Swiss Banks considers $21 billion in coronavirus business loan program

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Swiss Banks considers $21 billion in coronavirus business loan program

A slew of major lenders in Switzerland had been exploring an option to launch a $21 billion business loan program aimed at aiding the small-business owners which had been bearing the steepest brunt thus far from a grievous coronavirus outbreak, a German language Swiss weekly newspaper published on Saturday, the 14th of March 2020, had unveiled citing sources familiar with the subject-matter who wished to remain anonymous.

In point of fact, latest development on launching a combined business loan program aimed at coronavirus-affected businesses came forth shortly after the Swiss lender Credit Suisse had been quoted saying in a statement that the lender was communicating with the Swiss Central Bank alongside Financial regulator FINMA over possibilities of launching an emergency commercial loan program to ward off coronavirus-led fallouts for the Swiss small and medium businesses.

Besides, according to the Swiss Weekly, Handelszeitung, a raft of major Swiss lenders such as Credit Suisse, UBS, Raiffeisen alongside Zuercher Kantonalbank had already been in a close-room discussion to launch a loan program for small- and medium-scale business owners which had been grappling with a steep shortage of liquidity in these times of global health emergency.

Besides, the newspaper report was also quoted one of the sources as saying that the Credit Suisse Chief Executive, Thomas Gottstein had been the centrepiece of this proposal.