UBS has issued the first corporate crisis loans

UBS has received approximately 3,000 loan applications to support companies facing the coronavirus pandemic. The first customers have already seen the requested amounts entered in their accounts, said Thursday the country’s first bank.

In order to cope with the influx of demand, which comes from all regions of Switzerland, the bank with three keys has mobilized 300 additional employees who are hard at work while respecting health regulations, said UBS in a statement.

These measures are timely, as many companies must pay wages at the end of the month, said the Zurich establishment.

The Federal Council adopted the ordinance on Wednesday to help SMEs in terms of liquidity until at least April 19. Companies will be able to obtain this Thursday from banks loans guaranteed by the Confederation, which has made available an aid plan of 20 billion francs.

Companies can request transition loans from their bank up to a maximum of 10% of their annual turnover, up to a ceiling of 20 million francs.

Repayable within five or even seven years, the credits will be paid quickly and in an unbureaucratic way up to an amount of 500,000 francs. They will be 100% guaranteed by the Confederation and carry a zero interest rate.

ats, awp

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