This article proposes a path that does not rely on recourse to debt, that would not be more costly for the Confederation than the current solution, and that would not entail any additional risk for the Swiss economy and its financial institutions, while at the same time offering a real alternative to small and medium-sized enterprises.

(Original article published in German by Finanz und Wirtschaft)

The Covid crisis has created new liquidity needs for companies due to a partial slowdown or a total shutdown of their activities. The Confederation has provided a solution to this problem by granting bridging loans. This text proposes a new way forward which would offer a real alternative to small and medium-sized enterprises for which the burden of debt repayment would be insurmountable.