed by the government.
Users have reported seeing the funds appear in their bank account within just 30 minutes.
It’s a lifeline for many employers - who can use the money immediately to pay staff, wholesalers and put measures in place to protect their business.
By the end of last week, 76,000 loan agreements had been made - with the government adding a further CHF 20 billion on Friday - effectively doubling the total available amount.
121 Swiss banks are involved - offering their existing infrastructure and customer base.
Now London’s Financial Times reports governments and banks in the UK, Italy and Germany are looking to the Swiss example - to try and implement similar systems as quickly and efficiently as possible .
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