The canton of Geneva will make 3 million francs available to start-ups in difficulty because of the crisis due to the coronavirus. Thanks to additional aid from the Confederation, the total amount of these interest-free credits, repayable by 2022, will amount to 8.5 million.
The Federal Council announced on Wednesday that it is granting additional aid of 100 million for start-ups. The cantons guarantee new credits up to 35% and the Confederation, up to 65%. Result: the aid ceiling increases from 200,000 to 600,000 francs per Geneva start-up, indicates the Department of Economic Development (DDE).
Loans without interest will be calculated on the investments raised by the start-up, the criterion of turnover as inherently ineffective for this type of business. They will be granted by the Geneva Foundation for Technological Innovation (FONGIT) for a period of six to eight months, until private investors are operational again.
The rapid development of start-ups requires sometimes large investments, specifies the DDE. Geneva has invested in start-ups geared towards solutions that are useful to the community, particularly in the health and sustainable development sectors. The aid measures aim to preserve the existing entrepreneurial fabric and protect public and private investments.
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