Which loan is the best against FD

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The banks were able to express their interest in participating in the cantonal loan default guarantee until March 27, 2020. On this basis, the cantonal loan default guarantee of 425 million francs resolved by the government council on March 18, 2020, was granted in full for loans amounting to 500 million francs (RRB No. 262/2020). The allocation to the banks was based on their market share (main bank status) and the entries made by the individual institutions.

Goal: Avoid hardship cases


The cantonal loan default guarantee is aimed at SMEs with up to 250 employees and their main tax domicile in the canton of Zurich. It is subsidiary and in addition to the corresponding federal guarantee. It should come into play in particular in cases of hardship, for example if an SME does not or only partially meets the criteria of the federal COVID-19 Solidarity Guarantee Ordinance (SR 951.261) or the loans available under the federal program are insufficient, as is the case, for example, with startups could be. In total, the total amount secured by the federal government and the canton may not exceed CHF 20 million per company. The interest rate is based on the federal program. The bank decides on lending according to its own process.

Award process and self-declaration

Lending is done by the house bank. She is the point of contact for her customers. Before the loan is granted, the canton checks whether the self-declaration of the beneficiaries has been fully signed and that there is no double lending. In the self-declaration, the borrower testifies in particular that the loan is due to the measures to contain Covid-19, that he has previously exhausted all other possible instruments and that he is still existentially dependent on the lending. The canton can check the accuracy of this information.

The ruling covers loans granted until September 30, 2020. If necessary, the allocation period can then be extended and / or unused tranches can be reallocated between the banks by means of a new ruling.