Swiss to charge zero interest on emergency loans for virus-hit firms

The Swiss government will charge no interest rate on emergency loans of up to 500,000 Swiss francs ($509,995.92) it is making available to companies to help them weather the coronavirus-driven shutdown, it said on Wednesday.

Companies suffering "substantial reductions in revenue" can also apply for bridging credit representing up to 10% of their annual sales, to a maximum of 20 million francs as part of the measures.

Loans larger than 500,000 francs will be 85% secured by the Swiss government and have an interest rate of 0.5%. Companies can apply for the credits from this Thursday. ($1 = 0.9804 Swiss francs)